Making money with a property: Events Centre or Renting to Residents?

[King Belieal]

If you have a building that you are not using, you would obviously like to make some money from it instead of it staying idle. Assuming the property is fit for an events centre and also to accommodate tenants.

Between using the property as an events centre or renting out to tenants, which do you think would make the best use of the property?

 

[Springtime]

I would choose to rent out to tenants because you can sign a longer-term agreement with him/her. For events, it's a one-time thing. And you always have to find event organizers to hold the event at your building.

 

[eLdavis]

Running an event center is a good business, but you have to ensure the building is well kept and everything in it is up to date, this would help attract more customers.

 

[King Belieal]

I think if one can establish an events centre really well, one can make money with a property than with renting to tenants.

 

[Augusta]

I would rent it to tenants so that it becomes a continuous money making thing. As it can be a source of passive income to one

 

[Fire&Rain]

I prefer renting out. Renting out comes with assurity that on a monthly basis you will have a steady source of income. If it's an events centre there's to much competition and you will be reauired to work twice as hard to make earnings.

 

[Kera]

It depends on what works for you. If the events business is moving in your city, it would be best for your property.

 

[Min George]

If you want a more stable income, you should use your property for renting out as residential property.

 

[freelancermaria]

I prefer to earn money by renting out my property to residents because it provides a more consistent flow of income. In contrast, renting for events happens infrequently, and there is no guarantee that someone will choose to rent it for an event.

 

[magnus2022]

If the property is in strategic position, i will prefer event centre because it brings money on regular basis without having constant issues with tenants! I inherited a property from my father, it is always a struggle collecting rent from them!

 

[Min George]

I think renting out a property is more assured than using it as an events centre. What of people don't come to use it for their events?