Managing property is one of the top real estate business ideas you can use to tap into this lucrative market. While many property owners suddenly get into selling their house and lot because of the current pandemic, you might have been thinking right now of ways on how you can prevent yours from selling it. With that in mind and without further ado, here are some of the simple business ideas that can help you make money without needing to sell your residential property. Here’s 5 ways to make your House and Lot an income property.
1. Rental Property
Rental properties are an exciting way to build your equity and make passive income for you and your family. Many real estate investors began purchasing a house for cash to renovate it and turn it into a money-making rental in a month.
One of the advantages of rental property business is it is done from the comfort of your home. To do this idea right, you must know the ways for starting a rental property business, the source of funding, rental potential, competition, and asking yourself if you are ready to be a landlord.
If you are planning to turn your home into a rental property, you should also consider possible downsides particularly that we are in the middle of a pandemic and facing an economic downturn. If your tenant is taking a hard time paying rent, you will also encounter financial hardship. Reading blogs and seeking professional help from an expert is a big factor to guide you manage landlord tasks.
Just keep in mind that quality service is always the key to success!
2. Wedding and Events Place
If you think the rental business is not that impressive, you might consider turning your house and lot into a commercial property. Whether your property is in an urban or a rural location, turning it into a wedding and events place would drastically increase your profit.
Outdoor weddings and events in breathtaking, rural locations have been a great idea in season. You can be successful in this business by playing to the advantages of your location and doing your research of ways to utilize the outdoor space.
The guests are all around you. The benefit of running a wedding and events place lies in the fact that people always love doing celebrations in a beautiful, special place.
3. Community Garden
Community gardening is one of the great ideas to turn your house and lot into a money-making property. If you love to promote health and education in your neighborhood, this idea will entice you.
According to the University of California Cooperative Extension’s Marin Master Gardeners: “A community garden is any piece of land gardened by a group of people, utilizing either individual or shared plots on private or public land. The land may produce fruit, vegetables, and ornamentals. Community gardens may be found in neighborhoods, schools, connected to institutions such as hospitals, and on residential housing grounds.”
Provision of aesthetic benefits and fresh, healthy produce to your neighborhood proves that community garden is not just a money-making business, particularly that the COVID-19 pandemic continues to challenge everyone. It also supports food security and financial savings for individuals, especially the unemployed and those with low income.
4. Restaurant or Café
Before the pandemic, dining-out experiences have always been for everyone. Checking in different beautiful, cozy restaurants and cafes is an enjoyable habit that you may consider as a big reason to think of turning your house and lot into a restaurant or café shop.
One of the 5 ways to make your house and lot an income property is by having a restaurant or café. If you think that converting your residential property into a restaurant or a café is legal, the answer is a typical yes. It is possible although it is different in every community. Assuming your property is in a residentially zoned district, you would need to get the zoning changed from residential to “mixed-use”. This would allow your property for both commercial and residential uses. Some instances happen that you need to apply for a “special use permit” to operate your restaurant or café in the present structure.
You should know that zoning requirements for commercial uses, especially restaurants, will come with obligations such as on-site, off-street parking ordinances that differ from residential type.
Once you accomplish these, you would likely be dealing with complex building code issues, particularly involving restaurant use. Emergency exit doors will be required, fire alarms, sprinklers for the kitchen, vent stacks for cooking equipment, occupancy requirements, and health code issues.
Since researchers believe that COVID-19 is here to stay, the restaurant will still need to comply with the public health and safety regulations at the time of the current pandemic. If your lot has a big enough front yard or backyard, consider renovating those parts of your property to have more spaces for tables and chairs that will ensure your customers’ safety while they are dining.
This business idea of converting your house and lot into a small restaurant or café is just like the usual way of setting up a restaurant. It only differs from acquiring more permits and requirements to get through. Seeking consultation from a zoning expert will help to put up a profitable business.
5. Bed and Breakfast
Another home-based business that is becoming more and more popular is the bed and breakfast business. Running this type of business is more interesting because you don’t just make a profit out of the food you offer, but also with the rooms of your house.
If your residential property is just within tourist destinations or nearby, this could be an advantage that you can consider. The first step of turning your home into a BnB is to put in some time to find whether it’s legal to host in your area and what requirements you need to meet. For example, some hosts will find they need to take a trip down to city hall to fill out some paperwork.
The next step is to open a free account online with Airbnb.com. It is helpful that you set up your account with several high-resolution photos of your property and be as detailed as possible with your listing. While it is free to list your home on sites like Airbnb, it’s important to remember that the listing site will take a small cut of your booking fee. Airbnb, for example, generally charges its hosts a flat 3% per reservation. You’ll need to factor that into your ongoing maintenance and operation costs.
You can decide whether you hire an Airbnb property manager to manage your rental property, or you can do it by yourself to save up some costs.
Do you now feel that you are not letting go of your house and lot? Do you feel like you are ready now to pursue your home business idea?
For many, their side hustle is their home. That’s right! But you might also consider turning your home into any business ideas as the success factor. Take this as one of the easiest and most practical ways to cook success using an existing asset: your home.
BRIA Homes is a subsidiary of GOLDEN MV Holdings, Inc., .one of the largest real estate companies in the country. BRIA Homes is primed to bring quality and affordable house and lot packages and condominium units closer to ordinary Filipino families. This is the goal that drives every single employee in the company, for which the ultimate fulfillment is seeing a client happily moving into BRIA’s homes.
To know more, visit their website at www.bria.com.ph, like and follow “Bria Homes, Inc.” on Facebook, Twitter, Instagram, YouTube, Pinterest, Spotify, Viber Community, Telegram Channel, Kakao Talk, LINE, and WhatsApp, or call 0939-887-9637.