Property investment is by no means a new method of making money. But in these cash strapped days it may be more difficult to simply buy, renovate and sell. Also with buy-to-let mortgages being harder to come by, many people may find their options are limited. This article considers some possible ways of making your home pay you whilst you are living in it.
Rent your driveway/ garage
If you have more driveway than you need or a garage filled with stuff just gathering dust then this might be for you. People who are successfully renting their garage/driveway space typically live in cities or on a commuter belt nearby an airport or perhaps seaport. They use an app to help connect their space with the people who need it. Distance is often no problem, as sport mad fans, for example won’t mind walking a little further and paying a little more to see their beloved game.
Air B and B
The concept of advertising your room or even house out online and allowing complete strangers into it (after an initial vetting process) Has taken hold like wildfire.
People seem willing to forgo the relatively predictable comforts of a hotel room for the unknown delights of a private home. The actual cost of your space being only one attracting factor. If you like meeting people and are happy to share your house sometimes with others then this might be an option for you, especially if you live in an historic or touristic place or near a large sporting/ event facility.
Release your equity
You may not want to share your house, preferring to explore other options for making money from your home, If your house is worth more than the amount left on the mortgage it may be possible to borrow on that amount. This is particularly useful if you need a lump sum- to start a business for example.
Rent a space
If you have a bit of spare space it might still be an earner. Could it be used for storage? Perhaps a small company or even charity may need extra storage space. Or could you store luggage or furniture for other people in your space at a cost?
You might even consider allowing someone to run a small business from your space. However, it would be best to check this out with a legal advisor first and get proper contracts drawn up.
Earning money from property is becoming more imaginative, whether it’s a space inside or outside, whether it’s a room or a garage or a way to release the equity in your property making your house pay you is still highly possible.