How To Turn An Empty Property Into A Money Maker
Do you own an old family home that’s currently sitting around empty? If so, it’s time to turn that property into a real money maker. Enhancing its value by adding things like extra bedrooms, flame effect electric fires, and new kitchen appliances is a great idea. It’s been abandoned and wasted away for too long! Now could be the perfect time to consider its value in the market, as well as just how many people would love to live or work in it. And if you’re not sure how to get started on converting those four walls into a living and breathing space, we’ve got some tips to check out down below.
Determine the Value
How much is the property worth, right now as it currently sits? To find out this information, you’re going to need to look into a few factors. Firstly, how old is the house? Then, has it had any work done over the years? And finally, how much are the other houses on the street worth? Once you put all these numbers together, you can come up with a rough estimate. If the value turns out to be quite high, fixing up and selling on might be the way to go!
How Many Bedrooms?
Bedroom number is a pretty important factor to take into account here. After all, a one bedroom place isn’t going to pull in much. But if there are two or more available, you could have a neat long term earner on your hands. You can pull in upwards of two or more tenants, in both short term and long term lets, allowing for a large return on investment over time. The more bedrooms, the better a rental property, and that’s good news for you.
Decide What to Do with Contents
Now it’s time to clear the place out. If it’s been left to sit, with the furniture still in place (albeit covered in white cloths to prevent dust buildups), you’re going to need a plan. First, what do you want to do with the house? Then, how does the current contents fit in? If it doesn’t, you’ve got a few choices available to you. For one, you can hire storage units to keep things safe and give you more time. Otherwise you can either sell or donate, or use the furniture for your tenants.
Rent Out the Exterior
It’s not just the interior of the property that people will be interested in. If there’s good space outside of the house, you can rent this out as well. Garden space can be used by those looking for outdoor green areas, and if there’s either off road on on road parking (or both!), you can rent out these spaces as well. You can even rent them all at the same time, meaning you can make money off of these areas separately, whilst maximising on the gains you bring in. All you need to do is look for the potential.
If you’ve got an empty property on your hands, it can become a good money maker with a little bit of effort.