Don’t let your property go underutilized
Taxes. Mortgage Payments. Monthly expenses on electricity, water and maintenance. That is all how our homes costs us money. It is a lot. many of us hopes that it will all paid off one day. And maybe get some profit out of it, someday, when we sell the property again. But why the long wait? Why not make money now? There are some unthinkable way on how to turn your home into money, without selling it.
Rent Out Storage Space
Maybe you don’t want to sell or rent your whole place yet. But maybe you’ve got some available space that you’d like to convert into money. If the size and type of your space is right, then you might be able to rent it out daily, weekly, or even monthly as a storage.
Lots of people have vehicles such as boats, classic trucks, or a big motorcycles that they want to protect from crazy weather during the year, but have no space to keep at their homes. Or basically just try to hide it from their wives (since they didn’t tell em when they bought them lol). Those people will be looking for another storage options. Letting someone else store their vehicle in your garage, warehouse, or barn could bring some handy money. If you don’t have a building for it, but you do have some acreage of unused space, you can use it for outdoor storage as well.
There are some platform where you can rent your storage space called djeepoand Spacer. Just like you rent rooms, all you got to do is take a good photos of your space, and be sure to note any special features (such as having air condition or heated space) that will make your rental stand out.
If you own some acreage of land or garden, you might be able to make money by holding events. You don’t have to hold big concerts or music festivals to do it (although you can, of course if you have the right property and desire to hold such events, because small block party is kinda HIP right now). But you can rent your space for small events like family dinner, or romantic outdoor dinner. Some acoustic gigs for local indie band, that doesn’t need a lot of sound works. Or some co-working space. You just have to set up many electrical plug-ins where people can charge their laptops and work. Perhaps alongside some bag of tea or some make-it-by-yourself coffee to make them feel like they’re working on their own home.
Besides, outdoor weddings are pretty. You have no idea how many young couples are looking for an anti-mainstream (or more low-budget) place to held their holy matrimony. Location with a great scenery or even just a slight of village view are always popular in seasons. Just make sure that such crowded or noisy activities are allowed on your neighbourhood. Because perhaps they might be restricted or requires permits.
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Start a garden
Even if you live on a standard suburban house, you can grow enough fruit, vegetables or flowers to sell. If you live on an acreage, you have even more growing possibilities. With increasing numbers of people becoming even more concerned about health and organic food, the market for freshly grown local food is also increasing.
So if you have one, why not put your green fingers to the soil and sell what you grow from your own home. And later perhaps sell it on a local farmer’s market or maybe, right on the roadside outside of your house?
Rent out accommodation to Maximize your property’s occupancy
This is perhaps the most obvious way to make a money out of your property. You will be able to rent out part or all of your property if you live somewhere desirable. It doesn’t have to be on some resort or ocean view area. Being close to a university, a hospital, or simply a place that people usually held events can make your property a place that someone would like to rent.
As easy as it says, it might take a lot to rent your place as accommodation. The first step is deciding what space of your home that you’re going to rent. Bedrooms with their own bathrooms will rent better rather than a bedroom with shared facilities. After that, do some research on what your accommodation might rent for. Spruce up your space, make all room more tidy. Add some amenities. Hire someone to do housekeeping for guests. And take photos of your property to market it on some platforms like Airbnb for example.
It is kind of a lot of work in the beginning. Not to mention the phone calls at 3am from last-minute guests that trying to find your place. No one wants to be a landlord with those problems. Also, it’s important to keep your occupancy rate high and maximize the rooms/price in your property.
if you want to learn more on how to maximize your revenue and manage your rental property with ease, Bukit Vista has 10+ years of experience in the industry and use data science to maximize revenue. We trust it so much that we don’t make money unless you make money. Contact us today for a free consultation.
So how do you want to play the property game?
Property game is a game that will never run out of style. You just have to thought about it carefully and decide which type of game are you going to join. Whether it’s renting the whole place or only some space or storage, or make it as the land that you can grow stuff to become a gardener. Whatever it is, why wait and see if you make any money out of your home when you could be making money off it now?