We are in a great market to buy real estate, and mortgage rates are at an all-time low. You might be thinking about stepping into the real estate market in Hamilton, or maybe you already own a piece of real estate. Wondering how you can get the most of it? Here are some unexpected ways you can use real estate to boost your investments.
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Home Business
Real estate can open doors if you're interested in running your own business. Auto mechanics, hair dressers and even those with a green thumb growing produce in the backyard can use their home as a place of business. Just be sure to check any zoning laws before hanging out your shingles.
If you're working in an office, owning real estate can give you a chance to work from home, and even take a tax deduction. Talk to your boss; you may find telecommuting some or all of the time is your way to get the most out of your real estate dollar.
Multi-Family Dwelling
When you think of a roommate, you're probably having flashbacks to your college days - but think again. Renting a portion of your home can bring in big bucks, and may even allow you to live in your home for free once you factor in your rental income. Retirees and single professionals could benefit in a big way by splitting housing costs, but even families with unused rooms or basements could profit from having a tenant.
If you're buying a home, look for properties with finished basements, mother-in-law suites or two master baths, a common feature in many newer homes. Consider adding a kitchenette and a private entrance, which can be done with a small investment, to give your tenant their own space.
Storage
Your garage or unused basement can make a great storage area, for your stuff or someone else's. If you find you have the room, consider placing an ad to rent out your storage space for extra income. Check your local storage providers for the going rate, so you can offer your space at a discount. Make sure you draw up a contractual agreement before renting the space, so you're not liable for damages or claims.
Vacation Home
How about renting out your property as a vacation home? If you travel for long periods of time, or if you're just looking to get income from a second home or other empty property, vacation renting can bring in big money. If you're looking for a cheap vacation, look at swapping homes with someone as a way to get free lodging at a different location; there are many websites where you can connect to others looking to trade places for a few weeks. Just make sure you know what obligations and risks you're committing to before you sign up.
Parking
That parking space that comes with your apartment is premium real estate. If you're not using your space, rent it out for a monthly fee. Likewise, if you own acreage, consider renting parking spots to RV owners or even campers. Just be sure you're in compliance with any local regulations, and you'll be adding to your bottom line with very little effort.
Tax Shelter
Nobody likes to pay more taxes than required, which is why investing in real estate is a great way to lower your tax liability. Mortgage interest, closing costs and property taxes could be deducted from your income - check with your tax adviser on ways you can benefit from real estate holdings.
The Bottom Line
Investing in real estate can come with big financial benefits, if you're willing to think outside the box. With mortgage rates still at all-time lows, now may be a great time to invest in real estate.
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