Got an extra property? We know you’ve spent a lot of time, resources, and hard-earned money on that house. Now, it’s time to reap the benefits. You have plenty of options ranging from renting your space for a while to selling your New Orleans property fast.
To make your life easier, we’ve compiled a list of tips and tricks so you can finally make some extra money out of that extra New Orleans property. Read on below to find out more:
Rent out your New Orleans property
One of the easier ways to generate passive income is by renting out your extra property. It’s a simple equation: you look for a tenant, you set your terms and conditions, and you start making money. There are plenty of variations for this option as well. You just need to find the most suitable setting for you.
Rent out your home
Whether you’re going out of town or just staying somewhere else, your extra property can be used to provide short-term or long-term accommodations. All you have to do is create a free listing on platforms such as Airbnb.com or Flipkey.com.
Rent out specific rooms
Roommates are perfect for when you can only rent out a spare room. This option can provide you with a steady long-term income stream. And if you’re living by yourself, the companionship can be an added bonus as well.
Rent out your garage or parking lot
Your extra New Orleans property doesn’t have to be limited to just housing people. You can also rent it out for storage or parking. With the growing demand for parking spaces and storage units, your extra space can be a lucrative income generator.
Other options for your New Orleans property
If you’re looking for something a bit more fun, there are also other unique and creative options for your New Orleans property. Here are just a couple of out of the box ideas you can venture into:
Turn your New Orleans house into a film set
If you have a picture perfect property that’s worthy of being on the silver screen, you can reach out to location scouts for film and TV productions. Invest in some good photographs and share away!
Start a bed and breakfast
Why limit yourself to just accommodations when you can also provide food! If cooking is a passion and hobby of yours, you can transform your extra New Orleans property into a quaint and homey bed and breakfast.
Make the most of your garden
A property with a lush, green garden can’t be ignored. With more and more people leaning towards locally-grown organic produce, your garden can be perfect for growing fruits and vegetables. On the other hand, an Instagram-worthy garden could be transformed into a venue for events.
Things to be mindful about before turning your home into an income property
These ideas can be very enticing and exciting; however, there are also important points to consider first.
Study and update your insurance coverage
If your extra New Orleans property is utilized in ways that are not stated in your initial policy, your insurance may be invalidated. Before proceeding with any of these ideas, ensure that you have the correct insurance coverage.
Be mindful of your limits
Whether you rent out your New Orleans property or turn it into a business, understand that a lot of work will be put into it. Prepare yourself mentally and make sure that you are not biting off more than you can chew.
Ready to sell your home?
If all of these options are too complicated for you and you find yourself asking, “How can I sell my New Orleans, LA property in 2022?” That option is completely possible as well!
Albatross Home Buyers is your go-to cash home buyer in New Orleans, LA! You can get that money fast and at the best possible price with our fair cash offer.
You can get your extra money from your extra property by selling to Albatross Home Buyers! We can get you started on that fair cash offer by giving us a call or answering our form.