When asked how you can earn more from your real estate property, most people won’t go beyond the renting option. The truth is, there are a bunch of ways to put your property to use.
Here’s a list of both conventional and unusual ways in which you can make your property work for you.
Take notes and thank us later!
Rental Suite
You can convert your basement or garage into a suite that you can rent out. Before taking this step, do your research about your area’s construction and rental laws.
Also, do some calculations about how much you will have to spend on renovations and how much this suite will bring in for you to figure out if it’s a viable option in your location.
Bed and Breakfast
If you’ve got a massive property with several empty rooms, you can convert it into a Bed and Breakfast too. This might require you to make some arrangements initially, but once put in place, a BnB can be a lucrative option. You can also list it among vacation home rentals in your area.
These vacation rentals can be a perfect place for tourists coming into your city to fulfill their bucket lists. No wonder there’s a lot of money to be made.
Storage Space
Do you have a lot of unused space on your property? If yes, you can easily turn it into a storage space for a steady income. If the area is big, your target market will be people who want to store their boats and motorbikes during the winters.
If the space is small, you can open it for small businesses who want to store their boxed products temporarily. You can also rent your shed or garage for an entire season.
Sell Garden Produce
Have you been overlooking your garden area? Truth is, your garden can be an income generator too. In recent years, people have become more particular about their food choices. So, if you can grow some organic fruits and veggies in your garden, it can become a steady source of income.
If growing produce is not your thing, you can go for a flower garden. You can rent it out to photographers or for small events. You can also use the flowers to make natural jewelry and sell it at craft stores.
Host Events
If you have a small farm on your real estate property, one great way to make money from it is to host events. We are talking about big parties and music festivals here but small dinners and birthday parties that are easy to manage.
If you’ve bought a property in a rural location, you can also host outdoor wedding celebrations. Don’t forget to check what permits you’ll need for these types of events.
You can also look into agritourism and consider putting up hayrides and farm tours. If your small farm is registered as agricultural land, make sure you do your due diligence about all commercial activities you can do there.
Rent as Parking Space
Is your property located in a busy location? Your extra space might come in handy for folks who don’t have a space to park around your area. You can make short-term and long-term rental deals based on your lifestyle and availability at the property.
Set
Do you live in a popular city where people often look for movie and photoshoot sets? Why not put up your house to be rented as a set? Don’t worry; your house doesn’t have to look like a luxury bungalow because many American TV shows and movies usually feature traditional homes.
Final Word
As a property owner, there are various opportunities available out there that can bring you a significant income. We hope this list helps you convert your property into a moneymaker in no time.
