What Makes A Rental Property Profitable Long-Term?

by Magical Penny on October 14, 2020

You’re drawn to investing in real estate because it’s a reliable and lucrative long-term asset that usually provides investors with a healthy ROI. And, that’s the most important part of investing your money – increasing the odds of adding to the initial investment. At the very least, it’s imperative that you breakeven.

Unfortunately, properties are different, as are the people who look to buy or rent them. Therefore, it’s impossible to say that a single trait will guarantee you a long and successful project that you can add to your portfolio. There isn’t a one-size-fits-all policy.

This puts you in a sticky situation – how are you supposed to know what makes a rental property profitable? With so many to choose from on the market, how can you raise the chances of picking correctly and striking gold? The key is to search for the features that, while they may not be successful one-hundred-percent of the time, are typically reliable indicators.

The more your rental property has, the higher the odds that you’ll always be able to find tenants who are happy to pay the asking price. All you need to do is figure out the characteristics. Here are the top four for your information.

Taxes

According to the saying, death and taxes are the two things that are certain in life, so the latter is something you must consider before signing on the dotted line. As a landlord, most of the expenses will be paid for by the tenant, which is why it’s tempting to gloss over them. After all, you’re not bothered as long as the tenants can pay.

However, it’s worth calculating the taxes and breaking the monthly fees down as they may encourage people to look for a home elsewhere. Remember that the UK’s average rental price is almost £1,000, with London exceeding the figure by over £600. Could you afford to fork out that amount of money each month and still pay an extra £150 in council tax?

The best locations are non-negotiable. Thankfully, this doesn’t matter too much since people are happy to pay more to live in nicer areas. But, it’s when the region doesn’t match the tax bracket where you should be careful. The last thing you want to do is pitch in as it takes away from your bottom line.

Be sure to research the council tax band and any other taxes you may be liable to cover.

The Neighbourhood

The neighbourhood in which you purchase and rent out a property will dictate the people who apply to be tenants. Often, landlords see candidates as equals as it’s a healthy problem to have to pick between applicants. In reality, every individual, couple, or family who wants to live in your rental will have pros and cons.

Your job is to decide whether the pros outweigh the cons. For example, a house or flat in a university town or city will attract students. As a result, you could have to worry about the potential for rent arrears and the need for a guarantor. Not only that, but you’ll likely have a gap in the summer when the students move back to their childhood homes.

However, more professional neighbourhoods are less likely to leave you with the same issues. Canary Wharf apartments are sought after by businesses and individuals alike, so the demand will be high all year round. Plus, London is an extremely wealthy region, which means people should be able to pay the increased rent.

Of course, the only issue is raising funds to secure a flat in this location. Yet, if you can, it won’t take long for the property to start turning a profit.

Disaster-proof

As 2020 has highlighted, disasters can come in all shapes and sizes! The most common is a natural disaster, which is mainly flooding in the United Kingdom. Thanks to the amount of rainfall per year, low-lying regions are subject to standing water that can flow directly into your property. More and more tenants check the risk of flooding before signing, which is why an above-ground flat or a house on an incline is essential.

Covid-19 has been a disaster for millions of people, especially those who own properties. Figuring out how to make money during a time like this is tricky, so all you can do is learn from your previous mistakes. For example, the private lets in areas where the job market remains stable are the best to own right now since renters still have a source of income and can pay their arrears.

Also, the locations where limitations are loose are profitable too. This is because people will rent if they believe that they won’t be subject to further restrictions and can use the amenities freely, unlike in other areas of the country.

In many ways, you have to be lucky to land a completely disaster-proof rental. Still, it’s wise to think about the job market and flooding.

The Owner

You. Yes, you. A healthy relationship with a tenant goes a long way to encourage them to stay for the long-term. Why? It’s due to the fact that flexible and understanding landlords are hard to come by, especially ones with incredible properties, so most people won’t take a risk and move.

How you act doesn’t have to go above and beyond the scope of your responsibilities, either. For instance, providing people with contact details and responding to their queries quickly will always be well-received. The same goes for making small tweaks to suit their requirements. If they want to move the rent day to the middle or end of the month, don’t dismiss it out of hand if it doesn’t impact you.

