Thanks to the internet, it’s now relatively quick and easy to start making some extra money.
Your greatest asset is your property, and with a little research and planning, anyone can earn supplemental income using their home if they own it.
Here are three popular methods of turning a profit from your property:
Renting out your driveway
If you’re not keen on the idea of strangers in your home but you are keen on renting out some space, your driveway might be in demand.
Parking spaces are a valuable asset in certain locations, and renting yours out might be a great was to earn some extra cash with little effort. Depending on your home’s location, you could let out your driveway or garage on a daily, hourly, or weekly rate.
If you live near an airport or train station, a concert venue, or a sports stadium, take a look online at how much your spare parking spot could earn you per month.
Renting a spare room to a lodger
If you have a spare room or two, you could earn an easy stream of secondary income by renting it out to a lodger. Finding suitable lodgers has become easier than ever before. Speak to your local Martin & Co agent for more advice.
Before letting a room to a lodger, it's important to do your due diligence. Make sure you understand the legal requirements and regulations surrounding renting out a room in your area.
Letting out the whole property
If you’re ready for a bigger change in your life, downsizing or upsizing might be a great option.
If you’ve lived in your home for several years and have saved up another deposit, you might have the perfect opportunity to move to a more suitable space while you make the most out of your old home.
There is a chance of significant returns if you rent out a property you already own, especially if it is already paid for.
Some people even rent out their home while they’re abroad to recoup the cost of their trip. Or conversely, renting out a holiday property while it’s unoccupied.
While each of these options has its merits, letting out the whole house offers unparalleled advantages:
Maximum income potential
Renting out the entire property rather than a room will maximise how much money you’ll make. This means you'll be able to recoup your investment more quickly and potentially enjoy substantial profits.
Convenience and privacy
As a homeowner, managing multiple guests or tenants can be time-consuming.
Letting out the whole house simplifies the process, reducing the need for constant attention and maintenance - especially if you use a letting agent to manage the property for you.
Better quality tenants
Long-term renters or families seeking a complete living space are more likely to treat your property with respect and care. This minimises the risk of damage and keeps maintenance costs in check.
Boost your property value
Maintaining a well-run, income-generating property can contribute to its overall value. A house with a proven rental history can be a sought-after asset in the property market.
Flexibility for your plans
Whether you're exploring new opportunities or simply want the flexibility to travel, renting out the whole house gives you the freedom to adapt your living situation to your needs.