Magical Penny

One of the most attractive purchases that an investor can make is in commercial property. There have been plenty of changes in tax and fee charges for landlords, so investing in commercial property is going to be the option that is becoming more and more popular with individual investors. The thing is, with any business venture, you need to be aware of the costs and the benefits before you sink some money into commercial premises.

You could have bought property in the past, but buying commercial property isn’t the same as going residential. You can Click here to learn more about financing your commercial premises, and you should consider asking as many questions as possible to your mortgage broker before you go ahead and seal the deal. The property market could hold the key to your future and the commercial property market could open a whole lot of new doors for you. Let’s look at five reasons you should be investing!

1. Steady income. Who wants to turn down a steady income? Whether you choose to put your commercial property on the rental market for other businesses to use or you plan to use it yourself for your own business, you will find that the yield on a commercial property is higher than that of a residential property. If you decide to buy a multi-unit commercial property and then rent it out, you’re going to generate far more income than you think. With the right location, your commercial property is going to give you one huge return over time! You could even get back as much as 12% of the purchase price.
2. Risk is spread. Most investors know that the key to reducing their potential losses is diversification. Spreading the risk is vital and when you invest in commercial property, you can reduce that risk if there is a hit on the market. When you invest in residential property and the market takes a hit, you can be left a difficult position that’s hard to come back from. You could even talk to your broker about investing in commercial property overseas!
3. Relationship building. One of the best ways to improve your investment is by buying commercial property and then leasing the spaces to other businesses. This will help you to build and maintain great relationships with others and network better, too. It’s often a good way to learn how to be professional when you develop residential tenants.
4. Changing the space. When you are the owner of commercial property, you get the final say on all changes to the space. You can upgrade the building and you can make all changes as you want, and you can oversee any changes that your tenants may want to make, too.
5. Growing capital. One of the best returns on an investment comes from commercial property and you can bet that your commercial property value is going to increase over time. You are far more likely to make a great return on your investment if you keep your property upgraded and it’s in a great location.

{ 0 comments }

One of the biggest expenses, and very often the biggest expense, in your life, is your property.

Whether you own or rent, it’s going to cost a large part of your income, and in many cases, we’re living in properties that are just too big for us. This might be because children have grown up and moved out, because we overstretched our budget, or because there was no other choice at the time. However, if you have the option now and you know you can downsize and save a lot of money in the process, it’s time to do it. No one needs a colossal home; something just right is much better, and the smaller your property, the less it will cost to live in it. So if you’re thinking of downsizing, here are some ways to get started. 

Assess Your Future Needs 

Although no one can see into the future, you can at least have a reasonable idea of what you’re going to need in your downsized life. For example, if you work from home or think you might take this option in the future, you’re going to need an office space within your new home. If you believe you will stay in the next property for the rest of your life, you might want to consider one that will allow for mobility issues that might occur in older age. 

You should also think about where you want to live. Right now you might be in a big city somewhere, but would it be better to head out into the country? Or vice versa? What is going to suit you best? Knowing this means you can adjust your requirements accordingly. 

Declutter Your Home 

The very nature of downsizing means that you are going to move somewhere smaller. That’s how you’re going to save money. This necessarily means that all the ‘stuff’ you have in your current home will not fit in your new property – there literally won’t be room for it. Therefore, you’ll need to determine what you need, what you want to keep if there’s room, and what you can definitely do away with. It’s a hard job but a necessary one, and it’s certainly not something you’ll want to do after you’ve moved as you’ll just be making life harder for yourself. 

If you have a lot of items that you no longer want, it’s a good idea to get in touch with estate sale companies to arrange your own estate sale. In this way, you can make some money while removing unwanted and unneeded items from your life.  

Don’t Wait

Moving home, especially if you’ve lived somewhere for a long time, perhaps even decades, is always going to be an emotional time, but it’s also a time to be as practical as possible, and your head really must overrule your heart in most cases.  

This is why it’s best not to wait. Once you’ve decided that downsizing will be the best option for you, saving you a lot of money and helping you feel more comfortable in your home, then don’t wait; put your property on the market or give notice to your landlord and start the process. The longer you wait, the less likely you will be to do it, and you’ll waste both time and money. 

