Make Your Future More Sunny With These Tips Re: Money

by Magical Penny on April 25, 2017

british pound notesThere’s no escaping the pressure to keep your finances in good health. The harsh reality is that money worries are the most common sources of stress in modern society. So if you’re not careful, you could find yourself falling into a financial pitfall.   

You can avoid those troubles by taking greater financial responsibility, however. Education is the key to making your money work harder. Use these simple, practical guidelines to upgrade your approach to money management. You should see a noticeable difference almost immediately. Better still, those rewards will last a lifetime.

What are you waiting for? Let’s get to work.

Use Online Banking

Staying on top of the organisational aspects of your finances should be top of everyone’s agenda. After all, there’s nothing worse than encountering missed payments and other charges due to your negligence. With the help of online banking, this should never be a problem.

Most major banks now provide online banking as well as smartphone Apps. Utilise these facilities to monitor your ongoing situations to maintain control. Couple this with a computer spreadsheet, and you’ll never miss a subscription or direct debit again.   

If nothing else, online banking saves you the time and effort needed to visit the local bank branch. Meanwhile, it keeps financial management open on a 24/7 basis and enables you to complete tasks on train journeys and similar scenarios.

Think Long-Term   

Financial stability isn’t simply about getting your bank accounts in the black. Failing to keep one eye focused on long-term aspirations is arguably the hardest challenge facing anyone. This is especially true when there are temptations to treat yourself now. So why not enjoy the best of both worlds by making life upgrades that will actively benefit your financial future too?

The family home is the most obvious starting place. Going green with eco-friendly toilets, improved insulation, and other investments will work wonders. Your property will be better, which will make you a happier and healthier person. Moreover, the systems will pay for themselves via reduced monthly bills and increased property value.

Similar sentiments can be incorporated throughout several other aspects of your life. Place added emphasis on the long-term pleasures, without forgetting the immediate goals, and you will not go wrong.

shopping tips for supermarketsShop Around

One thing to remember is that there’s nothing wrong with spending money in this world. After all, life is there to be enjoyed. The most important element, however, is that you see value for money. With this in mind, taking the time to seek the best deals before committing to purchases is a key responsibility.

Completing those tasks was once a very difficult challenge, but the internet has changed everything. Promo codes from Coupon Sherpa, for example, can save you significant sums of money on a plethora of items. Even if those individual savings don’t feel huge, they’ll soon accumulate.

Meanwhile, running price comparisons on car insurance and energy bills can make your money last longer too. Best of all, those savings can be gained without compromising your enjoyment. In fact, by having more money at your disposal, you should be able to afford more luxuries while still upgrading long-term prospects.

Consolidate & Communicate

 We all face problems from time to time, but the worst thing you can do is ignore them. Most creditors are fairly understanding as long as you show a genuine attempt to meet payments. With this in mind, communicating with them when you’ve fallen behind could be the factor that prevents the need for bailiffs.   

 Another option that can often be used to dig you out of debt is to take a consolidation loan. Firstly, this will make the managerial aspects a lot simpler. More importantly, clearing small accounts with high APRs can reduce the overall level of interest. Essentially, that will minimise the repayments.

 Finally, you could look to borrow from family or friends. It’s not a nice scenario, but it could save you a lot of money in the long run. Just remember that it needs to be handled in a professional way. Otherwise, your relationship could become harmed.

Don’t Fear CreditAutomate so you can sleep and get the job done

Everyone can appreciate that credit histories have a crucial role to play in our financial future. A strong score can open up a wealth of better opportunities. Conversely, a bad score will limit the products that are available and result in higher interest rates. Worse still, when you have a poor history, the fear of rejection (and the damage it causes) can leave you fearing credit altogether.

However, taking action is the only way to repair your history for a brighter future. Gaining your free credit report from Clear Score will show you where you stand and offer pointers on what to do next. Make this the start of a new chapter where responsible lending is the priority, and you can help rebuild that score in a matter of months.

You’ll be gaining access to credit, like the very reasonable Plenti loans, in the short-term, which can provide a safety net. Moreover, you’ll simultaneously create a brighter financial future. What more incentive could you need?

Open An ISA Account

 Paying debts and satisfying other responsibilities should be the priority. However, it’s equally vital to use your savings in a suitable fashion too. After all, this could be the key to growing your personal wealth at a far more rapid rate.

