How to get the most out of your property

Once you’ve bought a home – providing you can afford it – it’s probable that you haven’t really looked at ways you can get more income out of it. There are a number of tactics you can employ to turn your property into a money-making venture, and some may surprise you.

So, if you want to rake in more cash, consider the following suggestions:

  • Have unused land, a garage or barn? What about renting it out as storage space? This would be a nice monthly earner. People with extra vehicles, trailers, RVs or have too much furniture need somewhere to store them when not in use.
  • If the kids have moved out, think about renting out the room. You could make a decent money if you live in the city, close to a big employer, university or college. Even if you’re not central, this is still workable if you’re near good transportation.
  • What about if you fancy a little variety using your spare room? Airbnb or HomeAway could set you up with paying guests. If this is appealing to you, you could also ponder the possibility of becoming a Bed and Breakfast full-time. All you have to provide is breakfast and a clean room and sheets. This may be perfect for the recently retired.
  • Sell the house. Your needs may have changed and you no longer
  • Work from home. Either as a freelancer or home-based business. In fact, if you set up a home office – as long as you don’t have workspace with an employer – you are eligible for tax deductions for repairs and improvements you make to the office:
    • Repairs and improvements made directly to your office are fully deductible.
    • Some repairs and improvements made to other parts of your home for your business are partially deductible.
  • Grow something. Even a backyard garden can produce enough to sell at a Farmers’ Market stall, however if you have more space, you could supply local restaurants or have your own roadside outlet.
  • Be a venue. Depending on your property’s size and location, you could host anything from fairs to weddings.
  • Leverage your property to get ready cash. Use something like Key’s lifetime mortgage tool to see how much money you could free up to spend as you like. You could use it on improvements, travel, gifts for the family or to make the next suggestion a reality.
  • Build a rental unit. If it’s legal in your area and you don’t have room for a basement apartment, use what land you have to create a home for a renter. You could even convert your garage or an outbuilding if you have one. Consult the local papers to see what the rental market is like in your locale and calculate if your return on investment will be worthwhile.

Properties, especially the larger ones, are money-makers waiting to happen if you have the imagination, project management skills and desire. Take a second look at your home and think about how you can make it pay its way.

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