Investing in a rental property
If you don’t like the idea of a rental suite then maybe buying a property, purely just to rent out might be a good option. If this is the case here are some important factors to consider:
Location: ideally the location of the property should be desirable, this means the monthly rent would be higher. Being close to a school or university, a hospital or town/city centre can make your property more desirable.
Size: depending on how many bedrooms and the general size of the property, it will appeal to different markets and for different rent prices. For example, a three bedroom house would probably attract a family whereas a two bed apartment might interest one or two people. Before purchasing a property assess who you would want your renter to be and buy according to that.
Price: depending on your budget and the property you buy, the rent you get from your client monthly will vary. Before, buying the property you should assess how much rent you would get monthly and how long it would take to profit from your investment. For more information on renting, click here.
Rental Storage Space
Is the idea of being a landlord unappealing or unrealistic for you? If so renting out a storage space instead of accommodation might be a better option. Depending on the size and characteristics of your available space, it might be suitable to rent out monthly for a steady income.
You could rent out your space seasonally, for people who want their vehicles stored during winter months. Or you could rent it out all year, to someone looking for permanent storage but doesn’t have the space where they live. A garage, shed or barn is an ideal space for rental storage space. However, if you don’t currently have an outside structure but have the space to build one, you could consider building one as an investment.
The demand for rental storage is on the rise, so this is a great option for a steady and sustainable income.