For most people, your home is the most expensive thing you will ever buy and the most valuable asset you will ever known. Despite this, many people are missing out on the many ways you can put your home to work earning money for you. Want to get in on the action? Check out our top tips for transforming your property into a source of income for years to come.
Let out your spare room
For those whose children have left home, or anyone who has a room they don’t use in their property, taking on a lodger is a great way to get a regular income from your home. There are some potential pitfalls, so make sure you meet any potential lodgers beforehand to discuss house rules and take time to find the right tenant for you. However, as long as you exercise a little precaution, taking on a lodger can be both financially and socially rewarding for you and your household.
Sign up with a location agency
Do you have a unique or unusual property, perhaps one boasting interesting design features or located in a sought-after area? Why not get your property on the books of an agency that lets out houses to photographers and directors looking for locations for photoshoots, TV shows and movies? The intrusion will be minimal, with most shoots taking just a few days, and the potential income is good, with average rates of around $1000 a day.
Rent your property on a short-term basis
If you don’t live in your property full time but don’t want to commit to a long-term rental, you can still let out your home on a short-term basis and enjoy a reliable source of income. Think why people visit your area and then market your property accordingly. Near to a university? Why not advertise short lets on your property to students or delegates attending events? Live in a popular tourist area? Websites such as airbnb.com allow you to advertise your property as a holiday let to a worldwide audience.
Rent your property long-term
If you don’t live in your property and want to use it as a full-time source of income, look into the long-term rental market. You’ll get a lot more interest in your property if you advertise it online, as it can be seen by people looking to move to the area and not just by locals. In fact, thousands of people are looking to rent a home with Homesales, Rightmove, Zillow and more every day. Employ marketing techniques like keywords and highlight benefits of the area to increase the chances of letting out your home.
Buy to sell
Contrary to popular belief, you don’t need to be an expert in the property market make money from buying to sell. Top ways to make money include buying up properties in low-income areas that are ripe for development and gentrification then selling them on for a higher place once the neighbourhood improves. Or you can buy a run-down property, decorate and revamp it yourself and then sell it on for a higher price. You’ll need to get the professionals in to do any big jobs, but a little creative thought and design can make a huge difference to the price buyers are willing to pay.