While most of us only have one property, which is where we live, some people are fortunate enough to have multiple properties. Maybe you inherited a property, or you bought a new one without selling the previous one.
Either way, if you have an extra property that you’re not using, you’re missing out! There are loads of ways for you to use that property to make some money, and we’re here to share four of them. If that’s something you’re interested in, keep reading.
Rent it Out
If your property is standing empty and you never use it, it’s not doing you much good. But if you rent it out, you can earn an extra income every month, which sounds like a pretty sweet deal to us.
Of course, renting out a property will require some work, as you will likely need to do some renovations and also find the right tenants for the place.
If you want to make the whole process easier for yourself, consider something like this landlord property management in Downtown Toronto. This way, a property manager will do most of the work for you.
Turn it into an Airbnb
If you don’t want someone living in the house for an extended period, an Airbnb is a great alternative. This is also a very smart way of using a holiday house, since you will still have exclusive access to it whenever you need it, and the rest of the time, you can rent it out for short periods via a platform like Airbnb.
If you go this route, we’d recommend setting up a separate bank account for your Airbnb so that you can manage your income stream a bit better. To learn more about how many bank accounts you should have, click here.
Sell it
Of course, another valid option is simply to sell the house. If you aren’t interested in an ongoing passive income stream and simply want to make your life easier, you can sell the house and receive a lump sum for it.
That being said, we’d recommend making the most of the house by increasing its value before you sell it. This way, you can ask for a higher price for the house. There are many home renovation ideas that you can choose from, so you can end up selling the house for quite a profit.
Start a Business
If you’ve ever dreamed of starting your own business, why not convert the empty house into an office space?
After all, this will be a much lower risk for your business as you won’t need to cover other overhead expenses like rent. Having a vacant property already in your name will make running a business that much easier. You won’t need as much startup capital, and your overall expenses will be cheaper, leading to a higher turnover. Of course, if you do this, you need to make sure that you choose a good business idea. If you need some inspiration for this, give this post a read.