There is a stigma with landlords that you should try hard to evade. Otherwise, you may find that the tenant turnover rate will be high, and that’s when owners struggle to plug the gaps.

Every town, city, and region has good and bad opportunities. Like any investor, you must do your research and negate the potential hazards before putting pen to paper.

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A Lifetime ISA: A Real Lifesaver

by Magical Penny on October 13, 2020

stamp duty change 2016Right now, with the housing markets going up and down like a yo-yo, this leaves many people wondering what they can do to get onto the property ladder. When you are trying to save a significant portion of money to get onto the property ladder only to find that the banks ask for a bigger deposit, this can leave so many people disheartened. But this is potentially where a Lifetime ISA can be a lifesaver…

What Is a Lifetime ISA?

This is where you open an ISA and you are paid a 25% bonus from the government. All you need to open up a Lifetime ISA is £1. So after a month, the £1 you have put in will accrue 25%, making it £1.25. As you can put up to £4,000 into a Lifetime ISA every tax year you can get an extra £1,000 every year from the government.

Using an ISA to Get Your First Home

If you want to use your Lifetime ISA to buy a home you have got to be aware of some of the restrictions. When you are speaking to property consultants like Vail Williams or other specialists you have to be aware of the restrictions. Firstly you need to make sure that the cost of the home is no more than £450,000. First-time buyers can only use the Lifetime ISA to buy a home. And you must be purchasing a home that you plan on living in. This means that you need to find the right type of home. If you are purchasing a home to rent out, this wouldn’t work under the terms of the ISA.

How the Lifetime ISA Works

You can open a Lifetime ISA with any bank or provider that offers the product. You need to be between the age of 18 and 40 and can pay into the Lifetime ISA until you are 50 years old. If you need to access your money you will have to pay a withdrawal charge and less you reach the age of 60, are diagnosed with a terminal illness, and you are purchasing your home and the account has been open for 12 months. If you need to take money out of your Lifetime ISA for any other reason you will have a 25% charge of the amount withdrawn. And this is worked out after the bonus is paid.

A Lifetime ISA is a very useful way to help people save for their first home or retirement. As the property ladder is a very precarious one right now, a Lifetime ISA is a fantastic way to top up an individual’s finances. For those people who are struggling to get onto the property ladder and are under the age of 40 and Lifetime ISA can be a fantastic way to get a little bit extra money. The best thing to do right now is to open one up because even if you put £1 in there you can put money in every now and again up until the age of 50.

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The Most Cost-Effective Ways To Get Your Small Business Noticed

by Magical Penny on October 12, 2020

Getting noticed as a small business can be surprisingly challenging. One of the biggest issues is your financial situation. Marketing can be easy once you have a lot of capital since the spending will directly influence the number of customers you see. You spend on marketing, you get more customers, you make more money and the cycle continues.

As a startup or a small home business, you simply don’t have enough money to invest in marketing and promotions to grow your business. Instead, you need to find inexpensive ways to get noticed and let word of mouth marketing do its job. So in this post, we’ll be looking at a few of the most cost-effective ways to get your small business noticed.

magical pennies growing?Don’t underestimate search optimisation for cost-effective marketing

A lot of people don’t realize that search optimisation can be an incredibly effective way to grow their business at a low price. They’re right to think that popular contested keywords are expensive to optimise for, but you can also use targeted phrases, local SEO and niche keywords.

Search optimisation companies such as Global Search Marketing are helpful when deciding on keywords to aim for and phrases to target. It can end up being a lot cheaper and more effective than going for popular general keywords, especially as habits around search terms gradually change to highly specific and targeted phrases.

Long and winding road of lifeJoin communities that are relevant to your business or its products

There are likely many online communities that talk about products and services that are similar to yours. They often give reviews, explain difficulties they had and recommend various companies to people that are looking for those products and services.

These communities are a great way to get an idea of how people perceive your company. We don’t recommend signing up anonymously to talk positively about your company (internet users have become very sensitive to this type of behaviour) but you can sign up as an official representative of your company to answer questions and concerns. Just remember to keep a professional tone at all times and be active in those communities to build your presence.

