Maintenance. Home loan repayments. Utilities. Property taxes. There are a myriad of ways in which our home costs us money. Most of us hope that it’ll all be worth it when we sell it for a substantial profit.
However, you don’t have to wait that long. Why not generate income with it right now? Don’t know how? Well, here are some of the ways in which you can turn your second home into a money making machine.
Rent it out
This is a no-brainer. If your second property is unoccupied, it’s best to lease it out. This will provide you with a steady income stream through rent. You can use this income to service home loan interest rates of any existing loans or for any purpose you see fit.
However, if it’s occupied by a family member, and if one of the rooms is not in use, you also have the option of renting out that single room.
Additional Read: What are the Advantages of Owning a Second Home?
Run a bed and breakfast
If you have a vacation home that you visit once in a couple of years, you can run bed and breakfast out of it. Renting out your property on a daily or weekly basis can prove to be more profitable in the long run than monthly rents.
However, running a B&B may require you to become a host or hire one at least. Also, it goes beyond just providing breakfast. Therefore, it’s best to research what it takes to run a B&B before going down that road.
Offer storage facilities
If you don’t want to be a host or a landlord, you can put your property up for storage space. If you don’t already know, storage space costs a lot, and budget-conscious renters are always looking for a pocket-friendly deal. Therefore, if you have an unused closet or bedroom, you can turn that empty space into a regular, monthly income.
Turn your home into a set
You can also turn your second house into a part-time movie or TV show set if you want. And you don’t need to have a huge mansion either. Many movies and shows feature ordinary Indian homes. Even commercial and advertising agencies need home sets for their shoots.
You can get in touch with local agents and film commissions and earn a decent amount from it.
Additional Read: Guide for claiming tax benefit on your second home loan?
Over to you
Buying a home costs a lot and requires even more financial consideration. So, it’s only fair that you use it as a secondary source of income when you can.
If you’re looking to buy a second property for an additional income source, Tata Capital can help. With easy home loan eligibility, fast disbursals, and swift processing, you’ll get the required funds in no time.
Choose the best loan amount and tenure by using our home loan EMI calculator today!