Extracting Cash From Your Property: Two Profitable Options To Consider
Posted on: 13 December 2016
Needing some extra cash is a problem that most households experience from time to time. Whether the cash is needed to cover a child's upcoming college costs, make home repairs, or is just needed to provide a bit more financial security for your family, taking on debt to provide the funds is not always the best option. If you happen to own your home or a larger parcel of real estate, you may be able to extract the money you need from it without having to worry about taking out a loan or paying it back. Here are two good options to consider.
Renting out a room or portion of your property
If having a few hundred extra dollars of household income is sufficient to cover your family's need for extra cash, you may be able to get it by renting our an extra bedroom or a basement or garage apartment. The demand for rental housing is typically strong in many areas of the country, especially in those located near colleges or universities. To find out more about the rental market in your area, regulations for renting, and what amount you might expect to rent your particular space for, meet with a real estate professional in your area who specializes in property management and ask them for advice and assistance.
Selling off mineral rights
If your home is located on several acres of land or you own additional parcels of real estate, you may be able to continue full use of the property while extracting a considerable amount of money: sell mineral royalties.
Unlike many other countries, Americans have to right to own not only the surface of their properties, but the minerals and other valuable materials, including oil and gas beneath the surface, as well. Since mineral rights can be sold separately or retained by an owner when selling a property, you will need to first make sure that your property currently includes all applicable mineral rights. In most cases, this can be verified easily by examining the wording of your property deed.
To find out even more about the possibility of selling some or all of the mineral rights to your property, contact a reputable mineral rights buyer in your area. They will be able to help you determine what minerals or other valuable deposits are likely located beneath the surface of your property and what you can expect to earn for them, should you decide to sell. In addition they can help you understand the extraction process and answer any questions you may have about mineral royalties and rights.
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