Use social media to establish a personality and presence

Many companies these days use social media to establish an online persona. This helps to attract audiences on social media and it also improves the chances of a posting going viral which helps to grow your brand. This can be difficult to achieve since you need to be active on social media and understand how to get noticed on platforms such as Twitter and Instagram.

However, it can be one of the most cost-effective ways to do it since you’re not paying for advertising or marketing. All you’re doing is interacting with people that talk about your business and responding to queries when necessary. This makes it an extremely cost-effective way to grow your business if you’re creative.

Hopefully, this article has given you an idea of how to become a better business and get noticed. These cost-effective methods of growing your small business can be time-consuming but they’re ultimately well worth the investment.

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Moving to England? Here’s What You Should Know

by Magical Penny on October 7, 2020

In the last year alone, about 642,000 people moved to the UK. While the COVID-19 pandemic has changed some people’s plans about moving, the desire is still there for those who are interested. 

At some point, this pandemic will be behind us, and your thoughts about moving to England from another part of the world might rise to the surface again. 

If you’re considering buying a house in England, congratulations! It can be an incredibly exciting experience, even if you’re a bit nervous about moving somewhere new. 

But, you can make it an even more positive experience for yourself by knowing a few things before you go. The more prepared you are, the less likely it will be for you to feel overwhelmed or frustrated if things don’t go exactly as planned or aren’t what you expected

With that in mind, what can you actually expect? What should you know before you move to England, especially if you’re considering an ilr?

Make Sure You’re Doing Things Legally

One of the most frustrating parts of moving to the UK is the legal jargon you have to deal with. It can seem as though there are always more hoops to jump through when it comes to visas or work permits. 

But, it’s incredibly important to make sure you’re getting the right legal permission to be in the country, especially if you plan on staying. 

The best thing you can do, no matter where you’re moving from, is to inform yourself as much as possible on the visa application process. It is different depending on which country you’re traveling from, so be sure to read the fine print to make sure you’re doing everything legally and won’t face any consequences. 

Look Outside of London

If you want to buy a house in England, you’ll need to make sure you have a steady job in place that can pay for it. Homes within the Capital are often far more expensive than those in neighbouring areas. You won’t be able to stretch your money as much in the heart of London, and you may be putting everything you earn into simply paying for your home. 

When you look elsewhere, your cost of living will be less expensive and you can still enjoy all of the benefits and excitement of London on a simple day trip, without having to spend a week’s worth of pay. 

Understanding Healthcare

If you’re moving from the U.S., it’s important to understand that the healthcare system in the UK is quite different. There are private healthcare options just like in America. But, there are also public sector options to choose from. Contacting a healthcare representative in the UK can help you to make a more informed decision about your healthcare needs and which option will be best for you. 

Moving to England doesn’t have to be overwhelming. Instead, it should be a fun and exciting experience. Keep these tips in mind to make sure you know what you’re heading into, so these aspects of your move are that much easier. 

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These Factors Can Hold You Back When Investing In Property

by Magical Penny on October 1, 2020

Property investments can be highly profitable and present a stellar way of growing your finances. The underlying benefit of property investments is that houses rarely decrease in value. If you looked at a chart over the last couple of decades, you’d notice that house prices generally go upwards. There are dips – like during the financial crisis – but in the past they have tended to end up levelling out and going up. This makes property a rare investment as you’ve almost certain to see long-term gains. Compare it to investing in stocks/shares; businesses can easily close down or be embroiled in a major scandal. As a result, your shares can plummet in value and leave you with nothing. This will never be the case with a property investment!

It sounds so appealing, but getting involved in real estate investments is harder than you expect. Again, going back to stocks & shares, you can create trading accounts online and invest in minutes. It’s very straightforward, but there are more drawbacks in the property world. If you’re thinking about making your first investment, it helps to see some of the factors that might hold you back…

Credit score

Your credit score doesn’t come into account with other investments out there. When you look at the intricacies of property investment, you soon see why this is the case. If you wanted to buy a home, you’d need to get a mortgage. It’s not 100% essential, but it is the most accessible way for the general public to invest in housing. A mortgage provides you with a hefty loan that covers the cost of the house. From here, you repay the loan based on the terms of your agreement with the lender. Therefore, you need a good credit score to have your mortgage application accepted. 

