6 Productive Uses For A Vacant House You’re Not Using
Who doesn’t dream of getting paid to do nothing? What about early retirement? Might as well be dreaming of leprechauns and unicorns, except that it’s entirely possible. If you have a vacant house, you can definitely make money off it. Don’t know how? Here are six productive ideas to get your wheels spinning.
1. Rent out the Parking Space
The easiest and least intrusive way with which you can make money off of a vacant house is by renting out your parking space. It’s a piece of land, and who wouldn’t give their heart out for a decent parking space, especially if it’s near where they work. Depending on where you live (close to the city center or a major train station), and the nature of your parking space (indoors or outdoors), you can make up to $300 per month. All you need to do is create an account on a parking rental website and you’ll be making free money.
2. Event Venue
Did you have to leave a massive farmhouse to live closer to the city? Is your vacant property not that big, but it does have a beautiful backyard? Why not rent out the outdoor area as an event venue? With a few clicks, you can host weddings, parties, barbeques, and more. You can charge however much you want, set your own rules and time limits, and the best part is that you don’t have to give people access to all your house. You can keep them limited to one bathroom and a kitchen. Maybe a changing room, if you have a pool, but it will all be under your control
3. Rent out the Entire Property
If you’re not too emotionally attached to your vacant house, why not put it out on the rental market? You can expect to make a lot of money, especially if you live in San Francisco where you’ve got thousands of students coming in from all around the United States. However, it’s important to note that, as a landlord, you will be required to put in the time and effort to keep the tenants happy and the property in tip-top shape. Alternatively, you can hire California property managers to handle all the hard work for you. That way, you won’t even need to collect the rent yourself; you’ll just wait for the bank deposits to come in every month without leaving the comfort of your home.
4. Home-Based Business
The number of home businesses in the market has been massively growing lately, especially with the large number of people leaving the 9-5 in exchange for a much better deal. If you’ve got a vacant house, guess what, you already have a location. If you’ve always wanted to start a pet shelter/sitting service but never had the guts to do it to your own home, why not start your business there? If you’re not into pet care, you can start a home bakery or a brewery, or you can use the space as storage for an online store. Just keep in mind that your home insurance won’t cover any damages done as a result of your business practices.
5. Shooting Location
Have you ever seen your living room on television? We bet it would look great up there. For the sake of authenticity, many advertising and show producers choose to rent houses for their commercials and shows. If you’ve got an empty location, place it as a listing online and wait for someone to contact you. While the opportunity won’t provide you with as steady of an income as renting to residents, it’s still better than getting nothing in return.
6. Fix and Flip
Sometimes, letting go is the only thing left to do. If that’s your case, why not put some money into renovating the place, or better yet, take it up as your own side project, and when you’re done, sell it. The renovations will increase your house’s value, allowing you to ask for a higher price in return. Even in negotiations, you’ll have better footing with a renovated house. So, not only will you get to work with your hands, but you’ll also get to make a decent profit.
You can always make use of an empty house, and the possibilities are nearly endless. You just need to find an idea you’re passionate about. Whether it’s starting a new business or making enough money to retire early, you can use your vacant property to achieve your goals. While it can be hard to prepare your property and manage it effectively, the good news is that it gets easier once you start – more profitable, too.
