How to Make Extra Money from Your Property

How to Make Extra Money from Your Property Blog Image

Earning money from your property can be a big relief, as inflation is hitting an all-time high. Homeownership is no doubt the most desired thing for every individual. It gives a sense of accomplishment and completes a family. If you are looking for ways how to earn money at home in Pakistan, this blog is perfect for you.

In the current state of high inflation, where prices have skyrocketed, owning a property can be very challenging. Utility bills, property taxes, maintenance costs, and other expenses all add to the homeowner’s budget.

Due to these reasons, most people look to either sell their properties or live in rental properties. By selling their property, they can make a profit and use them on various other investments. In the second case, renting a property frees them from the hassle of utility bills and maintenance costs.

However, both options are not recommended. Finding ways to make extra money from your property can be the best solution to address your financial troubles.

With emerging businesses and a growing population in the urban areas, properties can be very valuable, if one knows how to earn money through them.

Graana.com, Pakistan’s smartest property portal, has compiled a guide on how to earn money at home in Pakistan.

 

Tips to Earn Money from Your Property in Pakistan

An individual with more than one income stream has the opportunity to save money for difficult times, pay any debt, and make necessary purchases. The following are some of the ways that can help generate extra income from real estate assets:

  1. Rent out a portion of your home
  2. Get a roommate
  3. Try Airbnb hosting
  4. Open a home studio
  5. Offer spaces for storage
  6. Rent out yard, swimming pool, or guest house
  7. Host events

Rent Out a Portion of Your Home

 

Left Facing Red For Rent Real Estate Sign in Front of Beautiful House.

 

This is one of the most popular options that help people in generating stable monthly income from their homes. If you live in a house where you have an extra portion and it is causing you any money loss, you can simply rent it out for residential purposes.

With a large urban population, it can be easy to find tenants. You can list your property at Graana.com and, within days, you are likely to be approached by several tenants. 

 

Get a Roommate

For multi-member families, it is a tough decision to rent out properties as it can disturb their privacy and cause other problems. However, if you are living alone, you can get a roommate and cover your monthly expenses with the extra money. Moreover, you can put all the rooms on rent for individual tenants.

In most sectors of Islamabad, homeowners turn their properties into hostels, with a single room reserved for individual tenants or multiple individuals in a single room. You can split up the utility costs, get help with chores, and save money for various purposes.

However, managing a property in this way can be a very difficult task as not all roommates have a compromising nature. Some of the common problems that you can face with roommates are:

  • Poor personal hygiene
  • Lack of respect for others’ personal space
  • Borrowing personal items without permission
  • Messy living habits

Therefore, choosing the right roommate is also necessary. You should set out clear guidelines beforehand and sign a lease agreement so that you don’t have to face any future problems.

Try Airbnb Hosting | How to earn money at home in Pakistan

Many local and foreign tourists visit different areas of Pakistan each year. Most of them book their accommodation online through Airbnb before they arrive in Pakistan. Airbnb connects these tourists with locals who want to rent out their properties for homestays during vacations.

You do not need to have a separate home or a bigger property to start your business with Airbnb. You can even start with a single vacant room in your home. With a small investment, primarily for maintenance and amenities, you can list your room for short-term vacation stays.

The following are some steps that can help you list your property on Airbnb:

  • Fix your rental space
  • Work on quality amenities in the space
  • Take high-quality photos
  • Write a descriptive listing and mention all the facilities and amenities in your space
  • Invest in a good check-in experience
  • Keep your home clean

This will give you an additional income-generating source with regular guests. You will have the opportunity to meet a lot of new people, plus listing your property on Airbnb can provide you with immense tax advantages.

 

Open a Home Studio

A home studio is another popular way to generate money. Most artists and gaming enthusiasts open home studios to exhibit their work and also promote local talent.

In most countries, investors create home studios with all the necessary equipment and then advertise them for public use. 

 

Offer Spaces for Storage

 

Inventory Storage to earn money from your property

 

The emergence of small online businesses has increased the demand for spaces for inventory storage. Small businesses look for properties where they can easily store and deliver the products to their customers. 

Corporate chains usually provide storage space but they charge a high amount.

If you have a garage, basement, or outbuilding that has a separate entrance, you can rent it out as a space for storage. With high security and 24-hour access, it can become a top choice for small businesses for inventory management.

 

Rent Out Yard, Swimming Pool, or Guest House

Recently, renting portions of a property, such as a swimming pool, a big yard, or a guest house for parties and events, has been in trend. Homeowners rent them out at hourly rates and earn a huge profit every month.

People look for guest houses, especially during their summer trips. Therefore, if you are offering several amenities, you should advertise them online.

 

Host Events to earn money from your property

Renting out your property for events can be a difficult task but it can generate a lot of money in a quick time. Large properties are versatile as they can be used to host weddings, concerts, and other such events.

However, they require permits, proper setup, outdoor electricity, and other arrangements to cater to the needs of a large audience.

Residential properties are considered more suitable for such events. If you own a property in rural areas, you can also host annual agri-tourism activities, cattle shows, and other such events. 

 

To get more information about ways to generate income from your property, visit Graana Blog