10 Ways to Turn your Home into a Goldmine by Renting it
There is a reason why the property sector has emerged so prominently in India. If one were to study the general principles of macro economics, then property and infrastructure development are a part and parcel of a developing country. the evidence is seen not only in India but also in China. However the principles of governance are different in China than they are in India. Therefore what makes this business so lucrative out here?
Most of the property demand in the country is speculative and therefore you can sell your property fast, as soon as you list it on any of the reliable portals online. However that becomes a onetime prospect for earnings. But there are numerous ways in which you can turn a property into goldmine by renting it.
- Rent the property out
The first way to convert a house into a gold mine(of sorts) is by letting it out. When a property is let out, the property owner has a steady income and one can continuously build on it. This is particularly helpful when the property owner lives somewhere else. This way the property remains occupied and there is earning from it as well in the long run.
- Get a tenant in a spare part of the house
In case you are a property owner who lives in a home you own, then too there are options to earn from it. You can sublet a part of your house and have a paying guest. This is one of the easiest ways to make the most out of a property as well. Alternately, you can tie up with education institutions and be host to the students visiting the country. In this manner, the property also remains occupied from time to and you have an earning source as well.
- Rent out the garage
If you have a house in a major city- like a property in Delhi– with a garage, then you can let that garage out as well. There are a lot of people who have converted their garages into rooms to sublet. These rooms would let you earn some additional income that is as good as renting.
- Convert an outdoorsy room into a small hotel
If you have a property in a promising location, then you can transform a room into a boutique hotel. This is a trend that has been prevalent in Europe and the US for a long time. Now it is catching up in India as well and metropolitan cities have gradually started to witness a rise in the boutique hotels.
- Convert home into a studio
In cities like Mumbai, if you have a property you can flaunt, you can flaunt it on TV. Convert spare places in a large house into studio.
- Clear out a wardrobe/cupboard
Clearing out homes helps in cleaning and additional earnings. The clutter of one man is good stuff for another.
- Let there be a shop
If a boutique hotel is too much for you, convert a spare location in the house into a shop. This is quite prevalent in India.
- Run your office from home
Bring your office closer. Create it in the spare room of your home if you are self employed.
- Create a creche
If not an office, create space for children during the day.
- Day boarding
The concept is similar, only students are involved this time.