Smart investments (we’ll come onto those) are a better option than most banking accounts. Still, opening a life ISA is the one bank-based solution that stands out from the crowd. For tax reasons, as well as the other benefits, anyone in the position to use this facility should do it.

 Some people might want to use other savings accounts too. But if there’s only one that you opt for, this is the only answer. Even if you don’t use the full allowance, it can only aid your cause.

Be Resourceful

Money isn’t the only asset that can aid your financial status. So if you truly want to reach your full potential, appreciating the external opportunities is essential.   

Many households find that taking on a lodger is far more useful than turning the spare room into an office. In addition to creating an extra source of revenue, the right person can bring a new energy to the home. If you get lucky, they may even help you with the housework.   

Sharing the property isn’t right for everyone. However, you can still be more resourceful by upcycling various products. Alternatively, you could simply sell some unwanted goods at auction. Either way, making your assets work harder will remove the strain on other financial factors.

Invest In Something You’re Passionate About

As already mentioned, smart investments can have a telling impact on the growth of your personal wealth. But with so many options on the market, finding one that works for you can feel daunting. Frankly, the best advice anyone can give you is to choose one that engages your emotions.

Of course, financial gains should be your main motivator. Still, it will be immensely difficult to see maximum gains if you aren’t actively interested in the projects. Whether it’s trading stocks or dealing in real estate isn’t overly crucial. Finding that balance between profit potential and enjoyment is pivotal.

Few things in this life are as satisfying as gaining money from something that you love to do. While a great career is the foundation to make this happen, using investments in this manner will undoubtedly bring huge benefits.

Keep Pensions Going

Even if retirement isn’t on the cards for a few decades, it’s never too early to think about it. If you’re a worker through traditional employment, then your pension should be the first focus of attention.  

When changing jobs, it can be tempting to cash your pension. In reality, though, it pays to keep it building throughout your career. Not only will it help you avoid penalties, but it’ll ensure that you have more funds in later life too. Sometimes it makes sense to look into consolidating your pensions into one place for convenience and ease of keeping track of it. Be careful before you do though in case you risk losing valuable benefits that can’t be replaced.

Also, given that life expectancies are higher than ever, knowing that you have enough funds to survive is key. Besides, if you ever did hit a genuine crisis, that safety net could prove to be a life-saver. If there’s no need to touch it, leave it.   

Protect Yourself

The above points highlight the fact that a lot of hard work is required to gain financial freedom. Therefore, it would be disastrous to see those efforts go to waste through a lack of protection. For your emotional security, as well as your financial health, it’s imperative that you make the necessary upgrades.

Life has a tendency to throw up problems at the very worst times. Therefore, taking out the right insurance packages for home and other parts of your life is essential. Meanwhile, you should always ensure that you are protected from burglars and other outside dangers. After all, nobody has immunity against those threats.

 Finally, if you do fall victim to unforeseen circumstances, gaining professional help is key. Seriously, representation from a good lawyer could make all the difference.

 

{ 0 comments }

What Makes A Home A Truly Great Investment?

by Magical Penny on April 25, 2017

house questionWhether or not you’re buying a home to be an investment property in purpose, first and foremost, you should care about whether or not it’s a good investment. After all, even if it’s just an asset for a lifetime of use, it’s an asset that has tangible value that can be freed if and when you need it. So, regardless of what you’re looking for in a home, make sure it has some of the elements of a great investment in it as well.

 

The potential

Looking long-term is the most effective way to consider any house investment. Especially if you’re not yet considering whether or not you might ever sell it. So, looking into the long-term, look at the potential that the area around you has. Many people will look at what is available in the area of a home in the present, such as existing schools and hospitals. But you can also spot the signs of an up-and-coming area such as the arrival of new in-fashion business that show serious development potential. That means a lot more cash in the future of a home.

 

The changes you can make

Not all potential is about what’s happening in the area, as well. It’s a question that always comes down to the specifics of the home but you can identify profitability through renovating and improving a home as well. For instance, if a home is just ready to have more livable space added through the conversion of a loft or a basement, then that’s real value that could see you selling the property for more in the future.