With other investments, there’s no risk to other people’s money. Think about it, when you invest in stocks, it’s your money that goes into the company. If you fall on difficult times, you sell the shares and get your money back. Nobody else suffers if your financial situation gets worse. With property investments, if you have a bad credit score, you might fail to repay the mortgage. This means that lenders lose out on money thanks to your poor financial situation. So, work on improving your credit score if you need a mortgage to invest in a house. 

Your employment status

Similarly, your employment status plays a significant role in determining if you can invest in property or not. Even if you’re unemployed, you’ll be able to invest in loads of other assets. However, unemployed people would struggle to invest in property. Part of this comes from a lack of income, making real estate unattainable. Again, another part refers back to a mortgage; a lack of employment is usually a red flag for lenders, so they won’t let you borrow any money. 

Furthermore, self-employed people also struggle to get mortgages and invest in real estate. Why? Well, it’s because you don’t technically have a steady source of income. If you were in full-time employment, a lender could look at your monthly salary and determine if you can afford their terms or not. Self-employed individuals will usually have to seek out a specialist broker to help them find a suitable mortgage. It’s not impossible to invest in property when you’re self-employed, but it can be harder. Just be aware that your employment status can be a barrier that holds you back!

A lack of options

While property investments carry many advantages, one of the disadvantages is that you don’t have a lot of options. Sure, there are different ways of investing in real estate, but you may be limited by the options around you. For instance, if you can’t see many properties for sale, how can you choose an investment? This happens during times of economic uncertainty, where homeowners decide to avoid selling their properties. Therefore, the market dries up, so you have hardly any options to choose from. 

It’s never wise to buy a property when times are like this. You can easily invest in something that’s not that great, purely because you’re impatient. If the options aren’t diverse, you will have two options. Firstly, wait until more properties are for sale. Secondly, expand your search to different areas and consider property investment in other countries. This can open up more options and let you find something that’s profitable. 

High prices

Now, we’ve kind of skirted around the edges of this point in a couple of the previous points. Houses – and all properties – are considerable investments. If you’re very well off, you can buy one without a mortgage. Most people will need one, even if you earn an impressive annual salary. This makes it a tough investment for lots of people to get in to. 

Once more, let’s look at stocks & shares to compare the two. We’ve mentioned this investment many times, largely because it’s the most common way to start investing. You don’t need a lot of money to buy stocks at all. In fact, many trading companies let you buy a percentage of shares, meaning you can invest with pennies. Property investment is a serious financial challenge that requires years of saving before you take the plunge. It’s not something you can try on a whim, or attempt if you’re bored. You have to spend a lot of time, saving money, to either buy the property outright or apply for a mortgage deposit.

To round-off this post, you can say that property investments can be highly beneficial, but difficult for everyone to obtain. You may be held back by any of the forces mentioned above. Thankfully, all of these factors are changeable. This means that they can be influenced and changed in a variety of ways. Take the first point, for example, you can easily improve your credit score to get a mortgage and buy your first property. Also, once you’re on the property ladder, it’s a lot easier to make more investments and grow your portfolio.

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Real Estate Investment & COVID-19: What You Need To Know

by Magical Penny on September 30, 2020

stamp duty change 2016There are some investments that never go out of fashion. And chief amongst them in the minds of many is property investment i.e. real estate.

After all, in fair times or foul, people will always need a place to live. And while property prices will inevitably rise and fall in accordance with the whims of the markets, it’s about as safe an investment as it’s possible to get. There are few investments that are as consistent and reliable in maintaining steady cashflow and consistent returns. But in the past 6 months and change, markets have all been disrupted by the global outbreak of the COVID-19 pandemic. In order to protect the populace, businesses and individuals alike have had to make serious and sweeping changes to the way they live and do business. Markets have been thrust into turmoil and real estate (especially commercial real estate) is no exception. Especially in an era where many of us are working from home and commercial premises are an impingement on cash flow that businesses can ill-afford.

But what does the pandemic mean for those who are hoping to invest in real estate? Does it mean that their plans will need to go on hold until a vaccine is developed and life can return to normal? Does it mean that investors should look to overseas markets where the pandemic has created less instability? Or does it mean that investors’ interests would be better served by looking elsewhere? Whether you’re buying an investment property, diversifying your retirement portfolio or simply looking for a new home for your family, you need to know how the current changes to the real estate landscape affect you.

