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How can I make money with an empty house?

Below are six trending ways to create income from your property: Find tenants. One of the most common ways to earn a regular monthly income is by renting out a property. ... Homestays. ... Advertisement agencies. ... Photoshoot. ... Office space. ... Vehicular storage.

99acres.com - Top 6 ways to raise money from a property - 99acres.com

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Gone are the days when income from a property could be earned only through rental or sale. Real estate today is viewed as an asset that can be a constant source of income if leveraged smartly. With changing scenarios and expanding opportunities, there are multiple other ways to raise money from the property throughout the lifecycle of the asset. According to Kishan Aggrawal, Owner, Prociti, “Raising money from a property has become a growing trend in the recent past and is known as ‘passive income’. However, before you take a plunge and offer a service, it is important to carefully evaluate the demand-supply dynamics of similar properties in the area. Also, stay ahead of the curve to tap any growing opportunity that can be used in your favor. For instance, the paucity of parking space can be a concern in your area. Offering your garage for vehicular storage could also be one way to earn a decent amount.”

Below are six trending ways to create income from your property:

Find tenants

One of the most common ways to earn a regular monthly income is by renting out a property. If the property is in the vicinity of commercial hubs and offices, colleges, or other important institutes, finding a tenant may not be difficult. Place a ‘to-let’ placard to notify that the property is available for rent and be open to show the potential tenants around. In some cases, real estate brokers may also approach to do a recce of the property. But, before finalising the deal, verify the background details of the tenants, check their identity cards, formulate a rent agreement and get the same registered post discussing all the aspects of the document to avoid confusion in future. Also, if you are renting out a property in National Capital Region (NCR), it is advisable to refer to the latest paying guest policy. Remember to conduct thorough market research of similar properties in the area to gauge the prevalent price trends and the rental demand. You may also check property portals to understand the monthly rental asked by other property owners in the area.

Homestays

Many owners are not comfortable with long-term lodgers, and scout for tenants who prefer shorter stays. This is particularly popular in tourist destinations, where many homeowners prefer to place their property on rent only during the peak months of the year. Known as homestays, these may be the perfect alternative if any of the above points resonates with you. Here, a part or entire property can be rented out for a couple of days or weeks or probably a month. However, the amount earned varies as per the facilities offered and the location of the property. Placing hoardings or banners in your premises is another way to earn extra income. If the property is located in a market area or along a highway or expressway, and is relatively taller than other buildings, you can certainly gain a lot. Advertising agencies are always in search of locations to position their advertisement to get maximum attention.

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Many owners invest in the interiors of their homes to make their properties stand out. Experts recommend enlisting such properties with media houses to earn extra income. “If you have a beautiful garden or exquisite home interiors, open it up to media agencies for shoots and promotions. Media students and documentary makers are always on the lookout for such options. The daily rent for such events is usually higher and at times equals to a month’s mortgage payment,” shares Kuntal Agarwal, Director, Resaiki Interiors.

Office space

If you wish to avoid paying monthly rentals for your office space, then working from home may be the best option. The pandemic has already made working from home the new normal. Thus, you may convert an empty room into a new workplace for yourself. But before you begin operations, it is recommended to get the necessary approvals from the area authorities and comply with all requisite legal norms. Also, update your clients and banks with the new commercial address to avoid any discrepancies.

Vehicular storage

If limited parking space in your society is a major concern, you may consider sharing your garage to leverage the short supply and earn lucrative returns. One of the options is opening your outdoor space for parking while you are at work or on vacation. Moreover, if you live close to a popular avenue or a stadium, you can provide parking space during events at a higher rate. In case you live in a housing society, keep the Resident Welfare Association (RWA) informed about the proposition to prevent running into any trouble. The idea of earning additional income through a property is also a healthy way to maintain its upkeep. But, it is advised to consult a property expert beforehand to understand if there are any legal or tax implications on the revenue generated.

99acres.com - Top 6 ways to raise money from a property - 99acres.com

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