 


house mortgage UKThe lifestyle

Of course, it’s not all about the practical needs of buying and living in a house, either. What you want to see from a home now are the same things that people want to see from a home in future. When looking at real estate, you should get an idea of the amenities around the house and the kind of lifestyle that the home supports. That’s one of the reasons, for instance, that beach homes tend to usually be a good investment. People are willing to pay extra for the coastal lifestyle.

The demand

It’s not just about the lifestyle within the area, either. There are greater trends of development and shifting demographic that put certain areas in value over others. It might not matter as to what amenities are available nearby or the quality of the home itself. Sometimes, a zip code just has a lot more to offer in terms of adding value to the house. If you have some freedom in which area you can look at, then look at those zip codes that are most in demand or looking like they will be at the stage in future.

You never know when choosing the right investment might pay off for you. It might be you consider moving up the property ladder again in a few years or that you just want something solid to leave the kids. Whatever it is, you can’t ignore the investment potential of a home.

 

{ 0 comments }

Questions That Turn Your Dream Home Into A Reality

by Magical Penny on April 25, 2017

When buying a home, your options are greatly limited to how the market is doing at the moment. Your dream home won’t always be available. At the same time, you’re going to have a much more difficult time trying to find it if you’re looking at every single property through the same lens. We need to have some clear boundaries between what we want and what we don’t. If you want your dream home to be a reality and you want an idea of how much more it will cost, then now is the time to start defining it a little.

 

mortgageAccess

Let’s start with what most people think is the defining factor in buying a home (though it often isn’t). The access to some important features within a certain area. Owning real estate near good schools, near retail and commercial areas, and near health centers and hospitals will always be profitable. People are willing to pay for that access, too. You need to think about the needs of your family and how much you’re willing to pay for them. If you’re willing to commute, then you can shave a good deal off of the price.

Lifestyle

Most real estate agents know this and so should you. Buying a house isn’t always about the practicalities of it all. They might have some say on a certain radius of areas that you might look for properties within. But choosing amongst those properties becomes a very emotional purchase. If you want real estate with lush natural surroundings for instance, then you’re only going to spend your time getting dissatisfied with properties in the heart of an urban center, for instance. Of course, there are certain lifestyle choices that lead to a more expensive house. For instance, you can always be prepared for pay more for a coastal property. Not just because they’re in high demand, but any renovations and repairs you make will cost more because preventing environmental wear-and-tear is that much more important.

Needs

Of course, living in the home brings with it a lot of choices itself. There might be many different kinds of available property in that natural landscape that’s so close to the school you’ve been looking for. Getting a deal you can be happy with is all about defining your needs vs. wants when it comes to living in a home. It might be a need that you have four bedrooms so you and each your children have a separate room. But is it really a need that you have a larger garden? Coming up with those boundaries is going to help you find which way you should be compromising when it turns out the house with it all is just beyond your reach.

Get to know your dream house and get to know how much you can expect to pay for it. Look at the areas where the available properties match your wants and don’t just look at the asking price, but find the data on the deals made on properties in that and similar areas in the past.

 

{ 0 comments }

Bad credit? What to do to fix your credit rating

by Magical Penny on April 25, 2017

In February 2017 it was reported that people in the UK owed an average of 1.524 trillion in unpaid debts. With a lot of this debt being too large to repay, it has caused people to go into debt and resulted in households going into the red zone when it comes to their credit scores. Although this can be quite a daunting experience, there are a few things you can do to ensure you get back into the green. Have a look at a these tips provided to assist with gaining a better credit rating.

 

thumbs up down smallCheck for mistakes

Checking for mistakes on your credit report may seem like the most obvious option, but a lot of the time this is something that many people don’t do as some people tend to accept that they owe a debt and give up. Even the smallest mistake could save you money, so it is worthwhile going over your report with a fine tooth comb and looking for any incorrect payment details, mistaken payment defaults or judgements (new and old), and any errors with your personal details. Errors with your personal details can have a huge impact on your credit report, particularly if you have been mistaken for someone else.

Debt Consolidation

Debt consolidation is one of the most popular ways to erase debt. By combining multiple debts into the one, you can lower your interest rates and pay just the one monthly repayment rather than multiple. There are multiple debt consolidation loans with no collateral for those with bad credit that assist in raising credit scores as well as helping with those unpaid debts that seem to be piling up. However, if you do find yourself in masses of debt it is important to look at your spending habits and consider what areas can be cut back.