{ 0 comments }

If you’re looking at things in your life that are costing you a lot of money, then you should definitely turn your attention to your car. Your car can end up costing you an absolute fortune without you even realising it. The good news is that there are a few simple ways that you can save money on your vehicle. So, let’s explore some of the best possibilities and guarantee that your money isn’t turning to fumes each month. 

Save On Fuel 

There are a few different ways that you can save on the fuel of your vehicle. For instance, you should consider changing your driving style. People often forget that the way you drive can actually cause you to use more fuel. For instance, if you brake too harshly, then this is always going to cause you to burn a lot of fuel. You can change this by looking further ahead on the road. This is going to make you a better driver as well because you’ll be able to recognise hazards before they impact you. 

There are other ways that you can save on fuel as well. People often assume that more expensive fuel is the same quality as cheaper fuel. However, this isn’t always the case. If you buy more expensive fuel it could last further on the road. So, it’s going to save you more money in the long term. 

Maintaining your car the right way can also impact fuel costs. For instance, as well as making your car more dangerous to drive if the tyres are deflated, it is going to cost you more money in fuel. This adds drag to the vehicle. 

Insurance

If you are looking to save money on insurance, then you should think about shopping around the market. You have a lot of power here and it does make sense to use it. You need to find the right deal for your needs. There are a few ways to do this, but the easiest option would be to use a brokerage or comparison site to find the right option for you. 

Be aware that there are lots of little details that can impact the cost of your insurance. This includes your gender, age and of course, the type of car you drive. If you are in the process of getting a new car, you should always check the cost of insurance before you commit to a purchase. You need to make sure that this is going to fit into your monthly budget. 

If you explore different auto insurance quotes, you’ll see that they can vary tremendously. You need to plan for this and make sure that you do get a few quotes from various companies. This will help you form a baseline of what you should expect to pay. 

Don’t forget there are often options that will make your insurance a lot cheaper. For instance, you might want to think about going for black box insurance. This is always going to be more budget friendly because you will be providing your insurance provider with the tool they need to track you on the road. As such, they’ll assume that you’ll drive a lot safer and keep to the speed limit. 

Maintenance

Arguably, one of the biggest costs attached to your vehicle is going to be the maintenance. Are the ways to make maintaining your car a little more budget friendly? Well, first you need to find the right garage to complete the maintenance on your vehicle. It’s worth shopping around the market a little to find the best deal here. Next, you should think about how to avoid high maintenance costs and this can be a case of treating your car the right way.

For instance, one of the easiest ways for your car to get damaged is to live it exposed to the elements, particularly when the temperatures drop. You should think about either investing in a car cover or installing a carport on your home to protect it from this type of damage. 

We hope this helps you understand some of the best ways that you can cut your car costs down to size. If you take this advice, then you will be able to make sure that you have a lot more in your budget to spend in other areas of your life. Be aware that there are both big and small ways to save money on the budget for your vehicle. You don’t have to be too drastic with the changes that you decide to make here. 

{ 0 comments }

The last year or so since the pandemic hit has been very eye opening for some people, especially when it comes to how they manage their finances. Unfortunately, money isn’t endless and for the majority of the world’s population, taking care of every penny you earn is essential. The pandemic has seen millions of people and families hit rock bottom with their finances due to job losses and the inability to keep up with contractual repayments set by lenders and providers.

Financial freedom is something that many people aspire to have one day, and it’s totally possible! So, while you may be dealing with some debt problems or trying to get your finances back on track, it’s not to say that one day you can’t achieve financial security. Here are some ways you can build towards financial security, starting this year in 2021.

Keep an eye on your credit score

Whether you realise it or not, your credit score can really help you when it comes to securing your financial freedom. Put simply, your credit score is a report of your financial habits. So, if you often pay your bills late, this will be reflected on your score. Using tools like Clearscore can help you regain control over your credit score and therefore, your financial status. Essentially, the more trustworthy you are with your money, the better your score will be and the more likely lenders will give you a loan or great mortgage rate.

