5 ways to make money from real estate without buying a second property
Want your property to be earning you income but don’t want to deal with a buy-to-let? Here are 5 clever property income hacks you may not have thought of…
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Earn money from renting out part of your home
If you only need money in the short term or just need to earn a little extra cash each month or now and then, thanks to the Internet it is now possible to rent out parts of your home you may not need and are not using.
For example, there are sites that allow you to rent out your driveway as a parking space. This can be particularly handy if you live near a sports stadium where it is difficult to park on match days or near a station where the only parking is expensive.
There are even some sites that allow you to let out your loft space.
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Rent out a room within your home
Renting out a room in your own home has just become a lot more profitable – depending on where you live.
Renting a room in a property is normally done inclusive of all bills, including TV licence and utilities. Depending on the area you live in, renting a room can range from £50 to over £150 per week, which per year would work out to be over £2,500 or £7,800.
This could be enough money just to help with everyday bills, fund a holiday a year or help pay off your mortgage early, giving you financial freedom.
Tenancies can be provided on a short or long term basis, typically via a licence agreement.
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Rent your home out for the day
If you have a particularly beautiful period or ultra-modern home, if your home has a particularly great view – or fits a certain cultural style – then magazines and even film companies may pay you to borrow your home for a day or more.
It may just be for a photo shoot or they may wish to borrow your home for a TV series, although that’s quite rare. Other uses for a home for a day or so would be music videos or even commercial shoots.
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Rent out your home for a holiday or special event
As with renting out your home to a location company on a short-term basis, it is possible to rent your property out if you are in a particularly nice area for holidays.
For example, you might be in walking distance of a beach, open countryside or even a park such as Alton Towers. In the meantime, you could stay with family or friends or even go on holiday.
Alternatively, if it is easy to park at your home and access an annual or regular special event such as Wimbledon for the tennis, major events at Twickenham or the racing in York, then it might be possible to let your property for a short time such as a weekend several times a year.
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Build property on your land
Another consideration is “is there gold in your garden” meaning is the area big enough to build another property on it? Could you sell that area to a developer? To answer these questions you need to contact a specialist.
Whatever you decide, it is possible to make money off your current home, with a little creative thinking!