5 Smart Ways to Make and Save Money with Your Property
Author: Jason Morris
It’s no secret that if you own a property that at some point or another, you’re going to be able 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 of boosting your spare income, or even using the money to pay off another mortgage you have. Usually, people use their properties to renovate and then resell to make money and 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.
Table of Contents:
1. Renting it Out with B&B App or on Your Own
If you have a spare place that you don’t often reside at. Maybe you visit a couple of times out of 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 over time make more money than you originally planned.
For example, if you’ve got an apartment in a prime location such as New York which you use not too 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 in town conducting businesses.
Or you can rent the entire apartment all year round for a regular monthly income. To minimize a headache, you can hire a property management company to manage your property for you, as they will screen all of the potential tenants for you, take all maintenance commitments off your hands, and even arrange flexible rental 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 the opportunity to earn from it, and the prices that you can expect from a property in a popular city like New York will certainly make it worth your while.
2. Host Events
When you own a property that has a considerable amount of space and lives 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 converted their residential property.
They turn the living room, family room into meeting rooms for all tenants along with the kitchen, bathrooms as share space. Individual floor to rent out to self-employed business owners like Chiropractor, Tailor shop, etc.
If you have a property with large rooms with facilities such as a kitchen and bathrooms, this will go in your favor. You could rent out for meeting rooms that could be used for many different reasons such as training, or even a fitness studio.
Another way is to use your property as an opportunity for people to lease it out for events such as staff parties will work well as you may be able to use the space both inside and outside. There are, of course, many more events that you could host, which opens you up to 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 it 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 it’s important 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 things they can use that space for.
Say if your extra space is in a remote location but not too far from the cities, 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 up the opportunity for businesses too. Of course, this all depends on the size of your property 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. Investing in the Environment
Last but not least, while there are always environmental factors to take into consideration. You might be aware of the issues regarding the environment, but did you know that your property could save you money and also help the environment? If you are not looking into renting it out but rather live there, here are some ideas that can help you save on your expenses and also help save the planet:
Consider investing in solar panels for your property. It is said that they pay for themselves within a year of installation, and also 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, look 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 & sewer bill will drop drastically, giving you even more money to spare.
You can take the extra money save from your utilities and invest in growing your vegetables and fruit. As you may already 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 foods have been produced since you have grown them yourself.
When you have a garden and growing your own foods, invest in a compost heap is a must. It’s a fantastic way of recycling food waste that you have and turning it into something worthwhile.
As well as cut out cleaning chemicals. 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. 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 you simply not yet know how to maximize its uses, 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!