Real estate comes at a premium in today’s market, and for that reason, any that you own which you do not currently live in could provide worthwhile passive income to you. Taking a shrewd approach towards this, as well as defining the kind of business arrangement you would feel most comfortable making, can diversify your portfolio and help you become more experienced in managing property.
It might not be, however, that you find interest in renting property on official terms, as in, taking a security deposit, registering that with a deposit protection scheme, managing tenants, curating the property, paying money to a third party letting agent year round, and having to schedule maintenance all of the time. This can be a good way to earn income, but landlord life is certainly not ‘passive income,’ you absolutely have to earn it.
In this post, then, we’ll discuss a few ideas you could benefit from, depending on the kind of property you’re lucky enough to own. Without further ado, please consider:
It might be that signing up to a service like AirBnB can help you register as a host for short-term letting stays, rather than short-term stays that require registering someone as an actual tenant. This might sound quite overwhelming for someone who hasn’t let their property before, and so using a Airbnb Management Service by OptiNest can help you get started with ease. This is the perfect arrangement for a summer home you rarely use during most of the year, or even an attic flat you may have in a large home.
Renting Storage & Space
You don’t always have to rent out your full property to make money from it. It could just be that you have exterior space in the form of a large barn, or a long garage, or an addition to your home that hasn’t been fully designed yet. It could be that this aforementioned garage could be rented by a local rowing club to stack their boats in, or the hall space could be used for a local martial arts teacher looking for somewhere to train his or her clients. Depending on the property you own, there may be more than one way to generate income there.
Renting The Exterior
If you own land of some kind, then renting this space itself might be a secure means of keeping your actual buildings safe. For instance, you might rent a field that you own to a local village council as they need more parking space for an event they’re hosting nearby. Or, it might be that you rent access to those looking for better fishing access to a river, depending on the legislation on your local area. Land is often coveted and can be used for a wide variety of reasons, so don’t be afraid to assess its lateral value in this way, too.
With this advice, we hope you can continue to make money on extra property going forward.