If you are one of the people in the unfortunately small number of property owners in this day and age, then you have a lot more doors open for you compared to the average Joe. Property prices in busy cities across the globe have been almost exclusively rising in the past decade and they are becoming a more and more profitable asset to have. Even if you do not plan on selling your house anytime soon, there are ways you can still make considerable amounts of money off it with relative ease. If you do not own any kind real estate, and are not planning on changing that anytime soon, perhaps the following ways of making money off your from it will change your mind.
Before you start
If you are planning on making your house work for itself and some extra on top for you, then you better keep it in top condition. Before you attempt to do anything with it you should do some general renovations around the house. First impressions matter a lot so just keep that in mind while deciding on what to freshen up in your house first.
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Front yard appeal
If you are taking a client to see a house, the first thing they will see is the front of the house and the front yard when they pull up. It might seem trivial, but a freshly cut lawn and a swept walkway can work wonders. If you have a bit of a green thumb, then plant some shrubs around the front for some much appreciated aesthetic appeal. If you are clueless about gardening, get some landscapers to do it for you.
The Kitchen
The kitchen often reflects the nature of the previous owner much more than any other room in the house. The kitchen shows how lazy or not lazy you might have been during the stay in the house or apartment. If the kitchen appliances consist of a decade-old toaster covered in grime and some less-than-functional buttons, then consider replacing it. If the kettle follows suit and is clearly showing its age as well as limescale covered walls, then it also needs to go. Consider buying a set of appliances rather than a random mishmash of styles which do not particularly go together and will create a sense of mess even when they are brand new. If the cabinet doors are grimey, get some new ones. If you are on a budget, give them a fresh coat of paint, and they will look good as new.
The Bathroom
The bathroom is important to keep presentable for obvious reasons. A dirty and unhygienic looking bathroom will not only put off potential buyers, but will say a lot about you as the seller and previous owner. If the floor is in terrible shape, replace the tiles. If once again you do not wish to spend too much money on it, get some acrylic flooring which is easily put down but still effective. If the drapes are starting to look mouldy, old and used up, get some new ones or get rid of them entirely. Make sure to give all the faucets and showerheads a scrub too so that they look fresh and shiny when someone comes around.
Renting
Renting is a nice almost-passive form of income after the initial investment. You can either find a tenant yourself and deal with them on a face to face basis, addressing all their requests and questions in person or you can do it through a property agency. Depending if you want a more hands-on approach to the whole thing you can choose either option. Through an agency you will not get as much money, but they deal with potential repairs and they are the ones to find you a tenant. If you do it yourself, you will get all the money the tenant pays for the rent for yourself, but you will also have to work out the repairs and furnishings and whatnot.
Selling
Selling property is a much more straightforward practice. Works the same way as renting, you can do it yourself or through an agency. The same principle applies, you can do it yourself and get all the money or have it done for you hassle-free, but for a cut of the money.
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Something else?
If either renting or selling does not suit your needs for whatever reason, there are always a few more. If you are interested in high return property investments but don’t feel like getting too involved yourself, companies like High Return Real Estate essentially do all the work for you. Be it for renting or selling the house, if you do not want to be involved at all, leave it up to someone else.
If you do want a more hands-on approach and are willing to put in some effort to regular maintenance of the house, then Airbnb is an excellent opportunity to make money. Airbnb essentially works like a hotel alternative; you put it up on the website, prepare your flat or house to look nice and tidy then people book it for holidays. Airbnb tends to be much more busy in touristic or busy locations, for obvious reasons, if you have a flat somewhere in central London in New York, chances are you will be fully-booked all of the time. All you need to do is clean up after each visitor, and it might turn out much more profitable than even selling the place outright.