When we think of property, we often think of it as a huge investment which we struggle to make any return on. However, there are ways you can definitely make some passive in
Get a Lodger:
If you have a spare room, then creating space for a lodger could be the best way to earn income off your property. Depending on the facilities you can offer, whether that’s a bedroom that has its own en-suite, access to private living quarters or whatever you can do to decipher the rent amount on the property in question. Having a lodger is not only a way to enhance your rent, but it can also be great company for you if you live alone and often find it lonely.
Buy a Neglected Property:
One extremely obvious way you can profit from your property is to set out on a renovation project. Beginning by buying a neglected property, which you can do up in a minor way and commit to some painting and decorating, is a great way to enhance the property space and inevitably make a profit off it.
Rent Out Your Storage Space:
If you’re lucky enough to have a big home, then it’s a good idea to rent out your storage space as a way to make passive income on your property. Whether you choose to rent out your garage, loft, or a spare bedroom, allowing people to store things that are ‘too big’ to keep on their property and charging a fixed rate is an easy way to earn passive income on your property.
Use It as an Airbnb While You’re Away:
Nowadays, more and more holidaymakers are reluctant to pay the extortionate prices for a hotel and are instead looking for alternative options to suit their accommodation. Therefore, using your property as an Airbnb is a great way to make money off your property while you are away, and people are coming to your area for a trip. Depending on your location, you could potentially earn up to £1000 a week!
Rent Out Your Parking Space:
Most accommodation and properties will come with a designated parking space for each building, and sometimes these are even dedicated to individual people and have specific initials on them corresponding to an individual. However, if you don’t drive, then having an empty space can feel like a bit of a waste, and parking spaces that aren’t extortionate are hard to come by these days. Therefore, if you don’t drive and have an empty car space, then a good idea is to rent out your parking space to someone who needs it. You could charge them a fixed fee for a certain amount of time and this way make passive income without even losing out!
This article was written by a quick house sale company We Buy Any House. If you’re wondering “how can I sell my house fast”, head to the We Buy Any House website for more information relating to all property related enquiries.