5 Smart Ways to Make and Save Money with Your Property
Author: Jason Morris
It’s no secret that if you own a property, at some point or another, you’re going to make some money from it. Meanwhile, there are many ways you can make money from your property without having to sell it—ways that you may not even have thought about.
Making money from property is an excellent way to boost your spare income. You can even use the money to pay off another mortgage. Usually, people use their properties to renovate and then resell to make money. While this works, there are other ways in which you can make money from your property. So, check out these brilliant ways to make money through your property investment.
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1. Rent it out with a B&B app or on your own
Perhaps you have a spare home that isn’t often used. Maybe you only visit a couple of times a year. Instead of selling, one of the best ways to make a considerable amount of money from your property is by renting it out. Even though you won’t immediately get back the investment you’ve put into it, you will make more money over time than you had originally planned.
For example, if you’ve got an apartment in a prime location such as New York City which you don’t use often, you could rent it with B&B. You’d be surprised at how many people are snapping up the chance to rent a furnished apartment in NYC. Many business travelers are looking for a temporary apartment to stay when they are in town conducting businesses.
Or, you can rent the entire apartment all year round for a regular monthly income. To minimize any headaches, you can hire a property management company to manage your property for you. They will screen potential tenants for you, take all maintenance commitments off your hands, and even arrange flexible rentals to ensure that you’re getting the most out of your property.
The great thing about renting a property out is that it will continuously give you the opportunity to earn from it, and the prices that you can expect from a property in a popular city like New York City will certainly make it worth your while. Don’t forget to check out rent control laws in your area.
2. Host events
When you own a property that has a considerable amount of space and is in a prime area, you could consider renting it out or hosting events rather than using it for residential purposes. We have seen many homeowners convert their residential property.
They turn the living room or family room into meeting rooms for all tenants along with the kitchen and bathrooms as shared space. Individual floors can be rented out to self-employed business owners like chiropractors, tailors, etc.
If you have a property with large rooms and facilities such as a kitchen and bathrooms, this will go in your favor. You could rent out meeting rooms that could be used for many reasons such as training or group classes.
Another way is to use your property as an opportunity for people to lease it out for events such as staff parties. This works especially well if you can offer space both inside and outside. There are, of course, many more events that you could host, which opens up endless possibilities!
As a rental property owner, you have a lot at stake. Carrying adequate insurance for rental properties is what ties it all together.
3. Hire it out to photographers
If you’re lucky enough to have a property that’s historic, open plan, or simply a very pretty place, then you could go down the route of sourcing your space out to photographers to use for photo shoots. Many photographers yearn for a studio space that’s versatile enough to shoot images both inside and outside, so it’s something to take into consideration!
4. Turn it into storage space
We’ve mentioned a few times about location and how important it is to take into consideration where your property is before deciding what to do with it. If your property has a large lot or a double lot and, if allowed by the city, it might be a good idea to rent out the extra space you have outside. You might not know what to do with it, but others might have many ways to use that space.
Say your extra space is in a remote location but not too far from the city, then it might be worth turning it into storage space. Not only would people, in general, be interested in using your space to store their belongings, but you could open the opportunity for businesses too. Of course, this all depends on the size of your property’s lot, but it’s certainly another viable way of turning your property investment into a money-producing-asset!
Once you’ve taken a serious look at the reality of rental ownership, you might be excited to get started or decide to take another path. If you’re still thinking that it’s a workable plan, here are 9 rules to live by.
5. Invest in the environment
Last, but not least, while there are always environmental factors to take into consideration, your property could possibly save you money and also help the environment. If you are not looking into renting it out but would rather live there, here are some ideas that can help you save on your expenses while you’re saving the planet:
Consider investing in solar panels for your property. It is said that they pay for themselves within a year of installation, and they dramatically reduce energy bills, especially in the summer! So, while you’re making some money from reduced electric bills, you’re also helping the environment!
If you like gardening, check into installing water butts to help water your garden. This will help reduce water wastage, and even though water usage doesn’t produce harmful pollution, you’ll be taking a very holistic approach to help the environment. Not only that, you will start to notice your water and sewer bill dropping drastically, giving you even more money to spare.
You can take the extra money saved from your utilities and invest it in growing your own vegetables and fruit. As we know, many farms spray their produce with insecticides to help protect it from lurking bugs. However, this hurts the environment as well as your health in ways you might not know.
So, growing your own vegetables and fruits will help you make a difference to the planet. You’ll also never have to worry about how your food has been produced since you have grown it yourself.
When you have a garden and grow your own food, investing in a compost heap is a must. It’s a fantastic way of recycling food waste and turning it into something worthwhile.
Much like insecticides, cleaning chemicals damage the environment. The great news is that you can cut them out completely and use substances like vinegar, alcohol and even citruses to clean your home. Depending on your location, perhaps you could grow some citrus trees to help you achieve this.
We understand that turning your property into an environmentally friendly place might not necessarily make you rich, but you will certainly save some money by making these changes. Also, you’ll be helping the environment which, quite frankly, not enough people are doing!
The decision is ultimately yours and, as you can see, these ideas are all brilliant ways of making some extra money as well as saving money! If you have a property that has potential, or you’re looking to make some extra money, consider these ways of making and saving money so that you can create your very own little side earner!
I hope you find this article helpful. If you do, please share it on your social media page so others can benefit from it as well. Thanks in advance!