Creative ways to rent out your house | Are you planning to buy a property in Malaysia for investment purpose? Or do you have a house for rent in Malaysia to earn the extra side income? However, there is a strong competition going on with so many houses for rent in Malaysia. Therefore, trying to rent out your property becomes a tricky situation. Fret not, this article will explore some useful ideas and creative ways that you can use to rent out your house.
Creative ways to rent out your house
- Rooms catered for students
If your property is located near education institutions and you have extra rooms, you can consider leasing it out for students. Most dormitory or hostels provided by the university is small and uncomfortable for students that require a more peaceful and quieter environment. In addition, they do not provided cooking stove and washing machine as well, which makes the students needing to spend extra money for food and laundry. Therefore, you can lease out your extra rooms to students, and at the same time, offering them utilities such as Internet and cleaning services. You can even provide meals to increase the rental.
Airbnb is an online booking platform where you will be able to meet millions of travelers from different countries that are looking for accommodation that is affordable. Make some minor renovations and decorations to your house or room to attract them. You will be surprised at how easy and at the same time, able to earn extra money from your home. In addition, you get to meet different people from different countries as well.
If you have the time and interest, you can even turn your place into a bed and breakfast (B&B). Be a host and provide accommodation to travellers. Make your house a homestay and host different people from various countries. As the name says it, homestay is different from hotel as you get to interact more with the guests on a much personal level as compared to staying in a hotel. Moreover, you get to exchange knowledge and culture among one another, while giving them your personal experience and recommendations.
- Rent out your unused parking space
If you have a condominium unit or an apartment unit and you have extra parking spaces that you do not use, you can choose to rent the parking space out to earn some extra money. Many people are complaining that parking fees are expensive nowadays, especially in the city. So if you have any parking space that you do not use, you might want to consider renting the parking space out on a weekly or monthly basis, of course at a cheaper price as compared to commercial parking fees.
- Co-working space
Co-working space is a new concept that involves sharing of working environment or office with other individual. A co-working space will be an ideal working space for people who do not own an office on their own and at the same time do not wish to work from home or in the cafes, such as freelancers.
This however, will cost you a huge sum to make your house more work-space friendly. Therefore, it is recommended to apply for personal loan to help you through your renovations. There are a few co-working spaces that you can check them out such as Colony at Jalan Kia Peng.
- Hosting venue for events
You can consider revamping your space into a venue that host events, if you have extra money and do not mind to spend them on renovation. Turn your space into a venue that hosts events, parties, functions or even weddings. However, this will only be practical if you are planning to do it on a long term basis to earn the extra money. Redecorate the place, renovate your house, visit different websites such as Pinterest to revamp your house into an Instagram worthy venue and people will be more than willing to use your place as an event venue. You can visit some popular venues for events such as Rendezvous Garden located in Petaling Jaya, The Greyhouse in Bangsar Metal Bees located in Sunway Damansara or Ruang at Shah Alam.
Do bear in mind that this can be quite costly, so if you are planning to use your house as an event venue, you might want to look into applying personal loan from the banks as there will be a lot of major renovation and refurbishment needed to be done. But this investment will definitely generate favorable profit in the long term.
Nonetheless, you should always keep the house clean and free from dirt or garbage as everyone wants to come back to a well-cared house that is clean and tidy. If you have the budget, make some renovations or simple improvements to your house to make your potential tenants feel like it is more than just a house but a home sweet home. Do set a budget to all these renovations or improvements and stick to it, as you do not want to go overboard with what you can afford.
Creative ways to rent out your house