Everyone should know that investing in property is a very smart way of making money. There are plenty of ideas out there, and most people opt for property flipping. Well, keeping that in mind, this article will contain three intriguing and more ‘out-of-the-box’ ideas that you can try out. Check them out down below:
Turn Your Property Into A B&B
Bed & breakfasts are very profitable business ventures if you get them right. The key to this idea revolves around the property you invest in. You have to ensure you find someplace in a popular tourist location. Somewhere with plenty of expensive hotels nearby is always a good idea. Now, this might sound counter-intuitive as you set up a B&B right by your big rivals. However, most people choose to stay in B&B’s because they’re a lot cheaper than hotels. Make sure your rates are less than the local hotels, and you will get a lot of business. Also, you could invest in property by a very popular location that doesn’t have many hotels nearby too. Therefore, you get a lot of tourists paying for rooms as your place is the closest accommodation to this popular location.
Convert A House Into A Pub
A brilliant idea for making money through investing in property is to buy a house and convert it into a pub. Houses are great for things like this, as you can get a lot of floor room on multiple levels. What you’re looking for is a very old and big house, preferably Victorian style. This is simply because it gives you more space and there might be a basement to store supplies and a garden for outdoor drinking. The conversion process itself may take a while and cost a lot of money, but it will be worth it in the months and years to come. You can bring in a lot of money from a pub, it’s a great business idea. My advice is to ensure you create as much space for customers as possible. Have large indoor areas and get your hands on some outdoor pub furniture for a beer garden too. People like pubs with a lot of space, they hate it when they’re cramped. Beer gardens are also highly profitable in the summer months!
Turn Your Property Into An Office Block
Another very interesting idea is to invest in a large house and convert it into a few offices. With a big house that has three or four floors, you can get a good four or five offices out of it. Again, the key is location. Invest in housing close to a city location, and you will find lots of businesses interested in renting out your offices. Then, you can earn a lot of money through rent, and there’s a better chance of replacing tenants quickly when compared to a traditional buy-to-let investment.
If you’re after an interesting idea to make money from a property investment, then give one of these three a try.