Real estate is quite frankly, one of the best assets that you can have. Its value is mostly on an appreciation and it is the base of any traditional business activity – whether it is setting up a lemonade stand or starting an airplane hangar. With all this, real estate also forms part of a traditional question – how to make money.
With changing lifestyles, it is quite possible that people have a bit of space – even a spare room – in their real estate. Especially in places like Lake County, Cuyahoga County and Geauga County, places known for their big, sprawling estates. If you are lucky enough to own a property in these regions and looking to make some money out of them, here are some simple options for you. Some of these options require you to make some investments before you begin.
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Put up homes for rent
If you own land, it would make sense to set up small apartments and let them out for rent. You would need some to make some expenses, like building the homes, getting the required permissions and the paperwork in place, so on and so forth. However, once you get these things out of the way, you have a set, long lasting business that’s as old as the sun itself. The house rent industry is a great market and is one of the few businesses that give consistent results over the years, a great business opportunity and a sound investment – no matter what the current financial scenario.
Begin a work from home gig
Businesses are changing and the way they do business is changing. Two decades ago, it’d be unheard of a small or medium-sized business interacting with a person working from home, but that’s the norm now. If you have real estates like a spare room or a garage and work alone, it makes sense to create a home office. If you have an office you’re renting, you could put a stop to it. You save money by not paying rent and making do with setting up an office in your home for your work from home gig. Several work from home jobs are available, and the easiest way to find out about them is the Internet. Many websites that provide you information about which work from home gigs are available, who are offering them and what’s the pay. Some of these websites also act as an escrow agent so the risk of losing money decreases greatly.
Start a second profession
The world is much receptive to alternate professions today and it’s a great opportunity to unleash your inner talent. Whether you are a blogger, video blogger, or any other artist, a spare real estate can really help you in setting you up. A spare room or warehouse could become a great studio and a professional place to work in. Starting a second profession basically means to work part time from home. You could choose to do any of the jobs that you are skilled for and like to.
Rent to small scale businesses
Every day, there are new startups and small-scale businesses coming up and they are looking for an economic real estate to rent. These small-scale businesses don’t have many requirements and work on a lean model – which makes them easy customers to deal with. Some small-scale businesses might be looking for warehouse space, while others might be looking to set up a workspace. You can, of course, decide which makes sense for you and then go ahead.
Rent to storage spaces
This is by far the simplest and most hassle-free way to make money off your spare real estate. Whether you have a spare room, a warehouse or even a lot of place in your house, you can look at renting places off as storage spaces. Many small, medium and large sized businesses are looking out for storage places that will store their inventory for short term and long term. Renting for storage spaces ensures a consistent line of money and you can decide how much space you plan to give out as a storage rental. Also, renting to storage space requires minimal work from you and a minimal investment. As nobody is staying in the rental space, there’s actually no need to spruce up the place or make any major renovations.
These are some simple ways that you can make your homes work for you. With a growing and evolving industry, we are sure there will be much more to come in time.