Homes cost money in so many ways — mortgage payments, property taxes, utilities, and repairs are just some of your expenses. There’s a lot of hope that buying a Greenville property and selling it for profit will pay off in the end.
If you don’t know what to do with your extra property in Greenville, we’ve listed down several suggestions that can help you generate income.
Option 1: Turn it into a Vacation Rental Site
Chances are, you’ve heard of vacation rental services like Airbnb. Maybe you’ve stayed in one yourself. According to another vacation rental service, Turnkey, for every $100,000 you spend for a vacation home, you should expect a yearly rental income of $10,000 to $12,000.
Although this is a great way to make extra money, it’s not a decision to be made lightly — weigh the pros and cons carefully. Make sure you’re comfortable inviting strangers onto your Greenville home while you’re away. You also need to think about insurance, renovations, and taxes.
Option 2: Rent Out Your Greenville Property
A vacation rental not for you? If you live somewhere desirable, you may be able to rent out some or all of your extra property. A Greenville property near a college or university, a hospital, a big employer or even living in a city with a tight rental market can make it more appealing to renters.
Making money from your rental property starts with deciding what part of your home you’re going to rent. A room with its own bathroom will rent for more than one with shared facilities. Find out how much your place might rent for. Spruce it up if you need to.
Option 3: Rent Out Storage Space
What if you don’t want to be a host or a landlord, but you still have some space you’d like to turn into a steady source of income? You might be able to rent out your extra Greenville property monthly as storage if the size and characteristics are right.
Many people have vehicles like boats, RVs, and motorbikes that they want to keep protected from winter weather, but they don’t have space to keep them. Some people are looking for year-round storage. Renting out your garage, shed, or barn to someone else can bring in some extra cash.
Do you have space to build or convert? There’s a huge demand for storage units. Make sure you take good photos of your space for advertising, and note any special features (like heated space) that will make it stand out.
Option 4: Start a Business in Your Extra Greenville Property
All those ideas for making money from home are home-based businesses, but they’re not the only ones. Whether you work from home or use your Greenville property as your business base, running a home-based small business (rather than a non-home-based one) has advantages.
Having your business in your home, for example, keeps your overhead down, gives you tax breaks, and if you can work from home, can give you a chance to stay at home with your kids.
Option 5: Sell Your Home to a Cash Buyer
Google, “How do I sell my house fast in Greenville?”, and you’ll find several buyers who are willing to buy your property for cash. Once you find the right buyer, they’ll make a fair cash offer based on the information on your home. Then, they’ll close on your chosen schedule.
The best part of selling your home to a cash home buyer is that you get paid cash up-front. You don’t need to wait for your buyer’s lender to approve the loan. Also, renovating or repairing your Greenville home isn’t necessary because cash home buyers purchase the property as-is.
Get a Fair Cash Offer on Your Home Today
Whether you’re facing foreclosure or don’t know what to do with your home, Sell My House Fast – GSAP can help. We buy houses in Greenville in a price that works for you and close on your chosen schedule.
Let’s help you take control of your situation, end the hassles, and get back to living the life you want. You deserve to know all your options. Just fill out our form or give us a call at (864) 428-9197, and our experts will help you sort through all this confusion, and we’ll present you with options that can help you get back on track.