Property taxes. Utilities. Mortgage payments. Renovations and repairs. There are all kinds of ways that our homes cost us money. Many of us hope that it will all pay off via capital appreciation in the long run when we sell our house and property, or at least be a good investment in preparation for retirement. But there’s no need to wait that long. While the methods outlined below may be more applicable to landlords with landed property, some can also apply to high-rise residentials, so why not make money from your home right now with one of these business ideas?
Rent Out Individual Rooms
Depending on the area where your property is located, you may be able to rent out part or all of your property if you live somewhere with high demand. Being close to a college or university, a hospital, a big employer or even living in a city with a popular rental market can make your property a place someone would like to rent. Bedrooms with their own bathrooms will obviously rent for more than a bedroom with shared facilities. To make the most income, you might even consider giving up your master bedroom if it has an en-suite bathroom.
List on Airbnb
Another popular option is to rent out your room or even the entire house for short-term stays by listing on Airbnb. Do some research on how much your place can be rented out for, and make changes as necessary to cater to potential visitors, such as arranging furniture, adding décor and amenities, as well as extra security measures. Take some good photos and you’re ready to sign up to be an Airbnb host. If you live in a place that appeals to tourists, you might want to consider moving out and renting your whole property during peak holiday seasons. However, in some places Airbnb may be illegal (or at least, not advisable), so it’s best to make sure before you list your property on the platform.
Run a Bed and Breakfast
This is similar to renting out your property on Airbnb. If you have several rooms available and want to maximize your rental income, turning your home into a Bed and Breakfast (B&B) or homestay could be the way to go. Being able to rent out several rooms in your house nightly or even weekly can be a lot more lucrative than renting by the month. Operating something like this requires more effort from the host than just renting out a room though: providing breakfast is just the start. Research what it takes to start and operate a homestay before you begin, especially when it comes to legal matters such as business licences and taxes, just to name a few.
Rent out Parking Space
What if you don’t want to be a host or manage tenants, but you still have some available space that you’d like to convert into steady income? In Malaysia, parking space in certain areas can be difficult to find, or expensive due to being based on hourly rates. If you stay in a condo or serviced apartment downtown that comes with a parking bay, but you do not own a car, it might be a good idea to rent out your allocated parking bay to another resident. Similarly, if you have a landed home that has extra space for parking and is located near to a commercial area or LRT/MRT/monorail station, you could also rent it out monthly to commuters. A win-win situation!
Start a Home-Based Business
All the ideas above for making money from your home are home-based businesses, but they’re not the only possibilities, by any means. Whether you want to actually work at home or use your home as your new small business’s base, operating a home-based business (rather than a non-home-based one) has advantages. Not only do you save on rental of a commercial space, working from home can be a great way to stay home with your children while making an income. The most common home-based businesses in Malaysia include home-made food, cookies, cakes, pastries, desserts, catering, arts and crafts, accessories, soaps, etc. Shopping services are also popular, where shoppers take requests from customers to help buy items that they may not be able to purchase otherwise, due to time or location restraints.
So there you have it! Enterprising landlords who want to make the most out of their property can consider these options to earn money from their property, which can go a long way towards achieving their financial goals. Not a property owner yet? There are still plenty of other ways you can earn side-income!
If you’re a landlord or agent looking for a simple yet effective tool to manage rental properties, Landlord123 is the answer!
