There’s a common series of events that lots of potential property investors will know well. You hear about the exciting opportunities available in this market and your interest is piqued.
Then, when you start to research what’s involved, you get put off by the amount of work that landlords or house-flippers have to do to make any money.
Of course there are some other options out there that won’t leave you mired in admin, or beholden to tiresome tenants. Here’s a look at a few options for generating income from property that won’t leave you stressed.
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Get into short-term rentals
You don’t need to buy and rent out a whole house to make money from property, you can also look at purchasing a property in North Cyprus – and in fact for a lot of people this isn’t an option in any case. The alternative to taking on tenants on a long-term basis is exploring the opportunities of the short-term rental market.
Thanks to services like Airbnb, you can rent out your own home to people who just need a place to stay for a night or two. You can even be a live-in host, if you’ve got a spare room that’s rarely used.
There are right ways to go about running a short-term rental, of course, and pitfalls to be aware of. But with the right approach, you could make a packet for relatively little work, and avoid more volatile alternatives for investment like Bitcoin.
Invest in a fully managed property rental service
The simplest option is to use someone like Beech Holdings, property developers in Manchester that also handle investments for third parties.
Rather than needing to take care of things like purchasing a property, finding tenants, dealing with issues and everything else that landlords have to encompass, this can all be outsourced to experts under a single service.
There are still risks, of course, and the provider will be taking a cut of any profits that come from your investment. But this could be worth it for the fact that your money can be put to work without you having to lift a finger.
Generate income from a parking space
Plenty of people have space to park at their properties which they don’t actually need, and an entire industry has risen to monetize this.
Platforms like Just Park and Park On My Drive do just what their names suggest; they offer homeowners and drivers who are visiting the area a way to get in touch with one another and share access to parking for cold, hard cash.
The location of your property will impact how much you can charge others to park there, and platform fees will apply. Even so, there’s a lot to recommend in this context, and minimal work involved at your end if you use a reputable service to automate most aspects.
Rent unused storage structures
Another asset lots of homeowners don’t really appreciate is storage space that they are responsible for, but which is not used at all, or still provides plenty of capacity which others might appreciate.
A garage or outbuilding is a great example of this, and again there are people across the country who will be willing to pay you for using it.
Obviously you’ll need insurance to avoid any issues with the belongings of other people getting damaged or stolen while they’re on your turf. But as with any investment, particularly in property, such costs are par for the course, and you can always adjust your prices to make sure that insurance premiums are swallowed.