Here we’ll take a look at everything you need to know about real estate investment in the age of COVID-19…

Are people still buying and selling real estate?

The short answer is yes. There are deals going through right now as you read this. Realtors are, quite understandably, keen to keep the wheels of their trade turning and are adapting the way they work to keep clients safe while also meeting their clients’ needs. Most are already all set up to work from home. They’re still approving, locking and closing loans. They’re working with attorneys and notaries remotely while the buyers stay at home. And when it comes to refinancing property, they’re carrying out in-home closings with a notary.  

Of course, realtors are also grappling with bigger problems like how the pandemic will change their industry going forward. But as far as you’re concerned, COVID-19 needn’t necessarily prove an impediment to buying the home of your dreams or picking up a great investment property. 

So, what’s changed

In an era of social distancing, it’s easy to see why a walk-through to inspect a property might be more problematic than it was at the start of lockdown. But canny realtors- as well as developers like Davis Sandershomes and their peers, have come up with a range of innovative solutions to a new range of problems. They’re facilitating virtual tours of properties via video chat platforms or taking long and detailed video tours of homes and sending the clients the resulting email. They’re also carrying out virtual open houses to showcase desirable properties. 

This may give some investors pause. After all, most of us want to be able to look in detail at certain areas before they determine whether a property represents a good long term investment or whether the beautifully decorated veneer hides structural or underlying issues that require attention and could put a serious dent in cash flow.  

Of course, you will expect to have the property seen by a surveyor prior to buying in order to ensure that all is as it appears before you commit to buy. 

Will property prices fall?

It really depends on where you’re looking to buy, what kind of property you’re interested in and what sort of timeframe in which you’re looking to invest. While property prices have fallen in some areas, they have experienced a dip and spike in others. This is usually where cash-rich investors have smelled blood in the water and pounced on affordable property in desirable areas, especially major conurbations which can easily and profitably be rented out to affluent young professionals. Indeed, in some countries like the UK, property prices have risen to record highs as soon as the lockdown was lifted. 

The better you know your local market, the better positioned you are to invest in areas that will lead to significant long-term gains. 

The interest rates rollercoaster and what it means for you

Because the pandemic has thrown all sorts of markets (including real estate) in a state of flux, national banks have responded by reducing base interest rates significantly. The logic behind this is that it will make it easier for businesses and individuals to get access to the credit they need to weather the economic storm. As a result, interest rates on mortgages have dropped sharply, with rates at a 15 year low in countries like the United States. If you are thinking of remortgaging your home to free up capital to spend on an investment property, this is good news for you. It means you can get a better rate and pay off your mortgage faster. 

However, this is not the best news for first time buyers. Reduced interest rates means less incentive for banks to take risks. Especially at a time where unemployment is rife and many self employed people and small business owners are struggling to remain profitable. 

As such, banks are about as risk-averse as they were in the aftermath of the 2007-2008 financial crisis. Mortgage availability in the US has fallen to its lowest in 5 years. Thus, it may be harder, especially for first-time buyers to get approved for a mortgage without a significant down-payment. 

However, if you have a substantial amount to invest as a downpayment, and outstanding credit, you may find that you get approved for a mortgage on your new home or investment property.

One thing’s for sure. There are people out there right now buying, selling and making good money from real estate. 

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Four Reasons Thai Real Estate Is Popular With Foreigners

by Magical Penny on September 30, 2020

You’ve decided to invest your money in real estate, which is potentially a wise move. Even if the market value drops, there are options other than selling and trying to break even. Many property owners keep hold of their investments for years, renting them out to cover the mortgage, until the sector recovers.

However, the problem with British property is the price. It’s expensive. If you already have a loan for your home, you may not want to double down and handle two mortgages at once. It only takes a small mistake or a sliver of bad luck to end up in a sticky financial situation. Still, that doesn’t mean your dream is over since foreign valuations are much cheaper and accessible. 

Whether it’s a holiday house or a business proposition, it’s better to look farther from home. Thailand is and has been popular with British citizens and expats for years, but what makes it an ideal investment opportunity?

