Investing in real estate will require a hefty amount of money. After making an investment in real estate, many believe that the investment will produce returns in the long run once the property is sold at an inflated value. Other than that, there are many other ways to skip the wait and make money faster using creative tactics.
Here are some creative ideas and tips to earn more money from your property:
- Turn your property into an instant hotel
Going beyond the usual rental real estate investments, you can glam up your property, list it out on rental property biz directory, and rent it out as a vacation home. The transformation into an instant hotel may cost a bit more.
However, it will be worth the investment since the renovations will exponentially increase the value of daily rental fees. There is an increasing number of families who look for resort-like ambiance but also crave for the homey vibes at the same time. Some ways to make a successful transformation is to do the following:
- Design the interiors
- Provide welcome packs in bedrooms
- Offer a list of activities in the area
- Give recommendations on where to eat
- Keep your place clean
Turning your property into an instant hotel gives vacationers just that. So, spruce up your property and take some good photos. Afterward, sign up to be an Airbnb host and put up your property rental listing.
- Offer bundled property-related services
If you decide to rent out your property, you can also think about offering bundled property-related services. This can also be a differentiating factor when you rent out your property since you can advertise regular housekeeping services available upon request, which makes the lives of your tenants easier. These kinds of services include the following:
- Maid and housekeeping
- Pool cleaning
- Kitchen staff
- Dry cleaning
In doing this, you can partner with local providers and get a cut or commission for every renter you hook up with these services. With this strategy, you will be helping out another business to earn money, provide services for your tenants, have an edge in marketing your property, and make some extra money.
- Rent out in-demand amenities such as parking spots
If the idea of hosting or renting out your property does not appeal to you, you can still make some money on the side with the space you have. A lot of people have more vehicles compared to the parking spaces they currently have. Their lack of parking space gives you an opportunity to rent out your garage if you are not using it.
This can bring you some steady monthly income on the side and utilize the space you have.
- Rent out storage space
You might be shocked by how many people need extra storage. Since it might be hard to give up things, people usually keep a lot of objects that they have owned for many years and had a tendency to become hoarders. If you have extra rooms that you do not use, you can convert it as a storage space for rentals. For example, you can also use your outdoor shed as a storage room for people who need a place to keep their things.
One of the benefits that come with renting out storage space is that it does not come with policies that residential units usually have. Turnovers are also faster, and contracts are more straightforward to draft.
Install solar panels
By installing solar panels on your rooftops, according to law, you can become a utility provider. Since there is a global movement to go green, the government gives extra incentive for alternative sources of power. Now, properties with excess electricity are able to sell it back to the distribution facilities and deliver it out to the power grid.
With that, installing solar panels will allow you to provide electricity for your own home and make money on the side by selling electricity. Given this, the government also provides tax benefits for those who add solar panels to their homes since they offer an alternative and renewable source of electricity.
As you can see, you do not need to wait a long time to get your money’s worth. The only limit to how much you can earn is your creativity and diligence. If you put the needs of your tenants in mind, you can think of so many ways to give them the best experience in your property and making money from it as well.