Invest your money in smart ways

Investing money, even if not a huge amount, is a great way of building up a larger withdrawal in the future. Of course, there are many quick investments you could make such as investing in cryptocurrency, but this is still an area not many people are confident in. Instead, consider investing in other valuables like art, precious metals, property, or even stocks in a large business. That way, you can sell your investments later on for *hopefully* a tasty profit.

Speak to your providers and lenders

Being in debt is horrible, and sometimes it can seem like there’s no way out. It’s important to remember that your providers and lenders do have options available if you’re struggling to meet payment dates. Speaking to them directly to explain your current situation may lead to more lenience, whether that be reducing the amount you owe or giving you longer to pay it, it will help you climb your way out of debt the right way.

Another option is consolidating your debts into one place. This can be a great option for those who struggle to keep on top of every lender they owe. Just remember to do your research before committing to anything.

Vet your outgoings

Finally, sometimes simply going through your outgoings each month can open your eyes to the amount you’re spending! You may even find that you’re paying for an unused subscription or membership like the gym or a magazine subscription, which will allow you to cancel and save your money wherever possible. Do this regularly not only to check for accidental payments, but to make sure everything goes out as and when it should.

{ 0 comments }

Planning both small and large scale renovations or landscaping is exciting – so exciting that you may get swept up in the project and forget to apply for the proper permits required. 

Though whether or not you need planning permission will largely depend where you live, here are five changes you’ll likely need a permit for. 

1) Putting up a second building

It will likely come as no surprise that if you’re planning to build a tiny guest home on your property, you’ll need to get a building permit first. But what if you’re just putting up a shed? 

Many are surprised to find out that this might require a permit as well. Whether or not you need permission largely depends on the size of the shed, so make sure you check with your jurisdiction to find out about the maximum dimensions allowed. No matter how small your shed is, if you’re considering putting lights in it, you’ll likely need a permit. 

2) Impacts to site biodiversity

Depending where you live, you may not be allowed to undertake any developments to your site unless you demonstrate that doing so will result in a net gain of biodiversity. This means that any project you undertake must increase the biodiversity of the site or its surrounding area. 

If you have little experience with biodiversity and ecological planning, you should expect to have to hire professional help. Companies like Arbtech can help you create a plan and report to receive planning permission. 

Many companies also guarantee that your planning application will be accepted, so you’ll have peace of mind that your project won’t be refused. 

3) Full or partial demolition

It’s not just putting up new buildings that you’ll have to get permission for, but tearing down old ones too. This is a requirement not just for removing entire structures, but also for partial demolitions to a building. 

In many places, demolishing a detached garage on a residential property does not require a permit, but commercial and interior demolitions do. If the building you want to remove is quite old, it may be considered historic and your application will be denied. 

4) Adding a large extension

If you plan to extend your home only marginally, you may not need to acquire a building permit. However, anything beyond a minor change will likely require that you receive permission. 

Again, it is important to check with your jurisdiction, as some places require that you receive permission for even the smallest of changes, while others are much more lenient. 

5) Changing the structure of your home

If you plan to change the plumbing, alter the electrical work, or add and remove walls within your home, you will need a permit. While you may not think it will matter because you’re the one living in the home, chances are your home will outlive you and be purchased by someone else. 

It’s also important that your home is structurally sound in the case of an emergency such as a house fire. Following the rules and regulations is important for the safety of the firefighters. 

The bottom line

Before undertaking renovations to develop your dream home, make sure you read up on the regulations in your area. Acquiring planning permission and building permits can be a costly endeavour. By budgeting for this, you’ll avoid nasty surprises down the road. 

{ 0 comments }

It’s tough times and many people are feeling the pinch. It could be the threat of defaulting on a loan or funding your lifestyle with savings you’ve built up  something you said you’d never do. With no end in sight for the pandemic it might be time to change some of your habits and try to redesign your financial life. Below are some good ways to save money fast. 

Switch bank accounts

Saving money is about discipline, sure, but it’s also about knowing the tricks and making your money work for you. If you pay a premium for your bank account make sure you’re getting the best deal. 

