You don’t have to own a multi-family home or commercial property to profit off your real estate. Nor do you have to be an expert in investing. A single-family home can create be a lucrative source of income for you. You just need to know how to put it to work in just the right way.
Turn The Building Into A Rooms-Only Rental
A rooming house, when constructed, advertised and managed properly, can make you an incredible amount of money. For example, let’s say the home has three bedrooms, a living room and a basement; you could convert both the living room and basement into a few more bedrooms, bringing your grand total to around seven. Charge $100 or more a week and the property yields no less than $2,800 every month If this causes a lack of storage for renters, you could always put a mini-storage unit on site and add a little to the cost. This project requires a bit of remodeling and obtaining the right licenses and permits from your local government, but eventually, this arrangement can really pay off.
Build a Quaint Bed And Breakfast
If your tastes tend to run fancier than a rooming house, why not turn your empty single-family into a Bed and Breakfast? In the right location, such as near a popular tourist destination, business venue or tech town, this type of property could easily garner you a strong second income. Once the home has been remodeled and all rooms are sleeping suites fit for high-end guests, you can name your price. Also, after you’ve developed the business, you could sell it for much more than the original cost of the house, plus what you spent on remodeling.
List Some Of The Rooms For Temporary Rental
Airbnb and other such sites can show you how to turn your traditional home into an inviting hostel type environment, paving the way for you to charge upwards of $100 per room, per night. This is especially true if your house is situated in a populated area. There’s almost always a reason for people to need a room for the night. Why not take full advantage of the opportunities presented?
Whether you’ve outgrown your single-family home or simply are interested in living somewhere else, you don’t have to sell it to the highest bidder, you can keep it as a money-making machine indefinitely. Put your thinking cap on and you’ll likely discover even more ways you can turn a profit off your property.