Outside Money

There’s no doubt that the rules and regulations for foreigners in Thailand are complicated, yet they haven’t stopped thousands of Brits from securing a piece of the action. This is down to two reasons: the property prices and the loan system.

Firstly, it’s not hard to find a house under 1M Baht anywhere in the country. Like all capital cities, Bangkok is more expensive, yet it’s not extortionate like London or Tokyo. Secondly, you don’t need a loan from a Thai bank to finalise the deal. Under the law, the money has to come from a company outside of Thailand if the property is going to be under a foreign name.

Considering the lenders in Britain have access to your credit score and can check your suitability, it shouldn’t be too hard to obtain the necessary funding. This is particularly true when the loan amount is smaller than a typical real estate mortgage in Britain.

Tax Loopholes

Tax is always an issue for real estate owners and developers; however, this isn’t true in Thailand. As long as you choose correctly, you can avoid paying any taxes on your property as certain types are exempt from land and house contributions. Essentially, this means a condo or condominium.

Unlike other buildings and land, condos aren’t taxed at the same rate, making them an ideal purchase for investors looking to spread their resources. Even if you don’t plan on living in it, the fact that your overheads are lower will result in a bigger yearly profit. Please note that the law only applies to condos and apartments. Anything else is taxable.

You should also expect fees if you ever sell the property, such as transfer, document, and tax expenses. Of course, if you plan on leaving it to family, this isn’t an issue!

Legal Loopholes

For those who are unaware, foreigners can’t legally own land in Thailand without a Thai partner. The only exception is Americans as the US has a special agreement. Although this sounds like a huge hurdle, it isn’t because the legislation is written in such a way that it offers a variety of options.

For example, condos are popular not only for tax purposes but because a foreigner can own 100% of a condominium as long as the building is Thai-owned. Alternatively, if you want to purchase land or a house, you can create a Thai limited business and have a local you trust transfer the deeds over once the deal is complete. Lastly, if your partner is Thai, you can put everything in their name.

It’s not a simple process by any means. But, the fact that there is a grey area means that investors find the market very agreeable.

should I save for retirement?The Lifestyle

Owning real estate in Thailand, however you do it, means you can live in the country. Alternatively, you can visit as and when you choose since accommodation isn’t an issue. For Brits, this is incredibly appealing as the Southeast Asia region is stunning.

The fact that the cost of living is low, the weather is pleasant, and the lifestyle is better than at home makes it a perfect spot for expats and retired investors. Combine the relatively low upfront fees and the tax and legal loopholes, and you get a dream investment that’s worth more than money.

Sure, the cash is nice, and it plays a huge part in your decision, but the balance between life and work is also why the property is popular with foreigners in Thailand.

Will you follow suit or spend your money elsewhere?

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Thinking About A Career In Photography?

by Magical Penny on September 30, 2020

A career (or even a side-hustle) in photography can be exciting. Read on for some helpful beginner’s information.

There are a whole host of specialised styles of photography that often individuals are unaware of, and so this article will depict those styles to give you a helping hand. 

Wildlife photography: 

This is an extremely challenging form of photography, whilst it may be exciting and intriguing this can often be overtaken by the element danger of terrible conditions. You need to fully understand the animals or the life forms you are taking pictures of in order to aptly portray their habitats and their way of life. It can in fact take many days before you get the perfect shot so you need patience. 

Landscape photography:

The most important aspect of landscape photography is finding the perfect spot to take your image, this form also requires patience as weather and alike can often disturb proceedings. 

Sports events:

In order to take pictures of sporting events you need to have a knowledge of the sport you are shooting in order to be aware of when to take images and what shots will be most appreciated by viewers. 

Photo journalism:

This is completely different to other forms as it requires the photographs to tell a story through visuals, which can be extremely difficult. The person viewing needs to fully understand a story via the view of one mere image. 

Fashion pictures:

Fashion photographers need to have a creative and innovative eye, they need to think outside of the box. This form of art absolutely has to be original in order to be considered good. 

Black and white treatment:

This can add a unique edge to images and can be extremely rewarding yet it requires an intricate process which must be mastered. 

