Collaborative Post
Bills, mortgage repayments, and taking consideration of the financial regulations under the Construction Industry Scheme, having property can be one of life’s ultimate goals and biggest expenses simultaneously.
There are a number of ways that homes can cost us money. Short of simply having somewhere to live for a time–many homeowners hope that one day they will be able to pay off their mortgages and turn a profit.
However, there are plenty of ways in which homeowners can make money from their properties. Here are some of the best ways to make money from your property.
Rent Out a Room
If you have a spare room that is either filled with junk or only used to house relatives who come to stay once every few years then you have the potential to earn quite a good amount of money by renting out the room. You could either host students if you live near a university campus, take in a long-term single lodger, or open up your spare room to listings on short-term holiday rentals such as airbnb.
If you live in a desirable holiday spot, then it may be worth moving out during holiday seasons and make some extra cash by renting out your entire property. Doing this could earn you thousands in extra income a year.
Photo by Annie Spratt on Unsplash
Rent Out Storage or Parking Spaces
If you don’t like the idea of renting out a room in your property or inviting guests to stay in your home, then you could consider renting some storage space to people. Your disused garage or shed could be a potential earner for you.
Additionally, if you live near a train station or airport then renting out space on your driveway could be another way for you to bring in some extra money as paying for parking publicly can cost a lot of money. Price your space competitively and you should see people wanting to snap your parking spot pretty quickly. This will also mean that you get to earn a big chunk of money passively–without having to do anything else except to advertise.
Create an Urban Farmers Market
If you live in a town or a city but have access to a green space, then you could use any green fingered inclination you have to earn some money from any produce you grow. The same goes for if you have chickens and want to sell their eggs.
You could set up a small stall outside your house with pre portioned bundles of produce with a price list and use an ‘honesty box’ system to collect payments. This will not only earn you some extra cash, but will be a lovely way to improve the community spirit in your local areas.
If you choose to change the use of your property then it is incredibly important to make sure that you have the right insurance coverage needed in case of flood, fire, or any other disaster.
Additionally, it is also worth speaking to a financial advisor and accountant about the tax implication of this additional revenue.
