Owning a property can be a great long-term investment, but if you need money in the short-term, then you may be wondering how to make the most out of your current properties. Don’t leave any homes, apartment buildings or business premises empty, here are some ways you can make money from the properties you own, without selling them on.
Rent out a house or just a room
One of the most obvious ways to make money from your properties is to rent them out. Being a landlord isn’t easy; you have to make sure your properties are up to code and deal with maintenance, but it can be very profitable. Even if you just rent out a spare room, you can make a decent amount of money in some areas, although you’ll need to think of the tax implications, as well as the impact on your life.
Rent your home as a film location
Many movies and TV shows take place in ordinary homes, and you may wonder how these places are scouted. You can offer your home as a filming location to production companies and potentially make from $1,000 to $5,000 a day if it’s picked, potentially more if they use the inside of your home or it’s a long shoot. There are, of course, downsides to doing this. Disruption, mess and potentially annoying the neighbors can be among the issues. However, the extra cash may make it worth the inconvenience, and you don’t need a particularly special property to be picked. In fact, location scouts are often looking for homes that are average and unremarkable.
Let businesses use your land
If you have unused land, then it’s possible to rent it out for a variety of uses. For example, a telecom company may want to put a cell tower on your property if it’s in a certain location, which means you earn money for very little work. However, be sure that if you agree to this that you have a written and signed contract. Professional lawyers who specialize in this area will be able to help you and defend your rights if a breach occurs.
Some land can be leased to farmers, if it’s suitable for agriculture, or could be let out for solar farms, so even an empty plot can be put to good use.
Let commercial properties short-term
Because of the move from brick and mortar to online shopping, among other factors, it’s estimated nearly 14% of retail units will be empty in 2020. If you own commercial properties, then this is bad news, as vacant lots mean a lack of income. However, there are creative ways to fill these former stores, even if it’s just in the short term. Many online businesses are seeking brick and mortar stores to use as showrooms, and pop-up shops are also becoming popular for small businesses who don’t want to commit to a long lease. You could also look at converting these units for a different type of usage from gyms to restaurants, the process of which varies depending on where you live.
Whether you have a portfolio of properties or just some spare land, there are many ways to make these assets work for you and help you bring in a second income.