Start maintaining good credit

One of the most important aspects of turning your credit score around is to start maintaining good credit with providers. The first step to doing this would be making sure you never spend more money than you earn on your credit card. By linking your earnings to your credit card you are paying off any spendings you may have occurred without letting your account go into negative and creating higher interest rates for yourself. Late payments towards utilities and credit providers only result in bad credit, therefore these should be avoided if possible. Taking out unnecessary credit only adds to those higher interest rates.

greedWatch your money

Watching your money and spending carefully can help you become more aware of where it is going and if there are any regular unnecessary costs that can be cut. Cutting unnecessary costs helps save money and allows you to become more responsible for where your money is going.

 

Although debt can feel like a burden, following these steps can fix your bad credit rating and turn it into a good credit rating whilst ensuring a financially secure future. There’s no point waiting for it to fix itself, because it won’t happen.

 

{ 0 comments }

Plan For The Future Before It’s Too Late

by Magical Penny on April 25, 2017

today is soon the past, the future is foreverWhen we’re young, we can often be quite relaxed about our financial situation. In the current climate, the younger generation is struggling to find well paid jobs, and borrowing is just becoming a part of their lives. This level of borrowing is usually seen as a temporary measure so we don’t tend to be too worried about it. Unfortunately, the years creep up on us and before you know it, you might be wanting to buy a house or start a family. If you aren’t careful, then you will find that all of those temporary debts become long term obstacles as you move into the next stages of your life. It doesn’t have to be that way, as long as you start planning before it’s too late. Looking to the future now will save you a lot of trouble a few years down the line.

Debt

Paying down your debts is the first step to putting yourself in a strong financial position. Student debts are one of the biggest financial hurdles that young people have to face. If you have been through higher education, then you are likely to have substantial loans that you need to pay back. You are unlikely to be able to pay these debts off quickly, but the repayments are fairly small to begin with so don’t worry about it too much. These debts won’t affect your credit score, and the bailiffs won’t be coming around to collect, so you need to focus on any other debts that you have first. Owing money to lots of different people can be overwhelming. Trying to organize a budget that takes various outgoings into account, can be tricky. Consolidating all of your debts into one monthly repayment can make it much more manageable, although check the costs involved – you may end up having to pay back more over time. 
Look at reviews of the best debt consolidation programs near you, and find one that is most suited to your situation.


ImportantOnce you have consolidated your debts, you will only need to make one monthly repayment on all of them, rather than multiple payments to all of the various creditors that you have. The next step is to start making a budget. Write down all of your outgoings, including your debt repayments, and compare them with your income. Any outgoings that aren’t entirely necessary should be wiped off. You can always start paying for these luxuries again once you are more stable. By creating a sensible budget, you can maximise the amount that you are taking off your debt each month, and get rid of it as soon as possible.

Savings

 

Now that you’ve wiped all of your debts, you can start again with a clean slate. All of the money that you were using to pay those debts off, is now going to be disposable income. Resist the urge to spend this on frivolous things, save it instead. The chances are, you were spending a big chunk of money every month on those debts. By putting in a good high interest savings account, you can easily build up a large amount of money very quickly. This cash can be put towards a deposit on your own house, or a new car.

At the moment, financial stability might seem completely out of reach. But with a bit of clever planning, it is achievable for anybody.  

{ 0 comments }

An Injury That Won’t Hurt Your Finances

by Magical Penny on April 21, 2017

healthcareNo one likes to think about getting injured. Yet, we can guarantee that it’ll happen at some point.

My biggest injury was breaking my foot in 2013 and it’s still have implications (some financial!) to this day.

Only the lucky among us can avoid injury for all time. The rest of us have to deal with an accident if it happens, and all the financial responsibility that comes with it. Though financial worries are never our first thought when we get hurt, they come a close second. Of course, with the NHS hanging in there, those of us in the UK are in a better position than many countries. There’s no denying that an injury won’t set us back anywhere near as much as it would somewhere like America. But, injury can still cause some major financial setbacks. We’re going to take a look at what they are, and what you can do to lessen the blow.

