Buying a condo that’s right for you is a good investment. But it’s somewhat disheartening to recount how much you initially spent on it and how much you’ll need to spend further on a monthly basis. Although your property’s value will eventually go up, you can’t just sit back and wait for that to happen. If these things do bother you, making money with your property can be a great idea.
Here are three ways to make money with your property, particularly your condo:
- Rent It Out
This is the most obvious way to make money with your property. But renting out your condo can be very risky because it might lead to incurring damages or encouraging theft. As a landlord, you should be extremely picky when it comes to tenants; you should also insure your property.
If you’re renting out your condo, do it on a monthly basis or a 12-month lease. If you’re going to rent it out for business, i.e. set it up as an office space, you can still have a place to go home to at night. That way, you can avoid incurring damages to your property because your tenants won’t likely throw rowdy parties without you knowing.
- Use Those Extra Spaces
Rent it out to your neighbor who needs a garage or an extra space.
If you have an extra bedroom, find a housemate who can rent out the room. To avoid possible property damages and that feeling of strangeness and uneasiness toward each other, find someone you personally know and are comfortable with.
- Make It A Vacation Rental
However, before you convert your condo into a vacation rental, you have to determine first if it’s suitable to be used as a vacation rental. To start with, the location of your condo should be appealing enough to tourists and guests. Certain amenities such as high-speed Internet, a jacuzzi, and a swimming pool are expected.
Making extra money with your condo is a piece of cake if only you were resourceful and creative; you just have to spruce up your property and deal with the right people to earn that extra cash. However, make sure to check out your lease, condo and zoning bylaws so you’ll know if you’re violating any rules. Knowing where you stand and following the rules are always vital to responsible and successful investing.
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