Establishing a business using real estate property is one of the easiest and passively managed ventures to guarantee a lucrative profit. Since it is necessary, generating income from it will be easy as long as the demand for housing or space for business exists. But even with these facts, some people still don’t know what to do with their vacant and unused estates. If you have a property that is not being used for any purpose, take this as a sign for you to utilize it and start your real estate venture. Keep reading and find the best business you can turn your property into.
Lease It Out
Probably one of the easiest options on the list, leasing out your property is a breeze because all you need to do is put it up on listing sites and wait for a potential customer to contact you. The challenge comes with choosing your potential tenants.
Since you’re using the property by renting it out, meaning the clients who’ll take you up on your offer are going to live in your house temporarily, you’ll have to find ones that you can trust will keep your estate in good condition. Although maintaining it falls in your purview, using the premises properly is still a shared responsibility between the landlord and renter.
Use It for Commercial Purposes
If your property is located in a commercial area but is currently not being used, leasing it out to businesses looking for spaces for their shops or offices will be the best opportunity for you as a homeowner. Just like renting out a property as housing, leasing out your estate for commercial purposes also puts you in the role of a landlord.
Although active participation is required in this type of business, it’s not as taxing and time-consuming as other ventures. In this type of real estate business, you only have to keep your premises well maintained so that you can provide your tenants the proper facilities they’re paying for.
Invest in a Short-Term Rental Business
For properties built in or near tourist areas, the perfect venture to go into is a short-term rental business. Ventures such as Airbnb and inns offer housing that can be rented during short periods for travelers and tourists and even features more comfortable facilities and rates that can be more affordable compared to hotels.
Bed and breakfast establishments can generate ample profits, especially during months that bring in tourists or if your property resides in a key location that will be convenient for travelers to come home to during the duration of their journey. Unlike renting it out for months or years, this will require more work since the tenant turnover is faster. Therefore, you’ll have to clean up regularly after each guest.
Offer Storage Services
Storage units have been around for a long time. They are essentials to people living between houses or individuals who need extra space for their belongings. The prices of storage units are close, but there are still ones priced higher than others. If you’re looking for a way to make money using your vacant property, you can use it as a storage unit and offer lower prices than those in the market. For this, you can divide your property into spaces of different sizes and price them according to that, so you’ll be able to cater to clients with various needs.
Rent Out Parking Spaces
With the population increasing, so does the demand for more space. People aren’t the only ones that need space; it’s also needed by other things, like vehicles. Some properties don’t have parking spaces, and some don’t allow double parking, making it difficult to find a secure area where they can leave their car.
But if your property happens to have a garage or front space that can house multiple cars, you can use it to generate income by accommodating several vehicles at once. Not only are you helping some folks keep their vehicles safe and secure, but you also earn a profit using your unused property.
A Source of Capital
If you have a venture other than real estate in mind but do not have sufficient funding to kick start your business idea, you can realize your dream by selling off your property. By holding your property until the perfect client comes along and offers the best prices, you can get the financial support you need to start a new enterprise. Aside from putting your estate up in the market, you can also refinance your mortgage and use your home equity to get the funds you need. Selling your property will give it a new lease of life by letting it house a family, and you can even get what you need to start anew.
A house isn’t only an area where you can live. It can also be a business that presents countless opportunities, as long you know the perfect venture for it.