If you are like many people, you may be short on time and cash. When money is tight and you have bills to pay and little time to dedicate to another job outside your home, you may start thinking about out-of-the-box ways to generate income without commuting somewhere else.
Among the many ideas for bringing in extra funds extra month, many Americans have been looking at property ownership for possible ideas. Whether you own a single-family home on a piece of residential property or you have a commercial property somewhere else that you can build an add-on with the use of a concrete trailer, this can be a smart plan with significant earning potential. There are also multiple ways to approach your endeavor.
Your Kind of Property
When you decide to turn your property into a revenue-generating business, the first thing to consider is what kind of property you have. Whether it is residential or commercial, for example, will determine what kind of options you have. Perhaps if you live in a large house with several extra rooms, you may consider possible accommodation services you can provide without leaving your living room. On the other hand, if your property is a plot of commercial land that is convenient to a popular area in your town or city, maybe you could turn it into a rentable parking lot.
Residential Property Earning Options
With residential properties, running your business will be a bit different than commercial ones. Whether you live in the property, of course, will also make a significant impact on your experience, but in addition to that, the options you may or may not have can differ. For those who are looking for ways to earn extra income from the home that they own and live in, here are some top ideas:
- Opening a Bed and Breakfast
- Renting Out Storage
- Selling Garden Produce
- Adding a Rental Site
- Hosting Community Events
- Starting an Online Business
Used Space Around the House
Do you ever find yourself looking around your house and question why you have so much unused space? If so, opening a bed and breakfast can give you the opportunity to put it to good use while filling your bank account. This can be a particularly great idea if your kitchen space is extra spacey and functional. Alternatively, you could also rent out one or two unused rooms simply on a place-to-stay basis. For example, many homeowners now find using services like Airbnb allows them to generate significant income this way.
Additional Dwelling Units and Campsites
If your home is located on a large piece of land, another idea you may be able to pursue is adding some kind of rental site to your property. Whether you build additional dwelling units that offer renters space on your land that does not connect to your home, or you create short-term rentals that you use in more of an Airbnb business approach, there are many ways you can create income generation with ADUs. If your property is on land that contains impressive natural areas, you could also try renting out campsites when the weather is nice. Just throw in a few fire pits with the help of a concrete mixer trailer!
For homeowners who have a passion for gardening, your annual produce can offer another possible source of cash flow every year. Depending on where you live, there are probably neighborhood farmers’ markets nearby that you can sign up and sell your fruits and vegetables at. Also depending on local laws, you may also be able to set up a stand in your front yard and sell up to a certain amount of products directly from your front yard. States like Michigan have a Cottage Food Law that allows individuals to do exactly this. Check with your state agricultural agency to learn more.
Other Residential Ideas
Another smart and functional way to use up extra space in your home while generating some extra cash is by making modifications to existing spaces. Take a look around. Do you have an unusually roomy basement or attic space? Often, these areas are easily convertible. Other rooms to consider include extra dining areas, offices, and sunrooms. In some homes, there are even closets that are larger than the average-size apartment bedroom. Do not be afraid to get creative! Just make sure you understand and follow any appropriate zoning laws.
Commercial Property Ideas
For investors who own commercial properties, there are also many income-earning options, but they are different. One commonality, however, is that your options ultimately depend on the type of property you have. For example, do you own a multi-family building or one that it makes sense to convert into one? While this is one common way that many property owners generate income from commercial assets, it is not only one.
Depending on where your commercial property is, you may also have a variety of potential business ideas by providing ancillary services to support the commerce around your property. For example, if your property is in a busy area, you may consider possible advertising options you could provide to local businesses. Billboards can be a relatively inexpensive investment with enormous advertising payout possibilities if your property is on the main road. With the help of a concrete pump trailer, you could also make your commercial property into a much-needed parking lot.
No matter what you decide to do, it is always best to contact your local land commissioner to see what you can and cannot do with your property. While ownership undoubtedly grants you many income-generating possibilities that may be unavailable to renters, whatever city, town, or county that your property falls under will have its own specific land-use rules and regulations. Reach out to local enforcers before investing any amount of money into a project.
Owning a piece of property can open up a world of fun and exciting possibilities for generating extra income. If this is something you want to do but you are unsure how to start, this article can provide you with some possible ideas to consider.