If you have a large property and want to generate revenues from it, most people will think of long-term renting, Airbnb, reverse mortgage, or house flipping. But what if I told you there are even better ways of making money?
First off, you need to look at your property as an empty, leasable space. Having that in mind, the surface can be rented for just about anything. Or, you can use it to start different projects and businesses. Some people even utilize their homes for movie shoots!
Just so you understand what I’m talking about, here are 7 creative ways to make money off of a property.
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Find a roommate
If you have a large family house with lots of rooms, you’re probably struggling to keep things in check. Just maintaining these homes can be a hassle requiring enormous energy and time so that everything’s clean.
Luckily, there is a cool way to kill two birds with one stone. By getting a roommate (or several of them), you can increase overall revenues while keeping your house clean.
Of course, some people will argue that these newcomers will ruin your furniture. Others complain that you will lose personal space. However, some homeowners will be appreciative of the company. This is especially true for the elderly who have a small circle of friends.
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Create a garden
If you don’t know what to do with a large backyard, you should consider creating a beautiful vegetable or fruit garden. Not only would you have access to natural ingredients, but you can also save a lot of money. Furthermore, growing something with your bare hands is always a gratifying experience.
Of course, maintaining a garden is not that easy. It requires a lot of time, patience, and energy. However, if you’re a person who wants to stay in shape, this might be an incredible exercise. Why should you pay money for a gym or yoga classes when you can build muscles the old-fashioned way?
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Rent your backyard
The same way you can rent rooms, you can also rent a backyard. This is a great solution for homeowners who have a large property but don’t want to cultivate anything. If you want to improve your backyard to attract more customers, you may seek professional yard care services.
Nowadays, there are several sites that can help you rent out your backyard. For example, you can utilize Sniffspot to rent your property to dog owners. You don’t even have to invest anything; just list your property on the site, and wait for people to reach out to you.
Similarly, if you have a pool, you can rent it to people in the neighborhood. Some homeowners also rent their properties to RVs. All in all, there are numerous options at your disposal.
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Renting garage or storage space
Truth be told, most homeowners have their own garages. But, if your property is located in a busy downtown neighborhood surrounded by buildings, it might be hard for all these people to find parking spaces. Alternatively, some people might need a garage for their RV, boat, or some other vehicles.
Besides making money from your garage, you can rent just about any facility or closed structure on your land. Sheds are a good example. It can be utilized to store just about anything from sensitive tools to motors.
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Running a home business
Of course, you can utilize the house as your personal office space, something that many entrepreneurs do nowadays. Depending on the size and the nature of the business, you might not even have to pay the taxes. Creating jewelry is pretty straightforward, and you can advertise your products via Instagram and Facebook.
Extra space can be very beneficial for certain professionals. This is especially true for artists and craftspeople who make a big mess but don’t have high enough revenues to warrant renting a studio. If you are looking for Salon suites for rent, then you might want to consider renting these spaces so that you can focus on providing your clients with quality services instead of worrying about mundane details.
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Creating a parking lot
I’ve already spoken about RVs but let’s also mention regular cars. If you have a large property in a downtown area, you can create a makeshift parking lot. The best thing about this is that you can rent spots on per hour basis. In other words, it can be much more lucrative than RV spots.
Of course, it all comes down to location and lot desirability. Some people can make enormous money from this approach.
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Hosting weddings and events
This is another method that is more suitable for large properties. If you are located in a cool woodland area or close to a river/beach, you might consider hosting various events. You might need to invest some money to create a closed structure and to promote the business, but the money is usually worth it.
