If you have a real estate property that’s currently vacant or unused, you’re losing money on it every day. Whether you have a house or just an empty piece of land, there are plenty of things you can do with your property besides leaving it empty. Here are some ideas on what to do with a real estate property you’re not currently using.
Turn It Into An Office Space
An empty house could easily be used as an office for your small business. You could use the bedrooms as workstations, the living room or dining room as a meeting room or a waiting area, and the garage as storage space. However, if your property is in a residential area, it’s important to check your local zoning laws to make sure it’s legal to run a business there. The laws differ from one place to the other, so before you turn your unused house into an office, make sure that you’re permitted to do so.
Rent It Out
Renting an unused property can be a great way to make some extra income. As long as the amount of rent you’re bringing in is more than your mortgage, you’ll be making a profit. If you want help getting a return on your investment, you could hire a property manager. They can take care of tasks like drawing up the legal documents, finding tenants, and handling any maintenance or repairs that might come up. This is particularly useful if you aren’t local to your vacant property, as it’s difficult to do these things when you’re not within a short driving distance.
If you’re not really enthused by the prospect of abandoning your career, then RWInvest suggests working with a property management company. These companies can manage a property portfolio so that investors don’t need to worry about finding a tenant – it’s all left in their hands. Property management companies can also respond to tenants’ issues, removing the need for an investor to be contacted directly. This often proves to be a relatively hassle-free approach and is perfect for those who want to take a step back from the time-consuming day-to-day duties and demands of owning a rental property.
Put Up A Tiny House
The tiny house movement has become very popular, especially with the ever-increasing cost of living in traditional residences. Tiny houses are usually built on a trailer, making them easily transportable, so you can place them anywhere you want on your property. They don’t require much money to maintain, making them a great alternative to paying for a traditional house, particularly if you want to use the property more as a vacation home.
Use It For Agriculture
If your property is zoned for it, you can use the land as a farm, garden, or orchard. Plant fruits, vegetables, crops, or trees that can be picked or harvested. You could even set up an apple picking farm or pumpkin patch to make some extra cash when the right season rolls around. Even if you just use it yourself, growing your own food will save you money on groceries.
Offer Access Easement
If your property adjoins that of another which doesn’t have direct access to a road or secondary property, you could use your land to get there quicker. By selling access easement rights or leasing them part of your property, they’d be able to cut through your land to get to the road or other property without having to take a longer path. This is great for a business, as it saves time and gas for customers and suppliers. Utility companies might also be interested in this in order to have a more direct connection to their services.
Make A Dog Park
Dog owners are always looking for a place to take their beloved pets, but many neighbors still lack dedicated dog parks. Most dog parks are fairly simple, so it wouldn’t cost much to build one. Although there’s not much money to be made out of this, it would be a wonderful service to the community. Seeing the joy on the dogs’ faces as they run around and play is all you need to know you’ve done a good thing.
Donate Your Land
Donating your land could give you and your business a significant tax write-off. If you purchased the land at a fairly cheap price, you’ll end up making a huge profit from the amount of money saved in taxes. Anyone who generates a large amount of income will benefit from this, as they often have to pay massive taxes on it. This is a great way for you to get rid of the unused property and make money at the same time.
You don’t want to let your property sit unused for too long since it can start to eat away at your bank account. There are plenty of solutions to this problem, so choose one that’s right for you. Consider these ideas when contemplating what to do with that real estate property you’re not currently using – you can’t go wrong with either one of them!.