Owning a second property is not something that many people will get the luxury of doing over the course of their life. Owning one property can even be seen as a luxury to many, so being able to have two should be something that you are massively grateful for.
When you are fortunate enough to own a second property, you should try to make the most out of it. There are far too many people who will let their second property go to waste. By neglecting this other accommodation, you are not putting your investment to the best use. There is so much potential you could get from this, so make sure you try and discover that. If you need some suggestions in regards to what you could be doing, check out the following:
Rent it Out
One of the best ways in which you can get more back from your property is to rent it out. When you are not living in a property yourself, chances are it is going to just gather a lot of dust for massive portions of the year. Instead, you should consider renting it out. This way, you are getting money directly back into your pocket after your investment. There is always going to be a demand for housing, so you won’t have to worry about your accommodation being stranded on the market. Finding the right price can definitely be hard for a property owner. Although, you are definitely going to want to make sure that you maximise rental value. You can do this by making sure that your property is in pristine condition. As well as this, offering as much information as possible is also going to make it more appealing to any potential renters.
Being a landlord is tougher than a lot of people give them credit for. Going into being a landlord for the first time is something that a lot of people will struggle with. It is going to be a good idea for you to invest as much time as possible into learning the basics. Not only will this lead to a better experience for you, but this is something your tenants will appreciate as well.
Consider Selling
If dealing with the stress of being a landlord is not something you want to deal with, then there are other ways to use your other property for profit. Although it wasn’t your intention when investing, you could consider selling. It is possible that you are going to be able to sell your property for a profit, too. Invest time and effort into making the home as aesthetic and secure as possible. Improving the garden, getting new flooring, etc, could all help to boost the value of the home even higher. The money you invest into the improvement can pretty much be directly added to the selling price, potentially even at a higher value. This means you could get even more for your home than what you originally paid for it.
Use it to Get Away
If your second property is in a different area or even country, then you should turn it into a holiday home. Traveling can definitely be an expensive thing to do. However, a lot of this cost is going to come from the accommodation you book. By traveling to your second property, you are eliminating this cost and saving yourself a lot. This could mean that you are able to give yourself a well-deserved break even more often. Going back to the same area time and time again could also mean that you begin to form relationships with people in the local area, which can make all of your trips even better.
Transform it Into a Business
If you have ever had the dream of owning your own business, your second property could make that become a reality. There are a lot of people who run their own businesses out of homes and properties. This means there is no reason why you shouldn’t believe that it is possible for you too. Instead of just letting your property sit there and be an empty vessel, get to work on transforming it into a business.
With businesses in these kinds of settings, it is more common for services to be provided here. So you could consider turning your property into the likes of a music school, hairdresser, or even a cafe or restaurant. There are a massive amount of options, so be sure to give it great consideration.
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin