Economy of many countries is getting worse every day making it harder for the common person to make ends meet. Many people are taking second jobs and renting out part of their houses to get an extra income. But some of you might have extra property that you are not using or that you are using as a holiday home. This can be a house, building or even empty land. However there is a huge monetary value and potential in these extra properties that you have. If you use it wisely you can make a decent extra income. Here are few ways that you can use these extra property.
Rent out as space
If you have an empty land or a building you can easily give it out for rent as storage. There are plenty of companies and individuals who are looking for storage space and it would be a very reliable business venture too. If you have an empty land you can build some garage spaces or if you have a building you can convert it to storage units. You can even set up safety boxes, small storage spaces etc. when you rent out space you need to consider insurance and safety measures as well. Because once you give them to a borrowers you wouldn’t know what they are storing in there. You need to also make sure to have a security protocol to check what they are storing as well.
Rent out as parking space
Other than giving it out as self storage in Hamilton, a parking space is a very easy way of making money with your empty land. If you have a land near the city or next to office complexes, you can rent out as a parking space. This one of the easiest ways to utilize your empty land. Especially if you don’t have enough funds to construct any houses or building on the property you can use the empty space as it is. However you need to make sure you level the ground and provide proper security. You can build a whole parking complex if you have the funds and rent it out or you can even run your own parking space company. Parking is a crucial thing in many tight cities. If you have an empty space that you can convert to a parking lot this could be your golden goose.
Rent out as housing units
This is one of the most common ways of utilizing the empty or extra property. If you have one house you can make it in to two houses and rent out as two houses. If you have a whole building you can renovate it to make it as a whole apartment complex and rent it out. There are many ways to earn money from your properties. You need to figure out the best way that you can do it.