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This Old House - Do-it-Yourself

3 Ways to Make Money on a Downtown Property with Little Upkeep

Written by Posted On Tuesday, 29 November 2016 12:25

Investing in downtown property is generally a smart move because real estate values maintain and rise at a healthy rate. Most people looking to make money from their property would likely rent it out to a residential tenant or to a business, but not all property owners want to entrust the care of their real estate to a total stranger. Here are some common scenarios in which you find these types of property owners:

● Retired people who want to run a small business from the space as a hobby

● People who let a family member use the property for running a business

● Property owners who don’t want to have a stranger occupying the space

● People who frequent the location regularly enough to keep it as a crash pad

Whether you just inherited a downtown space, or you are making an investment and looking for ways to pay off the mortgage, here are some ideas to bring in some extra cash that is low-maintenance and still put you in control of the space.

1-Open Up a Business Center Downtown areas are bustling with business professionals on the go, so why not cater to this massive group by having a business center where people can make last-minute changes to documents, and print them. Often between home and the office delays happen, and people need to find a place to pull over and create those spreadsheets they forgot about, or work in total silence on a proposal for an upcoming meeting. Some people may want to print a custom sized image that is high quality and something their printer at home can’t produce. The only maintenance really needed would be the upkeep of the computers and equipment, but today’s office equipment is so robust that printers even have self-cleaning features, and computers get automatic updates. In order to run a successful business center you need to create a space that offers privacy, that is well lit and well-designed with great aesthetics. One way to offer personal privacy, allow natural light to pass through space and incorporate a sleek design is by installing interior modern glass sliding doors and office partitions. These come in a variety of frosted tones and opaqueness to allow privacy but to also let light pass in. These are beautiful alternatives to those dull old cubicles most offices use, and your customers will love them. You can even have quiet rooms set up with room dividers that section of an enclosed space for a single worker, or for multiple people who want total silence.

2-Yoga Studio and Meditation Center With all the noise and hectic energy in a downtown area, opening a yoga studio and meditation center could be a huge hit with people who need to take a break from work to clear their head, or de-stress on their way home to the family. You will want to have lots of mirrors, and a mix of natural light with ambient lighting. Mirrors are important so people can observe their techniques and poses. When you buy yoga equipment and mats, choose one standard color and use that same color as a feature wall and accented throughout the space to offer harmony and uniformity. Whether you teach the class, you hire an instructor, or it is a self-guided class, just make sure space is inviting, has good flow, is tranquil, and make every effort to accommodate the work crowd.

3-Art Studio If you are an artist, you could use the space as an art studio where you create your works and store your supplies. Having an art studio is not a luxury; it is a necessity. Whether you paint, sculpt, or do industrial crafts, having your own studio gives you a greater sense of responsibility to your art, it makes you official in the eyes of those who may buy your work, and you don’t have to set up every time you go to work on a piece. The important thing is that your artist’s studio gets lots of natural light, and space itself should be a clean canvas so not to distract you. If there are set hours when you will be using your studio you could even set up room dividers and rent the space out to another artist or two while you are on site.

Make the Most of Your Property Whether you plan on using the space yourself or use it to run a low-maintenance business, make sure you do your research by studying successful business models that made it in the downtown sector within the same field you plan to attempt. Some strategic planning will likely give you a better start to your brighter future as a downtown property owner.

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