Shooting celebrities:

This can be an exciting job as you get to see famous individuals, yet it is very difficult and high pressured because you need to get a photograph of people who are quite often trying to avoid you. You have to plan ahead for all possible outcomes when attempting to shoot famous people. 

What do you need to start your business?

Photography is a fantastic and intriguing form of art and so it is no surprise that so many people seek to participate in it. However, many individuals have trouble when it comes to branching out on their own and starting their own photography business. 

As is the case with any business; research is absolutely essential. Before you even consider setting up a photography business you must partake in an extensive amount of research in order to make sure you are fully prepared and know what to expect from the industry you are diving into. 

You will also need to decipher which location you will reside your business in. When a photography business is first starting out it must have an assured and settled location in order to proceed and move forward in the future. 

If you want to be successful in your photography business then you absolutely must have a credible and impressive portfolio. No one is going to book you if you do not have a wide range of examples of your photography work. An impressive portfolio will instantly gain you the desired amount of customers you require. Try and make sure you have a wide range of various shots; thus displaying your skills, don’t keep every single photo you have ever taken as this will bore the viewer. 

An attractive and striking business card is a must; make sure all your details are included yet do not overload individuals with irrelevant information. Your email must be easy to remember and easy to read, so keep it sweet and simple. There are so many business cards that have the company name and the picture extremely large whereas the actual contact information is tiny. Don’t do this – make sure your telephone number is the largest thing on the card.

Finally, an effective marketing strategy is an absolute must. Especially in this current economic climate where competition is rife. Make sure you advertise your skills to the best of your ability and take advantage of the exposure the internet has to offer. 

How much should you charge?

Deciding how much to price your photographs at can be a difficult decision as there is no ‘fixed’ valuation or even loose guidelines to give you a rough idea of what you should be charging. In reality the ideal price is the monetary sum the consumer is willing to pay matched with the price you are willing to sell at; yet reaching this point can be easier said than done. To give you a helping hand here are a few things to consider whilst pricing your photographs;

LOOKING FOR PRICING INFORMATION

Photographer’s Market:

This is a book published on an annual basis which includes an array of listings stating types of photos used and approximate price range paid. It is advisable to take a look at the Photographer’s Market merely to get a good idea of what others are charging. 

Free Online Pricing:

Free online pricing websites are highly utilised but my advice is to be careful because the figures you get from various websites fluctuate massively. 

FACTORS WHICH CAN ALTER YOUR PRICE

Licensing:

The rights the purchaser requires is one of the most influential pricing factors. The level of rights you sell can highly increase the money you receive. Do your research on the variation of licensing terms available before you offer your photograph to someone, as you could be missing out on something substantial. 

Your equipment;

This depends on the style of photo you take and whether you shoot in a studio or on location. Also, individual factors, such as whether you need to wear glasses matter, as they add to your budget. This website can assist with the latter.

The Buyer:

As is to be expected; each and every buyer has a different way of negotiating and a different belief of how much they should pay for your photograph. Remember to behave in a professional manner at all times and adjust your negotiation technique in relation to the individual or group you are dealing with.

You;

The final factor is of course; you. Only you can determine how much you are willing to sell your work for; can you afford to knock back an offer in the hope of a better one? Is photography your way of earning a living or merely a hobby? 

Being on the other side of the camera

If you have been wanting to make a name in the modelling industry, you really need to have great headshots that you can send out, to tell you the truth, making a full portfolio is very advisable. 

A model has to find a photographer and a location where they’ll be able to take good headshots or even a complete portfolio. When, for instance, you want your headshot or portfolio to be taken with a natural background, you can hire a photographer and try finding a location ideal for the concept you want. As another option, you can try doing the shoot in a studio where restrictions on time are lower and you can adjust the lighting without too much difficulty. 

Also, one of the best things you will experience when you hire a photo studio is being able to consult their resident photographer. A photographer knows his or her expertise very well and also the ways on how you can make the most of the studio rental. 

 

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These Investments Are Never Going Out Of Fashion

by Magical Penny on September 22, 2020

The investment world tends to go through various fads, perhaps most recently seen with the rise and fall of cryptocurrencies. 

The rise and fall in popularity of different investments reflects human nature as investors are always on the look out for new places to earn returns for their money .