The Financial Impact Of Injury

When considering financial injury implications, it’s first worth mentioning time off work. You probably won’t be able to keep working when you’re hurt. While most employers pay sick pay, that doesn’t last forever. After six months, most companies lessen the rate. If you’re off for longer than that, they may stop it altogether. And, they’d be within their rights to. They can’t keep paying you forever! And, if you’re self-employed, you won’t even have that six-month privilege. When you work for yourself, not working means not making money. It’s as simple as that.  That was the case when I broke my foot. And I was thankful to have savings and a supportive girlfriend to help me through those difficult months.

Do you have savings you could use if you needed to? If not, let this be a warning and inspiration to start putting something away.

It’s also important to note that even in the UK with the NHS we still have to pay for prescriptions. You can see a breakdown of prescription charges on sites like http://www.nhs.uk. These charges may seem like small fry. But, an injury which requires ongoing medication could soon take its toll. And, that may not be the only cost you pay towards your recovery. The NHS offer initial care, but you may have to pay if you want ongoing treatment that isn’t deemed crucial. Physiotherapy is one such problem. The NHS will offer the service for so long, then refer you to much more expensive options.

How To Lessen The Blow

The easiest way to lessen this blow, if applicable to your situation is to make a personal injury claim with a solicitor like the one found on http://www.nowinnofeeireland.net/. For the most part, where there’s blame, there’s a claim. When I broke my foot it was my own fault but in the case of many injuries, there is blame to assign.

Many of us don’t like to think of this an option, but it’s a step worth taking when you consider how much your injury has cost you. Getting money back from a claim will ensure you aren’t left out of pocket as well as health. If you want to go down this route, it’s worth keeping note of everything. Keep any receipts or letters from work. If you can prove that your injury has cost you, you stand a better chance of seeing a return. life insurance

It’s also worth noting that health insurance can help.

Of course, it’s too late to take this step after your injury. But, signing up to a good plan will ensure you don’t find yourself in the same position in the future! Some health insurances give you a few thousand for any broken bone, with the specific rate varying from provider to provider and depending on what bone you break.

 

 

{ 0 comments }

Bouncing Back from Money Troubles

by Magical Penny on April 21, 2017

saving in a pension isn't scaryThere are few things more stressful and soul-destroying in life than getting too deeply into debt.

When you are struggling to make payments on time, and you have the threat of debt collectors turning up at your door, life can feel very bleak indeed, but, the good news is, that even the worst debt problems can be resolved if you take your head out of the sand and start to do something about them.

Here’s how:

Cut Your Outgoings

If you have money troubles, the very first thing that you should do is monitor your income and outgoings for at least once a month, so that you can highlight where any of your cash is being wasted. This will enable you to cut your outgoings to better meet the cost of your debts.

Calife insurancell Your Creditors

Instead of ignoring the problem, hoping that it will go away, take the bull by the horns and get in touch with your creditors. If you explain your current situation and let them know that your intention is to pay them back, even if it might take longer than expected, it is highly likely that they will work out a deal with you, whereby you can pay them back at a reduced rate Sometimes, they might even freeze any interest you are accruing which will make matters much easier.

Consolidate Your Debts

If you have so many debts that it’s difficult to keep on top of them and the monthly payments are crippling you, it may be worth talking to a debt consolidation company who will transform all of your debts into one debt with a single monthly repayment. This is one of the best options for credit repair, and in most cases, it will make paying back your debts and recovering from your money issues much more simple. Do note however that it may mean increasing the amount of debt you have – make sure you fix the situation that got you into debt in the first place to avoid running up more debt after you’ve consolidated.

timeMake Payments on Time

Whether it’s your electricity bill, Council Tax or credit card repayments, you need to make every effort to pay them on time. If you don’t, your credit score will take a massive hit, and you will be unable to access quality sources of affordable credit in the future.

Check Your Credit Report

Speaking of credit scores, once you’ve gotten back on track and you’re starting to make progress with your debts, you might want to take some time to check your credit report. This will show you where you are now and what you need to do to improve your score for the future. There are several methods of accessing your credit report for free, so you have nothing to lose by at least taking a peak.

