It is no secret that there is a lot of money to be made from property ventures. No matter how big or small your plans are you can most certainly get involved with an array of development projects. With a strong entrepreneurial spirit, a small start-up income and creative ideas you could be bringing in big bucks by running a property business. You have the power to accomplish your business goals this year and build assets to be proud of. You might want to consider obtaining a business partner to share the load with, as property can be time-consuming and costly. That’s not to say that you can’t make things happen on your own, you just need to be prepared to put the work in. With careful planning and preparation you can choose the type of project which will suit your strengths. Tread carefully when you are mapping out your business plans and make sure you follow every rule and regulation to the finest degree. If you do everything by the book you will be on the road to running a highly successful and promising business. Make sure you closely analyze the risks of each method you look into a go for an idea that you’re passionate about. Find the right investment for you and become the property professional you have always dreamed of being.
One of your first options is to buy a property with the specific purpose to lease or rent it out to other occupants. You should seek out a ‘buy-to-let’ mortgage if you are planning on taking this on, as this kind of bond is explicitly designed for this purpose. If you pass all of the relevant checks you can gain a loan from the bank and use this to buy the property. Of course you will be tied to paying this money back, but your long-term goal will be to pay off the loan and then eventually make a decent property from the rental. You might be looking for a bigger and more specific project to get your teeth into, which includes build to order flats as one of your options. Check out the online guide to buying a HDB BTO for detailed information on this option. Often this could be linked to the idea of off plan investing, when a business person buys a property from a development company, long before the building is even completed. You would be signing a contract after viewing the plans and design but you wouldn’t actually see the physical end product. This can be a very effective money making scheme as the property may well be worth more once it is fully completed.