Over the long term global equities can be very attractive for returns above inflation but investors also look at other asset classes, with some that are never really out of fashion. Let’s explore them here. 

Real Estate / Property

Fans of this asset class argue that people are always going to have to live in houses.

Real estate benefits from the fact that it is fundamental to the economic system. Banks rely on mortgages to fuel their businesses. Central banks keep interest rates lows so people can continue to buy them while propping up asset prices. This pattern of activity increases lending throughout the economy, pushing the price of existing houses up. While the government public says that it is doing all it can to keep property prices low for first-time buyers, it actually likes rising real estate costs. When property prices are rising, homeowners feel wealthier and assume that their finances are doing better. 

Bullion / Gold

Bullion has been around as long as the property market, and possibly longer. What’s more, proponents of gold argue it’s one of the safest investments you can make.

As Gold Bullion Australia points out, gold and silver are hedges against currency risk. Governments are liable to create new money and flood the system with it at any point, thereby diluting the value of money in your savings account by diluting the total supply. 

The supply of gold and silver, however, is almost fixed. Mines add new supply to the market every year, but it is only a tiny amount – usually about one or two percent. Thus, gold is probably the only form of currency you can store under your mattress forever, and its likely to not have lost value. 

Remember however that gold is not a productive asset. It won’t earn returns like stocks or bonds. Instead, it’ll provide the cash portion of your portfolio with inflation protection. If prices go up across the economy, you can simply sell off your gold to release cash, pocketing the difference. 

Art

Finally, art is another investment that will probably never go out of fashion. Owners of original pieces know that buyers are willing to pay a fortune to hang them in their homes. What’s more, as the number of wealthy people in the world rises, the competition for such objects will also increase. That said, it will only be worth what others are willing to pay, so there is the potential for losses too.

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Planning On Downsizing? 4 Tips to Make It Easier

by Magical Penny on September 16, 2020

Once the kids have flown the nest, and you and your partner are happily retired (or at least approaching retirement), it’s time to start thinking about downsizing. Doing so can be a fantastic way to feel cosier at home, and not make it seem like you’re taking up far more space than you need. However, downsizing means you’ll need to prepare for a smaller space, so here are four tips to make that much easier. 

Get Rid of What You Don’t Need 

Decluttering can be one of the most tedious parts of moving house, and you might come across a lot of items that you can’t bear to part with. Sometimes, this is okay. You want to keep them for a reason, but most of the time, you don’t need them, so get rid of them. 

There are plenty of ways to do this. You can donate them to friends and family, or you can sell them online if you want to fund other purchases. You can check out these tips to get the perfect product shot and make your items more appealing, which will save you worrying that you can’t shift your office chair before the big day. 

Do Not Get a Storage Unit 

It’s tempting to get a storage unit, especially if you struggle to sell or donate some of your furniture and ornaments. However, there’s a chance you’ll fall into a storage unit rental trap, and this can be hard to get out of. 

If the worst comes to worst, you can donate items in decent condition to local charity shops. You might also have family and friends who can look after these items for the time being. Otherwise, you’re still stuck switching cumbersome pieces that will take up space in your new home, making it more challenging to enjoy. 

Be Aware of Hidden Costs

While brand new furniture is tempting, it isn’t always the best avenue to take. If possible, take existing chairs and sofas with you, but only if they will fit into the new home. 

If not, you can think about looking at used items, especially on social media marketplaces. These are cheaper, and many will be in suitable condition if you keep an eye out for the right bargains. 

Inform The Right People

Whether it’s the bank or your best friend, you should tell the right people where you are going, and you should do this as early as possible. Preferably, you can start letting others know as soon as you have a move-in date, especially for the bank, as they will be able to make a note on your account to direct mail elsewhere. 

This will save you travelling back and forth to pick up mail, and will also save any confusion. At the very least, you’ll only want to travel to your old home once, so make sure you inform people as soon as you can. 

Downsizing 

Even though you are moving to a smaller property, taking the right steps for downsizing can ensure you can do so comfortably. Moving anywhere can be stressful, so as long as you’re sensible about what to buy as well as what not to buy, you should be able to make the move as straightforward as possible. 

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