It definitely can’t heart to find extra sources of income. When owning your own property, whether it’s in Bloomington, Indiana or Chicago, Illinois, there are a lot of different options for earning more from that space. The best part about making money with your property is that it’s mostly passive income. With a little bit of work upfront, you can make a lot of money long-term from little ongoing effort. Whether you’re looking to pursue property management full-time, or you just want to make some extra cash with space you already own, here’s how to make your property work for you!
Take on a renter or a roommate.
If you have extra space in your home, you can take on a roommate to get some extra cash flow. You can charge your roommate a flat rate each month or a portion of the utility costs. Having a roommate can even pay for your portion of living expenses like your mortgage and other homeownership costs. That means more money in your pocket each month!
If you don’t have space for a roommate but you have more than one home, you can open your space to renters. As long as you do your best to screen potential renters through a credit and security check, you should be able to bring in a good sum of money each month from these renters! One of the possibilities is to hire the agency – a lot of agencies nowadays work online and you do not have to take a lot of time on meetings and agreements (check out this website as an example), but be smart and avoid those who are frauds or have double interests. Just make sure you have a protective rental agreement in place to protect your assets and use a monitoring service to ensure your property isn’t listed as a vacation rental without your consent!
Sell your parking spaces.
If you live near a popular event space or in a bustling city, odds are there’s a need for extra parking in the area! If you have extra parking spaces or a large driveway to spare, you might be able to bring in some good money by selling your parking spaces during special events or even year round! In some instances, you might even be able to charge as much as 20$ per event which can bring in a lot if you have more than one extra space to spare!
Turn your extra rooms into an Airbnb or Bed and Breakfast!
Platforms like VRBO and Airbnb are making it easier than ever to make use of spare space in your apartment or home! If you have an extra bedroom or if you’re out of town for a portion of the year, you might be able to rent out that space to travelers looking for a local experience. This works best if you live in an area that attracts a lot of tourists, and you’ll need to put in some effort to stay in good standing as a host.
You can even transform your extra rooms into a traditional bed and breakfast by adding more services beyond just providing a bed, but it can mean a bigger profit! Bed and breakfasts traditionally provide things like accommodation services, meals, and even transportation. Before beginning any vacation rental service, do your research to ensure you don’t break any local regulations.
Sell your extra storage space.
In a lot of big cities, storage space is a hot commodity. You can make a pretty penny selling any extra storage space you have around your property, both indoor and outdoor. People are always looking to store things like extra vehicles, boats, RV’s, and even motorbikes. You can build your own dedicated storage unit in your yard to protect equipment and vehicles from bad weather. Selling storage space is an easy way to make extra money, and you don’t have to be as involved as a landlord or property manager.
Avoid Non-Certified Agencies
It might happen that you ask agencies to find you the right person to live at your place. Sometimes they find a suitable person, but the agreement is not suitable at all. Try to search more when arranging deals with agencies – it might be that you bump into the dual agencies (or dual agents). It means that the agent wouldn’t present your interest as a landlord, but have a double interest which can cause misunderstanding and worse agreement to you as part who offer the place and to the person who wants to rent from you.
Work from home if possible.
With the rise of digital media, more and more people are able to work from home than ever before. If you have a home office that is used solely for work purposes, this comes with a worthwhile tax write off. You can even write off many home office expenses! This can add up to a good bit of savings by the end of the year if you make the most of it.
Making your property work for you is a valuable investment!
If you take good care of your property, you can make your property into a source of income! You don’t have to go out of your way to make your property into a money-making machine, it just takes a little bit of research and effort. Research the best ways to make money with your property in your area to determine if the items on this list are a good choice for you!