Trying to figure out what to do with an unwanted rental property can be something of a nightmare. After all you have enough on your plate with your day job, running a household, trying to stay on top of life admin and maintain some element of a personal life. There is a lot of stress associated with having a property remain unoccupied but there needn’t be. If you shift your perspective somewhat, you realize that this could be a completely positive thing.
Unwanted Rental Property
After all, this is an extra source of income just waiting for you to make the most of it. That luxury vacation in the Bahamas that you have been daydreaming about during those dulls sales meetings at work?
Your unwanted rental property could be your golden ticket to enjoying that! Essentially you have a land investment here. So how can you turn your unwanted rental property from abandoned and derelict to money making cash cow for extra cash in no time? Here’s how:
Consider Short Term Rentals
Perhaps your rental property has been listed online with agencies or property rental sites for some time now yet you haven’t had any success in securing a tenant. If you are absolutely certain that you have done everything you can to market your property (ie showcase it well online using attractive photos, really oversell it’s best features in your descriptions) then it could simply be the case that there is not a lot of demand for rental property in your area. Before you start taking more drastic steps (throwing the towel in or deciding to sell the property) then you could consider making it available for short term rentals.
Although short term rentals may mean that the property is not occupied for 365 days a year, they also mean that you can actually charge a more premium rate for the rental. Perhaps you have a house or an apartment that is close to an important industrial estate or transportation hub.
Business people frequently have to be based close to their company’s other corporate offices for extended periods of time and so as such, you may be able to make a good amount of profit from renting to someone who needs to be based near to a particular company HQ or industrial estate for a specific period of time.
Consider Vacation Rentals
The other option to this is vacation rentals. Sites like Airbnb are popular because more and more people are preferring to have a “home away from home” when they travel rather than staying in hotels. Once again, like with the short term business rentals, you are able to charge a premium rate for people renting your property through Airbnb. The success of this option depends significantly on the location however, and whether your rental property is in a desirable place.
If your property is in a large city or on a popular tourist route then you are likely to be swamped with bookings. Alternatively, if you are in the middle of nowhere in backwater Louisiana then you may find more difficulty. It is worth listing your property on numerous vacation and short term rental sites to maximize your chances of success.
Reduce Your Rates
Potentially there is a reason that your rental property remains unoccupied. Are you pricing yourself out of the market? You may have a luxury offering in your hands but if it has an associated “luxury” price tag that nobody can afford you may need to reassess your options. Making a lower profit margin and offering the property at a moderate rate is better than leaving it unoccupied and either not making any money or actually losing money.
If you absolutely cannot find a way to rent out your property then there is no use in just leaving it there and allowing it to collect dust, and for things within it to start falling apart. Click here for tips to sell unwanted rental properties. There are a number of considerations that you ought to bear in mind before jumping into a deal and selling your property in order to ensure you receive the maximum amount of profit back from the sale.
Have your property valued and see how it compares in conjunction to others in your area. Feel free to hold out for an amount of time for the right deal but don’t price yourself out of the market. When it comes to advertising and trying to sell your place, consider if you are really offering the best that you can – ie if you were to make some small renovations and improvements, maybe you could sell it faster and for a higher price.
Change its Purpose
So you’ve concluded that you’re not prepared to sell the property just yet but at present it’s remaining vacant. Have you considered whether there are other options are your fingertips for renting the space. As an example, if you are trying to rent a small studio apartment then perhaps you could repurpose it as an office space and rent it out this way? Switch out the sofa and TV set for a quirky desk and some shelving and you’re good to go!
Creative types may be interested in having it as a spot to do their work, or entrepreneurs may be looking for a small scale place to base their business as it’s starting out.
Also Read : Know about Land Investment
Alternatively you could asses the way in which you are renting out the property – I.e instead of trying to rent out a house as a whole unit, could you consider renting individual rooms and renting it out to students?
There are a couple of ways which could suit you depending on your personal preferences and circumstance. Take these tips into consideration and do what works best for you.