Practice Good Money Habits

Once you have things under control, the best thing you can do is ensure that your incomings are more than your outgoings, start paying into an emergency fund and think very carefully before taking on any more debt. By living your financial life more carefully, you’re much less likely to fall into problems again.

Doing all of the above should help you to fight your way out of debt, but if you’re still struggling, it is never a bad idea to get in touch with either a debt management charity or financial adviser, who might be able to help. There is always a way out of your situation, and often the easiest and quickest way is to increase your income if you can.

Good luck finding your solution – a better life is ahead of you.

More debt articles are here.

{ 0 comments }

The Top Investments That Aren’t Stocks And Shares

by Magical Penny on April 20, 2017

ftse100Think of investing, and one of the first things to come to mind will probably be the stock market.

Trading in the stock market is a career for some people and a mere hobby for others, but it is a popular choice for many people who are looking to invest their hard-earned cash. We are all aware of the hectic nature of the stock market thanks to movies like The Wolf Of Wall Street – and while, of course, this is an exaggeration of sorts, there is still no denying that trading in stocks and shares can be competitive, stressful and extremely fast-paced. For some of us, this is precisely what attracts us to trading, and we thrive in this demanding environment. But it’s also safe to say that this type of work isn’t for everyone. If the idea of trading a deal under pressure terrifies you, you may be better off looking into other, less crazy ways to invest your cash. Here are just a few options.

financial newsTrading CFDs

Still want to be involved in the stock market in some way but don’t fancy actually buying a physical share or asset? In that case, trading a contract for difference (a CFD) could be perfect for you.

So, what exactly IS a CFD? In layman’s terms, it is a contract between you and a broker that allows you to capitalise when the underlying asset moves about the position taken. Before you jump in headfirst, however, it can be worth familiarising yourself with some cfd trading tips. The key difference between trading a CFD and trading on the stock market in the traditional way is that you never own the asset, which leaves you more freedom when trading (as you don’t have to put up the full value of the shares you are trading). There’s also a risk that you could lose more money than you initially invested so it’s really an advanced trading strategy that needs to be fully understood before putting money on the line.

Opportunity fundGold

We so rarely come across real, solid gold in our lives that for many of us, it seems like something that only really exists in movies or on television. However, gold is still a relevant and valuable asset today just as it was many centuries ago. It is commonly used as an asset to cover any shortfalls that may occur in other asset classes, such as the stock market. It can also come in useful in the event of a decline in the value of currency, where it protects against the resulting inflation. Many investors purchased gold during the financial crash of 2008, using it as a safeguarding means.


Real estate

Even if you don’t buy property with the intention of making an investment, you have inadvertently made one whenever you becoremortgage house loanme a homeowner. This is why it can be something to look into regarding investing, especially if you enjoy being involved in the property market. Of course, being a landlord doesn’t come easy, and you will need to be prepared to put a certain amount of time and effort into your role. Think carefully about the kind of property you want to invest in – do you see an apartment, a family home or commercial property being the most viable for you? You may also want to invest with like-minded individuals, especially if you are relatively new to real estate, as they can help to guide you along.

And Finally…

This article has been about alternatives to stocks and shares investing, but there are ways to invest in stocks and shares that do not rely on high pressure trading. By investing in a simple index fund or managed fund you can take advantage of the overall growth in value over time without needing to worry about the right time to buy and sell in the short term.

For more information on investing read other investing articles here on Magical Penny.

{ 0 comments }

4 Things You’ll Need if You Want to Make Money from Property

by Magical Penny on April 20, 2017

Many people who want to invest their money and get richer turn to the property market. Perhaps this is not surprising because it continues to do well and prices are still rising. stamp duty change 2016

However, you do need to think about how you’re going to make money, rather than just assuming it’ll happen by itself. You have to have certain things in place to help you make it happen. Read on to find out what these things are.

  1. A Long-Term Attitude

Investing in property is not the kind of investment strategy that is going to make you rich overnight. That’s just not how it works. To stop yourself taking that kind of mindset, you need to force yourself to take a long-term kind of approach. If you are investing in homes, renting them out and then selling them at some point in the distant future, you will not make a profit for a long time yet. Accept and embrace this fact. And if you really need fast returns, perhaps another form of investing would be better for you and your particular aims.

