When you think of consistently making money using your property, whether it’s your own home or a second property you own in a different location, then the only option that might be in your head at the moment is renting it out to a single tenant or single group of tenants. However, that’s not the only way to turn a property into a cash cow. Here, we look at ways to keep that property earning without having to become a landlord.
Be the host with the most
The idea of inviting temporary lodgers into your home is becoming much more popular nowadays and the internet has opened the market up considerably. Most notably, the rise of the popular of Airbnb and similar sites has made it easier for anyone to rent out a portion of their home, or even the whole thing if, for example, they only spend their weekends there. Of course, to make money through Airbnb, you have to make sure your house is always in good enough condition to welcome guests and you might have to think about changing some aspects of the décor to make it better suited to a broader range of tastes.
One buyer at a time
Buying a vacation home can be a fantastic investment. Many will think primarily of renting it out throughout the year when they’re not using it but going for a timeshare structure could end up being a more sustainably profitable model of making money from that vacation home. Instead of constantly finding new tenants, you’re selling timeshares to people who will visit (or choose not to) a week or more every year. There’s a proven market for timeshare properties, too, and most of them already own timeshares with one or more properties so using timeshare owner leads can be much more reliable than trying to find tenants when renting out a vacation home. Timeshare owners are looking for than just a property, however, they’re looking for a vacation they can keep returning to. The more services you can offer alongside the property, the more appealing it will be to potential buyers.
Rethinking your space
What if you still live in the home? Well, if you’re not looking to welcome a stranger into the house, then perhaps you could welcome their stuff, instead. Storage space can be expensive, and a lot of homeowners offer competition to pricier locations by offering their own spare space. If you don’t have a lot of storage space, do you have a driveway that you don’t use? If you’re close to airports or train stations, your driveway could become a prime money maker, targeting those going on long trips and needing somewhere to leave and pick up their vehicle when they get back.
How you choose to make money using your property depends on what kind of property it is, exactly. Is your selling point the fact that it’s situated somewhere highly suited to tourists? Or does it have lots of extra space you’re not using? Find the selling point of your property and learn how to sell it.
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