Make $$$$ from extra space
Monday 22 January 2018
Got some unused space in your rental property? You can generate more income if you convert it into usable space.
By The Landlord
Making more of the space in a rental property adds money to a landlord’s returns, potentially giving a decent boost to the cash flow.
In this month’s issue of NZ Property Investor magazine we look at how to go about doing so, as well as just how much money various conversions might generate.
At the most basic level better use of the space can mean improving storage capacity.
At the other end of the scale it’s about creating more rooms from the existing space.
This can include moving walls, developing loft spaces, or converting garages, sheds, dining rooms, second living spaces and others into living areas.
But investors can do all sorts of interesting things to squeeze greater returns from their space.
Here’s our top six rental property space conversion suggestions:
1. Create more storage space.
2. Transform a laundry into an extra bedroom, second bathroom, or office.
3. Utilise unused loft space effectively.
4. Re-designate a dining room into an extra bedroom.
5. Convert a garage into a living space.
6. Add a rental cabin to, or build a minor dwelling on, a property.
To find out more about each of these space adding tactics, click here to get the digital issue of NZ Property Investor magazine.
Subscribe to NZ Property Investor magazine here to get great stories like this delivered to your mailbox every month.
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