Vintage houses are typically seen as a heavy financial burden to homeowners because old houses are usually difficult to preserve. Due to wear and tear over the years, the frequency and cost of repairs tend to add up, and will eventually be a struggle to maintain.
But some vintage houses actually have the potential to be self-sustaining. There are plenty of opportunities for you to turn your home into an income-generating asset, and this is especially true now that the real estate market is experiencing a huge boom as an indirect result of the pandemic.
Since people have more freedom to choose their locations with a remote working arrangement, many choose to transfer to their dream neighborhood, while others prefer to live in areas with lower costs of living or somewhere closer to their relatives. There are also quite a number of people who are looking for temporary residences or spaces to rent while waiting out the end of the pandemic.
Preparing Your Vintage Home
In order to get more value out of your home, in needs to be in the best condition possible. It will be difficult to attract paying customers if the property looks old and run down. Aside from this, certain renovation projects could actually increase the property’s worth.
Simple adjustments to improve the lighting, upgrading the tiles, adding striped blinds, or installing statement pieces can already make your home become more appealing. A quick repainting job in key areas around the house such as the kitchen, living room, bathroom, and bedrooms can brighten up the space and make the property look newer.
Upgrade your garage door and add some yard improvements to perk up the house facade. You can also enhance your floors by replacing old tiles and carpets with hardwood for a more natural look. Add a bit more budget and build a deck or a patio to make the spaces in the house look more open and relaxing.
If you don’t have the available funds for these renovations, there are several financing options that could be made available to you depending on your financial situation. You can look into home equity loans or cash refinancing to support the cost of renovations.
You may also consider getting a reverse mortgage if you are near retirement age. This way, you can maximize the value of your property while also using it to generate additional income. It is best to talk to a reverse mortgage counselor near you, so you can understand the different reverse-mortgage pros and cons before taking this option.
Income-Generating Ideas For Your Home
Once your home is ready, you can start earning that extra income. Prepare to take plenty of photos that show off the most attractive angles of the house and post them online to get the word around. Here are some money-making ideas that you can try for your vintage home :
1. Production Set Rental
With demand for new content continuously on the rise, many production companies are on the lookout for interesting locations to serve as the setting for their story. A charming house with spacious rooms and unique architecture could easily get booked for films, TV series, advertising campaigns, or digital programs.
Contact some production companies and let them know your house is available. You can also register your property with location agencies who can make all these arrangements for you. They will be the ones to promote the property to production companies, as well as handle the negotiations, insurance, and other provisions for the rental.
2. Short-term Rent
People on the go but are not in a rush, like travelers or digital nomads, are always on the lookout for charming places to stay in for short periods of time. They like Instagram-worthy accommodations which gives them plenty of opportunities to take attractive photos that they can share with others on social media, and a vintage house certainly fits the bill.
Enlist your house on websites and apps that offer this type of service and get ready to receive your tenants. You may opt to rent out the whole house, or you can just rent out the rooms if that is what you prefer. Make sure to include the available dates in the listing, as well as any rental conditions you may want to impose to ensure the security of the property and its occupants.
3. Venue For Events
If you have a spacious ballroom or a hallway, you can offer to rent out the space for birthday parties and other small-scale events. Or you can rent out your yard, and the house can serve as a unique backdrop for all the photos taken by the host and their guests. Just make sure to set an agreement beforehand, so they don’t break anything inside the house or trample on the plants while they’re having fun.