The fact is that banks are businesses in competition for your money. As a result they offer excellent deals from time to time. Don’t be afraid to make the switch and earn better interest on your money. 

Switch off the ads

Through television and the Internet we are constantly bombarded with adverts. What’s more these adverts are becoming more targeted and more efficient all the time. It makes it harder to save. 

The best response to this new digital world is to switch off the ads, which is easier than it might sound. Use an adblocker of the Internet and watch less TV, or take a break when ads are on. This will help to reduce your spending. 

Responsible loans

With the impact of the global pandemic many ordinary people have been plunged into debt and have to carry huge financial burdens they didn’t expect. Sometimes the hardship can only be alleviated by a responsible loan. 

When taking out a loan it’s important that you calculate the money carefully and make sure you can comfortably relay the interest. Even if your bank or finance company allows the loan you need to know the risks. If you have poor credit, follow this logbook loan guide.  

First sell, then save

Sure, saving means putting a chuck of your income aside every month in a high interest online account. But what if you only have enough coming in to cover the basic living expenses expenses and no more. What you need is a second income. 

These days a second income is more easy to come by than it was in the past. The Internet has opened up many opportunities and it’s matured as well. Consider minimising your home and selling what you don’t need. You might also buy and sell local items to fund your savings account. 

Use credits cards wisely

A credit card is a good thing in a pinch but unless you use it wisely and pay it off quickly they can get out of control and leave you with a financial burden you didn’t expect. That said, credit cards can be a good way to boost your credit and financial reputation. 

The best thing to do is to keep them hidden somewhere. They need to be slightly awkward to access and use. If you have them in your wallet or near a computer, they can quickly get out of control. Also, use your credit cards only for specific items. 

{ 0 comments }

Buying your first car is a big step in life, and it’s always going to be an exciting experience.

However, if you don’t do your research first, and you don’t ensure that you understand exactly what you’re going to have to pay out for, it can also be a difficult, if not impossible task. There are more costs to consider than the cost of the car itself, and these can often be forgotten in the rush of finding freedom and the open road all by yourself. However, it can soon become a car you’re not able to drive if you can’t afford to run it. 

With this in mind, it’s wise to add up all the additional costs of owning a car before making a purchase; some will be cheaper than others to run and maintain, and this could be an important factor to take into account. Read on to find out more. 

Insurance 

Insurance is not something you can afford to dismiss and ignore when you’re buying your first car (or any car, some to that) since it is a legal requirement. However, it might also be something you can’t afford to pay for, at least when it comes to the car you had in mind to buy. 

 The truth is that many different elements go into determining the cost of your car insurance, and although your age, your driving record, and even where you live can’t be changed, the make and model of car you buy can. Speak to the experts at Cowell James Forge Insurance Group to get a better understanding of what kind of car is going to be cheapest when it comes to car insurance, and you’ll know where to spend your money.  

Maintenance 

When you own a car, you’re going to want to keep it running as long and as well as possible. If you don’t carry out any maintenance on it you run the risk of it breaking down, and perhaps being unfixable because the problem is too severe. If that happened, you would have to buy a new car which would be much more expensive than taking your current one to a mechanic once a year or so. 

Preventative maintenance for your car is ideal since it means that any bigger problems can be caught early, plus it will be more comfortable to drive when it’s running well. You might even find that keeping your car well-maintained and having it serviced when it needs to be will help with the amount of gas it uses too, giving it a better fuel consumption rate.  

Fuel 

Speaking of fuel, this is another big cost when it comes to running a car, and again, it’s not something you can manage without; fail to fill your car’s gas tank with fuel and you won’t be driving anywhere. 

Take a look around at the gas prices in your area, and then work out how much it will cost you to fill the tank of the car you would like to buy. Next, using the car’s average fuel consumption, work out how many miles that tank of gas will take you. Is that going to be affordable for you? If not, you’ll need to re-think the car you’re buying. 

{ 0 comments }

If you are thinking about investing your money there are ways you can go about it. Investing is a great way to make money but there are ways you should go about it. Take a look at our guide below to see if investing is right for you, whether it’s investing in the stock market through holding mutual funds (the best way to start in my opinion) or creating a trading account, don’t fret we have the best ways to invest your money below.

