Buying a property is one of the biggest purchases you’ll ever make in your life. But, it’s usually a long-time investment. And, maintaining it can be a costly business. You have mortgage re-payments, council tax, utility bills to name just a few of your outgoings.
So, rather than spend money—why not turn your home into a money-making goldmine?
Your bricks and mortar offer you a range of income-generating opportunities that don’t require much effort on your part.
But, if need your sell your home fast, cash home buyers will buy your property, without the fuss of contracts.
Otherwise, if you want to make some extra income (to pay for the dream holiday or house improvements), your home could be the answer.
Here are nine ways to turn your property into a money maker.
#1 Rent empty rooms
Once the kids have flown, you may find you suddenly have lots of extra space. Why let it go to waste? Get a lodger, rent out bedrooms to professionals during the week, make a spare room into an office or even offer storage for a fee.
#2 Host an international student
Each year, thousands of international students arrive in the UK to study English. As a host family, you’ll be expected to interact with your guests and provide one or two meals. There’s lots of flexibility—students can stay a week or months. You can sign up to be a host family through specialist agencies or contact local university or college directly
#3 Convert your garage into a self-contained flat
A self-contained flat at the bottom of the garden has lots of benefits. Other than somewhere for friends and family to stay when visiting—you can rent it out longer-term or even turn it into a boutique hotel room for tourists. But, before you decide to convert your garage, check costs and calculate how long it will take you to make your money back.
#4 Rent out your home when on holiday
Whilst you relax on a beach, your home can be making money for you. All you have to do is make the arrangements beforehand and make sure all your valuables and other precious things are locked away safely. You can then enjoy your time away knowing that you’ve made some money rather than spent it all.
#5 Offer parking in your drive-way
Parking is expensive. So, if you have an unused driveway, why not rent it out? If you live close to an airport or another hub of transport, people can park their cars for less with you or with more time flexibility.
#6 Create a home-based business
If you don’t have a spare room to rent out, don’t worry you can still generate extra income from the comfort of your own living room. For instance, complete online-surveys, become a mystery shopper or work as a virtual online assistant. Or set up a blogging website like Mrs Mummypenny!
#7 Become a film set
Production companies are always on the hunt for properties to use in film and television programmes. So, if you live in London, or another often filmed city like Edinburgh or if you have a unique, quirky home—then your property may be the perfect candidate for TV and magazine shoots.
#8 Flog your stuff online
We’re all familiar with the old adage ‘one person’s trash is another person’s treasure’. As many of us find ourselves with too much stuff —selling it online can be very lucrative (and help you declutter your home). You can sell anything from old CD’s DVD, books, mobiles, kid’s toys, clothes, carpets, and furniture.
#9 Sell your house for cash
If you want to sell your house to get your money quickly, use a company like House Buy Fast, who can buy it for cash. Leaving you free to enjoy making plans for the future without the stress of the house selling process.