Houses are one of those things that can never run out of buyers. People, no matter what, would always need a roof over their heads, and the safety of a house to protect them. Most importantly, the comfort and coziness that a home offers to its occupants are of utmost value.
Evidently, for owners who own more than one property, this ever-existent need brings up a huge opportunity for encashing their investment.
Today, we shall discuss some of these incredible ideas and tell you how you can use your property to make some extra income, given that you own an extra realty.
So, without any further ado, let’s begin.
Turn It Into A Tourist Accommodation
One of the trendiest ways to turn your property into a promising income source is by putting it up for tourists. Platforms like Airbnb are already flourishing, and it needs no saying that homeowners who list their properties on such platforms also flourish along. Even if you don’t really wish to be putting up your property on such listings, you can still rent out your property to the tourists using social media and references. The benefit? Well, turning your property into tourist accommodation can bring in higher returns for low investments. In fact, if you plan and market your property the right way, you can expect to earn thousands of dollars every month.
To put this into perspective, consider an example. Supposedly, you rent out a unit on your property to a couple for a week or two. The rent that you shall be charging from your customers would be aggregately much higher than what you shall earn from leasing it out. And as soon as the couple leaves, you can put it up as available once again, and potentially increase your income, significantly.
You Can Also Go House Hacking
Another smart way to earn some extra cash is by renting out a unit or a portion within the same property as you are staying. The idea is a huge hit among millennials, for the reason- it can help cover the mortgage cost. Eventually, it also helps to ease the personal financial burden for the homeowners. There’s this guide about house hacking, https://fibyrei.com/house-hacking-ultimate-guide/ which explains how you can start earning some extra income using this idea. Perhaps, if not proper income, this idea can still help you cover the mortgage, and that’s worth it!
For start, you can decide whether you should be renting out a room in your existing home, an ADU, or a completely separate portion to the tenants. More importantly, you must also consider whom you rent your property to- after all, you shall be sharing your personal space with unknowns. It is rather wise to look for families or students when house hacking.
Production Houses Seek Myriad Of Properties
If none of the above ideas intrigue you, here’s another one- you can rent or lease your property to the production houses. Filmmakers and artists are constantly in need of fresh places where they can create new ideas. But, here’s the thing, for your property to be able to lure in the pickiest of the eyes, you’ll need to invest some at the beginning, and also look out for the regular maintenance of your property.
Well, maintenance is, however, negotiable. In other words, you can ask the lessee to take care of the maintenance, while you only enjoy and count the bills. Surprisingly, you can lease your house for accommodation purposes, or you can also lease it for shooting and filming purposes. It depends, what your lessee seeks and what you have to offer to them. If your property is more suitable for the project needs, your lessee is more likely to use it for filming purposes and it gives you a better chance of asking for higher rent. On the contrary, if the production house plans to use your property for accommodations of their crew members, the rent would, of course, be lower.
Regardless of the type of property you own, and the investment you’ve made, the aforementioned ideas are equally open for you. That being said, you would also need to make some efforts in order to make money from your realty investments. For instance, you can list or advertise your property and what you intend to do with it on social media, directories, or even Google listings. All of these marketing tools are easy to use and highly promising when it comes to lead generation.