Houses make a great real estate investment alternative and people are keen to own multiple properties these days. Apart from the fact that you can live comfortably in a place you own, there are many ways you can make money from the property. It is all about being smart with the investment and you have several opportunities to unlock the earning potential of your reality. Here are some easy hacks that you can rely on for making some extra dollars from your property.
Go the Airbnb way
A house at a strategic location has the potential for becoming a tourist accommodation. So you can consider going the Airbnb way and earn a regular income by putting up your place for tourists. All you need to do is just make the property presentable and list it with the Airbnb-type platforms. You may even advertise on social media or use references to connect with the tourists directly and rent the space to them. If you manage things well enough, you can make thousands without investing much in this idea.
Rent a part of your home
You don’t need to own an extra house to make money. In fact, you may even do it with one where you reside and this is something that millennials are doing to cover the mortgage cost or just get some additional dollars every month. It is easy to consider the rent my room idea if you have a separate one that you can let out to tenants on monthly rentals. You can invest in home extension project to have a separate room on the second floor or even build an ADU for rental purposes. This is a smart way to open a new revenue stream while adding value to your property.
Rent out storage space
Not every homeowner is comfortable with the idea of renting out a room or portion in a house where they live. For some, it may mean intrusion into your personal space, specifically when you don’t have a room that is separate. You may still make some money by renting your outdoor space, such as the garage, for storage purposes. Your privacy will be safe as you won’t have unknown people living or walking into your house at any time of the day.
Lease the place to a production house
Another smart way to make money with realty is by leasing your place to a production house. Filmmakers and artists often look for new venues to shoot or even use as their work studios. If you have a well-maintained place that can be used for creative ventures, there are big opportunities that you can explore with this idea. Even if you have to spend on the regular maintenance of the property, this would help you make good money. The better the condition of the place, the higher rent you can demand.
Regardless of the type of place you own, there are many ideas to make money from it. Just some efforts in terms of regular maintenance and advertising can take you a long way.