 

  1. Knowledge of the Property Market

Secondly, you’re going to need a pretty in-depth understanding and knowledge of the property market. If you can get to the point at which you know all about what’s happening on the market, you will be able to make decisions that are informed. That can only be a good thing because it will make you far more likely to make money in the long-term. They say that knowledge is power, and nowhere is this more true than on the property market. There is no replacement for knowing what you’re talking about and knowing where and when to invest.

  1. A Reliable Lawyer

Having a reliable lawyer by your side will help you a lot when you are building your property investment portfolio. You need to make sure that you do things by the book and don’t inadvertently get tripped up by a legal loophole. This can happen when you’re investing in property. And the purchasing and selling processes will certainly be sped up by having a good lawyer. Pearce Webster Dugdales lawyers might be able to help you. Find a lawyer you like and then stick with them. That way, the relationships will cement over time and trust will be greater.

  1. An Eye for a Bargain

Finally, you will need to have a decent eye for a bargain. If you keep buying properties that are not particularly good prospects in terms of their value growth potential, you will not make much money. You need to know how to spot a home that has potential, or that is potentially undervalued at its current market rate. That way, by buying it and holding onto it, the price of it will increase over time. This is something that you will get better at the longer you invest. However, reading guides and learning from people who have been there and done it all before can also help.

Read more property-related articles here on Magical Penny

{ 0 comments }

The Hassle-Free Real Estate Investment Has Landed

by Magical Penny on April 20, 2017

 

When you think about investing in real estate, what do you think about?

Go on.

mortgageClose your eyes for a second and think about it.

Chances are, you are imagining a structure of some sort, a commercial property, a home that needs fixing up or a residential rental property with the chance to break it into apartments. But what you should be thinking about is land, vacant land.

Sure, it probably doesn’t have the sex-appeal of a beach-side apartment or a second home earning you a bit of rental income; but what it does have is huge potential for cash flow. But to help sway your decision a touch more, here are some of the top reasons you should be investing in land.

There Is Nothing To It

The greatest thing about investing in vacant land is that it is vacant land; there is nothing to renovate, fix, replace or repair, and there is nothing that you have to worry about being stolen. It is just vacant land. What’s more, you don’t need to have any knowledge of construction run the risk of getting ripped off by a contractor because, well, you’re not going to build on it. All you need to know is if the land is suitable for someone to build on it. If it is, then hot-diggity, you’re already winning.

 

It Is The Least Demanding Investment

There is absolutely no hassle to concern yourself with or be concerned with. No calls on a rainy Saturday night to say the roof is leaking, no need to chase up your tenants for rent and no need to pay a letting agent to maintain anything. No, buying vacant land real estate is as easy as it comes. It just sits there, quietly, and that’s about it. It could be on the other side of the world, it could be nearby, or anywhere, and it won’t need any looking after.

Who Likes Competition Anyway?

Yeah, that’s right. The benefits of investing in land have long slipped under the radar. The advantages just aren’t as clearly laid out as they are in residential investing and for that reason there is much – and we mean much – less competition to face off against. No bidding wars, no competing over the same deals, no worrying about whether you’re being low-balled or out hustled. Vacant land is much quieter in every sense of the word, and that means you can often get better deals and land some land below market value. Of course there is the added risk of it being potentially harder to sell at the end…

Ba-Bye Banks

Let’s be honest here, who on earth likes dealing with a bank when it comes to anything. No one, exactly. That’s where investing in land is even more attractive because it can be so wonderfully inexpensive (or great value we should say) that, more often than not, you don’t need to deal with a bank. Prices can be as low as the thousands instead of hundreds of thousands, and a lot of the time that just means dipping into your pocket or your savings.

window shoppingVacant Doesn’t Mean Penniless

Vacant land still has the ability to drive a good price on rent, which means you have the option to rent all or part of your land while you sit on it. There are a ton of common ways that landowners make a rental income out of their vacant land, from allowing communications companies to install an aerial mast on their land, to allowing energy companies to install solar panels or wind turbines. You could even allow a local farmer to use your plot as grazing grounds for their herd. The rent is there, but the choice is yours.

As with all investments, there are pros and cons and you need to understand what you’re investing in before moving forward. For other investing ideas browse the investing category here on Magical Penny

 

{ 0 comments }

← Previous Entries

Next Entries →