With more people facing financial pressures, it’s time to take an innovative approach to boosting your income. If you own a property in London, or anywhere in the country, you could have an untapped source of income at your fingertips. For inspiration, take a look at these top three ways to generate an income from your property.
1. Rent Out Your Driveway
If your property has a driveway or any area that could be used to park vehicles, you could make money by renting it out. In large cities and towns, commuters are often looking for long-term parking spaces to minimise their costs.
Alternatively, if you’re situated near a major attraction, like a stadium, arena or shopping centre, you could generate a second income by charging for parking by the hour or day.
2. Create Office Space
Many people choose to convert summer houses, garages, and annexes into fully functional offices. If you don’t need an office at home, you could rent this space out to entrepreneurs and self-employed workers. Renting office space from a company can be costly, but there is demand for low-cost workplace solutions. Make the most of it by equipping the space with some basic office furniture and advertising it for rental during standard office hours.
3. Take on a Tenant
If you have a spare bedroom, you could generate a significant amount of income by leasing the space to a tenant or lodger. Depending on your circumstances, you may be able to offer a Monday-Friday bolthole for commuters or a more permanent base for students in term-time. With numerous options available and agencies dedicated to helping you find the right person, renting out a room could be easier than you think.
4. Register Your Property as a Filming Location
You’ll be surprised to learn just how many production companies and photographers rent space from homeowners and commercial property owners. While you may not be able to make a regular income from this type of enterprise, you can certainly boost your savings. What’s more – renting out your home as a filming location gives you the added bonus of seeing your property on the television or in print!
5. Share Your Storage Space
If you have space to store household items, sports equipment or even a car, there’s a good chance someone will rent it from you. Perhaps you don’t use your garage, or maybe you have a utility room that you’re not making much use of? If so, put it to good use and look forward to the extra income it will bring in.
How to Make Money from Your Home
Before you begin advertising your property, it’s important to understand the legal implications of making money from your property. If you accept tenants, for example, you may need to compare landlord insurance to find a cost-effective policy, and if you plan to rent out your drive you’ll need to check whether that will affect your existing home insurance policy.
Your property has the potential to generate a significant amount of revenue, providing you do your research first. By understanding your obligations and responsibilities, you can find the best way to generate an income from your property.