People are selling old homes at very good prices these days. Some may see it as a raging red flag, but those with a business mindset look at it as an opportunity.
Restoring an old home may be costly in the long term, but if doing so will generate more income for you, there is no reason not to embark on the project. Here are a few business ideas you may want to explore for your restored old home.
Rent out the rooms for long-term tenants
If you are moving into a house that is too big for you, you can put up some of the rooms for rent. Place your rental listing online to find people willing to rent the extra guest rooms on a long-term basis. This way, you will have consistent cash flow, and after the initial repairs, the house will require very low maintenance.
Operate a bed and breakfast
If you have both the time and the resources to upgrade the house into a bed and breakfast, you can charge much more than rental rates on a monthly basis. However, this will require you to be hands-on even if you employ full-time staff to get it going. Apart from repairs and maintenance, your home will need some sprucing to appeal to tourists.
Run an event venue
If you want to earn by the hour, setting up the old house for an events place would be a great idea especially if it has a big backyard or lawn, and even a farmland. If you’re not successful renting out the house, focus your restorations outside the house. You might need a little landscaping and purchase a couple of big items for better appeal, such as garden fountains.
Set up a weekend restaurant
Building a restaurant is risky and expensive, but setting up one in an existing structure will not be much of a hassle. Some amateur chefs rent beautiful home kitchens where they occasionally invite guests and serve them their specialties.
If you have a unique or ancestral home, you can invite a chef friend to open the kitchen for a weekly by-reservations-only restaurant. Apart from the food, your guests can have a unique experience dining somewhere different. When you plan to put up businesses like this, however, make sure you follow local procedures.
Old houses may demand a lot of restoration, but if you are thinking of new and creative ways to generate income from it, a restoration may be all worth it. Just Like what business writer Susan Ward shares on The Balance, specific business permits may be required depending on the location, so always be informed.