Do you own a property? If so, did you know that you could be earning income from it?
Whether you’re a homeowner or business owner, read on to learn how you can make money from this real estate. You may be surprised at just how many opportunities are out there.
1. Convert the Garage or Attic into a Room You Can Rent Out
If you have unused spaces in your home, such as a garage or an attic, you can convert that into a room and have it rented out. One of the primary benefits of this is you can have someone helping you out in paying off the mortgage, or you can use the extra cash to pay utilities.
When designed nicely, these conversions can increase your home value. Once you’re ready to sell, you can enjoy higher profit margins or returns.
Also, it can boost your home equity, which you can use for other financing purposes. For example, do you know that you can apply for a home-equity line of credit (HELOC)? In this arrangement, you can borrow money against the value of your home and use the funds for remodeling, buying another house, or even paying off huge expenses, like college tuition or student loans.
2. Unload Unused Assets Like an Old House
Do you own a house that is no longer used or simply collecting dust? If so, then perhaps it’s time to consider selling your property. These days, it doesn’t matter whether you have an old mansion in the countryside or a luxury home by the beach. Someone willing to pay good money for it.
However, some people find it more difficult to sell their properties compared to others. In this case, a real estate agent can provide assistance in marketing your home and finding the right buyer. You can even look for companies that advertise “we buy houses.” These companies pay in cash and help you unload assets in a few days instead of weeks or months.
3. Offer Unused Spaces as Storage Units
If you don’t want to convert the garage into a room and don’t like to deal with strangers renting a part of your home, then you can consider offering the unused space into a storage unit instead.
Storage spaces come in different types. For example, some people prefer climate-controlled rooms while others like non-heated and unheated spaces. You can even opt for a container or shipping container, which you can use to store several items that cannot fit into a standard-size room.
The rent can be either long, such as a few months, or short, probably a few days to a week. You can charge a flat fee or a fee per item stored.
4. Start an Airbnb Rental Business
Depending on how aggressive you are in marketing, how long you want the property rented out, or the target market, you can earn at least a thousand dollars a month by becoming an Airbnb host.
You can offer your property in different ways on the platform. First, you can rent out spare rooms, such as bedrooms. Second, if you didn’t do any room conversions or extra bedrooms, you can buy a shed or a small cabin (yes, you can already get one at Amazon) and assemble it in your yard.
Do you have a rarely used motorhome or van, which you can convert into a tiny house? Park it inside your property and have it rented.
5. Fix, Flip, and Sell the Property
Do you have a property that needs renovations? Consider selling it, or fix the place up then sell it. You can use this strategy to put cash into your pocket while you wait for a bigger opportunity.
Whether you want quick returns or need time to find the right house, the renovation process may be useful in getting what you wanted. Once you’re ready to sell, you can list the property for a higher price.
6. Transform the Property into a Duplex
Having two properties is better than having one, right? If you’re into real estate investment, then this option may be for you.
By transforming your home into a duplex, you can increase the value of both properties. Also, it takes less time compared to building an entirely new structure because you will only need to renovate half of the building. In return, you can have the other rented out, preferably long-term, and use the money to pay off your remaining mortgage (or refinancing).
Some people say that a house isn’t an excellent asset since you pay the mortgage, which may even have a high interest rate and an incredibly lengthy payment term. In reality, it depends on how you use the property. As you can see, you can generate income from it even if you don’t plan to leave it.
And if you’re ready to move on and look for another home, you can now reach out to real estate teams ready to remove the property from you, paying you in cash.