Ways to Make Money From Your Property
With the national housing market more competitive than ever, there has never been such a high demand for properties in the United Kingdom. There are now more ways for UK homeowners to generate income from their properties, whether that be renting out a spare room, equity release, or a short-term holiday rental. Find out more about the best ways to make money from your home:
Rent a spare room
If you’re lucky enough to own your own property, renting out any available spare rooms can be a great way of securing guaranteed passive income and even paying off your mortgage. If you’re concerned about having a lodger in your home, there are plenty of ways to screen potential applicants so that you can land the house guest of your dreams. You could generate considerable profit depending on where you live and the average rent pricing in your area.
Put your home on Airbnb while you’re on holiday
Another way to make money from your property is temporarily renting out your home when you’re on holiday or out of town. Using dedicated temporary renting sites like Airbnb can make the process much easier.
This is a good option if you live in a city frequented by students and tourists and you want to generate some income when you’re away, especially given Airbnb’s claim that city tourism is nearly back to a pre-pandemic level.
Consider equity release
Equity release is a less expensive alternative to borrowing from your mortgage or getting a bank loan in order to generate money. Essentially, it enables you to take cash out from the value of your property. If you’re looking for ways to make money from your home, find out how equity release works and see if it’s a preferable option.
Rent storage space in your home or your garage
Renting out your garage or storage space is another great way of generating passive income, especially if the space isn’t being used. Although this may not be as potentially lucrative as other options, it’s one of the least invasive and most hassle-free. Check the rates of other spaces in the vicinity to set pricing.
Rent your driveway/ parking space
Access to a full driveway is becoming increasingly rare in the UK and many drivers struggle to park due to overcrowding and restrictions. If your home has a drive or parking space, renting it out is a sure-fire way of making regular money.
Rent out your home to be used as a filming location
While this may seem like an outlandish option, renting out your property to be used as a filming location could be easier than you think, especially if you live close to iconic locations or interesting landmarks. There are various agencies that can help you to rent out your home for location shooting if you feel like seeing your property on the big screen.