How You Can Still Make Money on an Empty Property
Owning a home with no income can be a disaster. You may still have to pay a mortgage and will therefore lose money. However, you can make money on an empty property with these tips.
Convert to a Vacation Home
Depending on its condition, you can wait for over six months for a property to sell. Of course, you can get help trying to get it to sell or await a tenant for rental. Reputable property management services like North Texas Property Management are experts in staging homes, finding tenants, and managing rent. However, some areas, such as those close to theme parks, national parks, and beaches, are in high demand for places to stay. Therefore, you can capitalize on the vacation rental market by placing your property on listings sites such as Airbnb.
Allow Charities to Use It
If your property is safe and in good condition, you can allow organizations to use it to help others. This is a great way to prevent losing money on a property while you await a bid or a new tenant. For example, you could offer your property to charities that help abused partners leave a relationship. Or foster agencies house children with nowhere else to go. The income may not be steady, but it’s better than leaving your house empty. An empty house is more likely to become vandalized and also amplifies the waiting time for a sale or finding a new tenant.
Make Money on an Empty Property with Commerce
Of course, you could always promote your home for commercial purposes while between tenants and sales. However, if you aren’t too bothered by the look of the property being changed or adapted, some of the best ways to make money on an empty are as follows:
- Rent it out for film and TV production.
- Allow advertising and promotional campaigns.
- Convert it to office space.
Most productions take place on a set. But every now and then, on-location shooting is required. Sites like Scouty.com let you place your property on the market for hosting film and TV production. And you can list your property for office use on sites like Office Genie.
Use Property for Storage
An available property has something you never think about. It comes with space. And space is a commodity from which you can make a lot of money. Most people have too much stuff and are always looking for places to store it. You can grant exclusive use of your home to a friend or relative for storing their belongings. Or install secure lockers and convert rooms to units. Of course, this will require an initial setup fee, and CCTV and the like are expensive. However, there is good money to be made by renting out storage space in and around your property.
Charge for Parking on the Land
If your property happens to be in a prime location with its own land, you can make money by renting out the surrounding area for parking. You can do this for local offices or services. Yet even neighbors might be willing to hand over some cash for parking close to their homes. Parking spaces are at a premium in some locations, so parking can be a lucrative enterprise if you have the land. Of course, installing parking meters or enforcing violations can become expensive. So it might be best to come to a private arrangement with someone you trust.
You can make money on an empty property in numerous ways. For example, you can convert it to a vacation home, rent it out for commercial use or charge for storage.
Categories: Outside Contributors