For most people, a home is their biggest asset. But psychologically, they don’t see it that way, primarily because they actually have to live in it. And that means that they don’t find ways of generating a return with it – a tragedy in our view. Your home is a money making asset.
How to Use Your Home as a Money Making Asset
It turns out that homeowners can make way more money from their property than they imagine – and in various ways. Here are some of your options.
Rent Out Your Parking Space
Renting out parking space doesn’t sound like it would net you a lot of money, but you would be surprised. It turns out that space for leaving cars in big cities is at a massive premium – to the point where people wind up paying hundreds of dollars just for somewhere to leave their car.
Thus, if you have unused space, you could stand to make a lot of money from parking – especially if you’re near a transport hub or commuter hotspot. What’s more, it doesn’t cause many inconveniences to your life – if any at all.
The only possible gripe is that somebody is coming onto your property to pick up their vehicle at the end of the day. But that’s just about it. In fact, it could actually offer you better security, making it appear as though you’re in residence, even if you’re not.
Create an Annex
If you’ve ever used a site like Airbnb, you’ll know that there are many people out there renting their accommodation to guests in annexes. This concept is great because you never actually have to interact with the guests themselves. Instead, you just siphon them off to an outbuilding, getting income without interrupting your regular family life.
If you already have a standalone garage you want to convert (or you want to build a new annex from scratch), you’ll need to consult with architects. Ideally, you want something that will provide all of the amenities that guests want, including self-catering facilities.
Once you have this up and running, you can start to make significant returns on your property. The amount you make per night of holiday let is much higher than what you get through regular renting. Plus, you can choose to stop it at any point if you get tired of guests on your property.
Create a Campsite
If you have unused land on your property, you could also experiment with renting it out as a campsite. It turns out that travelers are always looking for a bargain, especially today, with the decline in the economy and the risk of infection. All you need to provide usually is waste disposal and bathroom facilities. Once you have that in place, you’re ready to begin taking bookings.
Rent Out Your Shed
Do you have a shed? If you’re not using it, you can rent it out to people looking for cheap alternatives to regular self-storage. You can over make three figures per month, and possibly more – at least enough for a nice meal out at the weekend.