Winning the lottery is often considered a once-in-a-lifetime kind of opportunity. If luck has shined down on you and you are looking for ways in which you can earn more from your winnings, investing in real estate may be the best option for you.
Real estate investments are one of the best things you can do after winning a lottery. While it is good to splurge on things and enjoy your lottery winnings, it is important to save some and invest some. According to Time, real estate investment is a good way of diversifying your portfolio aside from investing on stocks and bonds.
It is good to take note, however, that investing in real estate does not necessarily mean keeping one house and waiting for the appreciation of its selling price. Instead, real estate investment means buying a house and putting it out for rent.
There are things to consider when investing in rental homes. According to Leonard Baron, a veteran real estate investor, rental homes may not suit those who work 60-hour jobs with kids.
"Things may go well with your properties and you might not have too many issues, but that's the exception, not the norm," he said.
If you have won the lottery, however, then you might have the luxury of time in your hands and you might even enjoy being a landlord. Realty Times also listed out several properties on sale, which might be great choices for putting your cash on after winning the lottery.
At $69 million, you can invest in a family compound on a historic 130-acre land on Lake Tahoe. It features a chef's kitchen with seven guest homes and cabins over the 9,500 square foot property.
You may also invest in real estate overseas such as the two-story property with a view of the Eiffel Tower in Paris. According to the publication, you may also go for a 5-bedroom, 5,256-square foot property, which boasts of the wonderful view of New York City.
