If you’re looking to invest in property, chances are, you have already done some of the necessary homework such as: budget, location, timeline, and so on. However, usually when you see articles regarding property investment, either home or abroad – perhaps in the Spanish market or elsewhere in Europe, the article will likely help you tick boxes that refer to expenditure, the appeal of the location, climate and so on, size and type of property. That being said, ‘type’ will generally refer to things such as: number of bedrooms, whether it is a flat in the city, a detached in the country, a villa in the Costa Blanca etc. But have you thought outside of the box when it comes to all of the things you could do with the property available, and what this could mean for your investment?
For example, many people will pursue the property market with the standard idea that rentals will be the main source of income (and therefore the main return on the investment). However, there are some variants on the investment turnaround when you look at properties that have a more commercial edge. What we mean by this is, rather than restricting your options and focussing solely on the holiday villa or the city apartment that you can rent out, have you looked at other options? Now, before we go into some of the options available, we should make it clear that many of these alternative options come with a lifestyle change, a move to a warmer climate, or a thirst for a new venture. So, if that’s what you’re after, or if it’s something you’re even yet to consider, stick with us, and see what you think. If you’re looking to make this more of a lifestyle opportunity for example, there are property opportunities for more than just a rental. Let’s take a look:
Bar or Restaurant Options
This option is particularly appealing to those looking to invest abroad but can also offer a new venture opportunity for those with an entrepreneurial mindset here in the UK. Investing in a bar or restaurant property, however, could be one of the more risky routes to take. So, this option will depend very much on your current disposable income, the sort of venture you are looking to pursue, and most importantly, your appetite for risk. This sort of investment will require a lot of research, a lot of prep and some expert help. However, it could be an extremely fruitful option.
Again, this might sound like you are restricting yourself to a UK purchase but, not so. We are so used to hearing about villa investments when we think of property abroad that we often don’t explore all of the options. A country house investment may not attract your average holiday goer, but that’s sort of the point. Many people these days are looking for something a little different in a rental, especially when it comes to the short haul sea, sun and sand break away. Country houses are very popular and come with a more profitable price tag when it comes to renting out. Not only that, if you are looking to invest in a property in which you later hope to retire, this could be an amazing option to consider.
As with the bar or restaurant idea, commercial properties can also offer an interesting option for investment. But here, things become a little more vague. Depending on the location and footfall of the property, you will need to be quite sure about what the purpose that the property will serve and whether or not it will offer a good return value in the long-term. Again, more of a risk with the commercial side of investment, but if you have a thirst for it, experience in business or expert help, it could be worth considering your options.
Lastly, we wanted to mention the option of purchasing a plot. It goes without saying that buying land is not for everyone. However, if you are in a flexible position with budget and intent of use, a plot could be exactly what you’re looking for. Depending on the location (and with land, you might have more options than you think), your investment could be completely unique. Buying land is really for those with a longer-term plan, and probably more attractive to those who will eventually use the build for themselves at a later stage in their life.
Overall, whether you’re buying property at home or somewhere in the sun, if you’re looking for a bit of an adventure, and have the means to do so – this is definitely food for thought.