Investing in a property means capitalizing your lifetime finances into a valuable asset. This asset proves to be fruitful especially during times of financial crunch. However, with changing real estate scenario today there are many options available in the market to earn money from the property other than its dilution.
Many property experts believe that property taxes, utilities, and Mortgage payments are many ways through which an individual’s homes cost them. So in order to earn money from the property, ‘Passive income’ is the best option which is growing in trend these days among many homeowners. But before opting any of these ways, it is important to evaluate the demand-supply matrices and also keep a tap on the legalities involved in earning an additional income.
So, take a look at some of the trending tips to generate additional income from property:
One of the fastest growing trends to earn additional income these days is to convert your property into PG or rental accommodation. It will not only give you good ROIs but also fix a monthly income too. Moreover, if the property is located close to commercial hubs, educational institutes or colleges, then finding a tenant is not a problem. But before finalizing any deal, research on all the legal aspects as well as the legal background of the tenants. Prepare a proper rent agreement and go through the paying guest policy.
Use it as office space
Why operate your office from a rental property if you have your owns? Your home can become the best source of money in such cases. You can convert an empty room into your workplace and start operations from there. You must give information to your clients and banks about the new commercial set up before-hand. But clear all the legal aspects and take proper approvals from the surrounding authorities before starting this set-up.
In today’s time, people own lots of vehicles but they don’t have extra space in their homes to park them. They always look for storage options for a years’ time. So if your property has enough space then why not make it a parking space and earn good monthly or yearly income. Take some good photos of your space and advertise them in your local area. On the other hand, if you have a large area you can use it for event parking at higher rates.
Homestays are the best and the most trending options which many property owners are opting these days. They are the perfect rental alternative where a part or the entire property can be rented out for a week or month. However, the amount varies as per the location of the property and facilities offered. For example if your property is located on a hill station then you can earn best during vacation time.
Hoardings and banners are best options to get an extra income. If your property is located in a market area or nearby expressway or highway, then you can get a lot of ads as these places attract many consumers. Also, ad agencies pay good amount to the property owner.
If your property has good interiors and exteriors like garden, and landscapes greens, then you can give them to ad agencies for photo-shoots. Also, media students and documentary producers always look for such spaces. You can earn good monthly rental as well as daily income too which is usually much higher.