An extra source of inc-ome will always help you securing you financial future. While there can be many ways to earn additional income, rental income from the second property can provide you with the best oppportunity.
Rent it out
This is the most obvious solution to any supplementary property. You can rent the house as a home or office space depending upon its infrastructure. Make sure that the property is in good condition so that it attracts maximum buyers. Get it clean, clutter-free and painted before putting it on the market. Since there are a lot of people who are looking to rent a place rather than buying due to the slow economy, chances are good that you will find a good tenant.
Make it a seasonal or vacation rental
If the property is situated nearby a beach, besides a hill station or any such destination where you think people would love to spend their vacation, there is your answer. In fact many people buy a residential property near travel destinations only to set them up as holiday stay-ins. You do not need to make it or renovate it like a holiday inn, remember there are always visitors who like to stay and travel economic.
A paying guest facility for students only
This is another use of a residential property which reaps easy money. In case there are colleges and universities arou-nd or near your house, you can put it up as a PG accommodation for students. The best thing about this option is there are always budget minding students who are looking for a cost-effective and comfortable place while studying and you don’t need to spend any money on doing a lot of renovation. Just make sure that basic utility is in good condition and you are good to go.
Rent your house to professionals:
Since there has been an increase in house-based professional services, the demand of the residential houses has grown especially which are located around the centre of the city. Now, we are not talking about renting it out as an office space.
For example, there are private tutors who would like to use some space for their increasing number of students. Look up the ads in newspapers and daily, you will find someone who wants a house for the purpose of warehousing, tutoring or any such personal business activity.
Lease it to a NGO:
This one is a huge tax saver; find an NGO who is in need of a residential property to use as a habitat facility for elderly and children. There are nonprofit organisations who take rental houses for the special purposes of charity, housing, medical care, etc. By renting your house to one of these organisations, you get a hefty deduction in the property taxes and related taxes which is a bonus.
Rent out to marriage parties:
If only you knew how much the marriage homes are making! You can offer your house to the people to be used as a banquet hall, only at a much lower price because you would not be bothering with the food and other arrangements. If you think who would be interested in renting a place without food and proper banquet hall arrangements, then you are gravely mistaken. In this age of financial awareness, there are smart people who like to get married with lesser hassles and much lesser cost.
(The writer is the CEO of BankBazaar.com)