What Are Investments?

Investments are when you put money into a business or item to get a profitable return. They are a way that you can invest your money and that you can make a little extra on the side. If you are looking for ways to make money then investments are for you.

What types of investments are there?

Stock market

When you think of investing money you might think of investing in the stock market. It is the popular choice among novices who are looking to make some extra money on the side. Put simply, an investment is something that you put forward with the aim of generating appreciation or income 

Premium bonds

If you have ever hear of premium bonds then this might be the route for you. If you hold a UK bank account the you are eligible for premium bonds, over half a million pounds worth of premium bonds are unclaimed. To enter you have to pay a minimum of £25  and can win a minimum of £25 to £1million pounds, the more premium bonds you have the more chance of winning. How you win is similar to winning the lottery.

Hight Interest Banks Accounts 

High interest bank accounts can be hard to come by but if you find the right ones, they can be a good investment opportunity. When looking for a bank account check the monthly fees and what the interest rates are. Currently a 5% interest rate would be good, however you may need to do your research to find these. If these are not available, look out for 3% accounts. Bank accounts don’t tend to be the best investment opportunity but they are the safest and risk free. Why not look for the best bank accounts in your country. 

Real Estate 

Real Estate is a great way to invest in your future. Renting or buying homes to sell is a great way to invest in your future. When buying a home you will have to look certain things such as cost of the house, the area or how much it will be to do up or rent out. Real estate is a great way to save money for your future especially if you are renting ad once you have paid off your mortgage you will be saving the rent money directly into your account.

Whilst you are here check out 3 Ways To Make Investing Easier for You (and To Understand). What are the top ways that you invest money? 

{ 0 comments }

There are many ways to invest your money, and many ways to make that investment work for you. One of those ways, and something that is very popular, is becoming a landlord. In other words, you invest your money in real estate but then, unlike what happens when you simply live in a property and gradually pay off the mortgage, if you rent that property out you can see your investment grow quickly, and relatively easily (although there is still work to do when you’re a landlord, and you will incur expenses, and it is important to bear this in mind). 

So just what is it about becoming a landlord that will help you to grow your investment and see a rise in your income, even if you are paying for a mortgage on one or more properties? Read on to find out. 

Easy To Get Started

One of the best things about being a landlord is that it is very easy to get started. Unlike many other business ideas, the only thing you need to have is a property that can be rented out to tenants. You won’t need any staff or equipment or qualifications; a property is all. Of course, it’s not cheap to buy a property, and the down payment on a property that will be used as a rental is often higher than if you were to live there, but once this payment has been made, that’s it.  

Plus, you can start very small. Buying a studio apartment, for example, as long as it is in the right location so that people are going to want to live there, can be a great way to start. Your initial costs will be low and you can then go on to buy larger properties with your profits. Or perhaps you would prefer to buy a vacation property abroad and you’re looking at a beachfront villa for sale Mauritius. This might be a great investment and is worth considering if you don’t want to buy a property closer to home. 

A Good Retirement Income 

It can be hard to be a landlord sometimes, especially if your property is empty for many months at a time, but it can also be an ideal retirement income, and if you like to plan for your future and want a job you can continue well into your old age and therefore still receive an income, real estate and being a landlord fits the bill perfectly. 

 When you are ready to retire, you can choose to either sell your property or properties and use the equity you enjoy your retirement with, or you might decide that you don’t want to sell and want to continue being a landlord so you hire a property manager to assist you. You can pass the difficulties on to them and reap the rewards. 

Be Your Own Boss 

As soon as you buy your first investment property, you can start running your own business and be your own boss. There are dozens of advantages to this including the fact that your time is your own (once you have done whatever work needs to be done) and you can live your life to the fullest. 

When you think about how much time you would be spending at a traditional job compared to the time spent being a landlord, you’ll realize you have a lot to gain. Alternatively, you could continue working in a normal job and bring in a good amount of extra cash with your ‘side hustle’ property business. 

{ 0 comments }