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An interesting article has come up with some additional ways to sweat your property assets:
Many buildings within your property portfolio will have flat roofs, and this space provides endless opportunity for development. You can turn the rooftop into liveable space by adding floors and then developing flats, or you can market it to telecoms providers and other similar users who require space for communication systems.Advertising opportunities
If you have buildings near major roads or railway lines then you may be able to market them for use as advertising space. An unused gable end wall can be put to valuable use for an advertising board, these come in many shapes and sizes to suit most situations, the income they provide can be substantial and it is worth speaking to an expert who can help you to realise the value in this space.Wayleaves
Many utility, broadband, cable TV and telephone companies are looking to agree wayleaves (the right to cross your land) with property owners, particularly those with large portfolios.Full/source article Interested to hear any other ways you have sweated your property assets ... !
SEE ALSO - Multiple property income stream ideas?UP NEXT - Quick and easy ways to make money in propertyDON'T MISS - Top 15 discussions to help you make money or save money in property.NOW WATCH:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
I see two major ways of making more money
When I have a void I see it as an opportunity to go back to the property and spend some cash
1 Bring the Property up to a standard where it would get a licence if the area was effected ie electrical safety wired in smoke detectors and fire doors
2 Spend money on updating Kitchens Bathrooms and Boilers
3 Full decoration of property and new Carpets
I intend to increase the rents of such properties
The good thing about my strategy is its all Tax Deductible, so the dear old HMRC are carrying 40% of what Im doing and your adding value to the property
I used to worry about voids - now I see them as opportunity ...
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Are you replacing all the internal doors with fire doors, I assume these arent Hmos
I do them to a selective Licence standerd
Now I fit fire door to every room they are stronger and it costs more but its worth doing
and if I have replaced them all it makes a safer property long term
i dont own HMOs
do you put the strips in the doors
yes I do But I dont fit self closers
Do you change the door lining it is isn't up to fire door standard? Put intumescent sealant or rock wool insulation (depending on the gap size) between the door lining and the brickwork?
I did all of this 10 years ago when I bought. The fire doors look as good now as they did back then. I put a light varnish on them and they look great!
But the rest of what you're doing though DL, it's hardly sweating an asset is it? You spend £k's on a property to bring down your annual tax bill. Those thousands spent won't equal hundreds of extra pounds a month will they?
More than one way of skinning a cat ??
But you're not sweating the asset though.
You're just providing a better quality asset.
Like I mentioned, I did this when I bought back in 2010 and it wasn't sweating the asset! It's just future proofing and/or reducing your taxable income.