How To Monetize A Vacant House You’re Not Using At The Moment
There are some properties we own that we need to make the most out of it instead of sitting idly. Sometimes people need to move away to pursue personal goals or get a job elsewhere. These houses aren’t being sold because people feel they want to come back to them at some point in the future.
Other houses can put up for rent, however, reservations are getting canceled at the last moment or guests wreak havoc in the house, leaving you to pay for repairs. There are other ways to monetize your vacant houses and turn them from a liability to a revenue-generating machine.
Rent Out Storage Space
In some areas, the square footage for storage comes at a premium. You won’t have to rent out your entire house, the areas that can be used as a storage unit include the basement, attic, closets, or other storage areas. If you’re wondering how to reach people who want to rent out storage space, there are several websites specialized in this kind of service. These websites will manage the arrangements and you will have to give storage renters access to your house.
Turn Your House Into An Office Space
With the rise of remote work, the need for office spaces is increasing as well. Many people want to work in a peaceful atmosphere away from their kids, find a new environment to work in besides their house, or just to socialize with other people.
You have the decision on which parts of the house you will turn into offices. You can list the living room, garden sheds, or any room you can think of as office space on several websites. You will decide the price and the dates available for anyone who might be interested and you also get to decide what type of work is allowed at your house.
Rent Out By Room
You can turn your vacant house into a small self-managed hotel by renting it out by the room. Turning each room into a bedroom will increase the number of guests that will reach out to rent one room only. Travelers from all over the world use Airbnb to rent rooms in houses because they are cost-efficient.
You can use the service of a reliable rental property management company for the same reason with less hassle. If anyone cancels their reservation, you will not lose a lot of money, and it will be easier to find someone else to rent it instead. The area where the house is situated will affect the rate of the room, so listing overpriced rates won’t bring guests your way.
Use Parking Spaces
If the house you own is in a big city, near a popular beach, or near a business area, you must know that parking in these areas is extremely difficult. If you have a driveway or a garage, then it is a golden opportunity to rent it out for anyone interested. Daily or monthly lots for parking are expensive in these areas, so people will jump on the first offer they find that is even a little bit cheaper.
There are websites dedicated to renting parking lots that you can use to rent out your garage. Typically, you can specify if you want to rent it by the day, week, or month, as long as you know you don’t need it for the time being.
Allow Filming In Your House
This is an unconventional way to monetize your vacant house, but it can be one of the most lucrative options on this list. However, it comes with a price as you will have to deal group of strangers entering your house and redecorating it according to their needs. It can be a new amazing experience for you, or it can be exhausting, it all depends on your experience.
The good news is that the filmmakers are obliged to return your house the way it was, so you don’t have to do it yourself. Keep in mind that it is not a reliable source of income and treat it as pleasant surprises every once in a while.
It is essential to have alternatives when it comes to monetizing your vacant house, as relying on one source of income may only make you miss out on great opportunities. Don’t look at your house as a single entity and start thinking out of the box, as you can even rent or sell items in the house that you don’t use anymore. These ideas will help you generate revenue instead of letting spiders build their webs in your house.