How to make money from your home
Let's take a look at how you can make money from the biggest financial investment you've ever made: your house.
Firstly, let’s look at three ways you can increase the value of your property dramatically:
1. CREATE MORE SPACE
Whether this is as heavy duty as a loft conversion, or as simple as a gable roof patio awning, whatever you can do create more usable space within your property is going to add value to potential buyers. The reality is that people tend to want the most amount of space they can afford, yet it’s not just about ‘space’ it’s about functional space. So converting your loft into a home office, for instance, will add a lot of value to your property.
2. THE GARDEN
This might not sound like it would add all that much value to your property, yet it’s incredible how much more valuable a house feels when there is a well manicured garden with pretty flowers and beautiful trees. It’s not just a presentation tool either, many people view the garden to be an extension of their house, and therefore the garden is often just as valuable as the house itself.
3. INSTALL NEW APPLIANCES
Whilst many property gurus advice on keeping things neutral, which is an important tip if you are selling your home, the most important thing if you’re looking to add value to a property is to install new appliances such as boilers, central heating and air conditioning. This way, people have an assurance that they aren’t going to have to end up replacing appliances and renovating their home any time soon.
Now that we’ve covered how to add value to your home, if you're looking to sell it, let's take a look at some of the ways to make money from your largest asset whilst living in it!
1. RENT A SPARE ROOM
Renting a spare room often provides a more reliable monthly income than things such as AirBnB, because it tends to be more sporadic in terms of occupancy. In this sense, having a renter can be a more reliable and consistent way to make money plus it might be nicer from a social perspective, as you can develop a friendship over time..
The other aspect, to consider is that getting a renter really doesn’t involve any “time” from you -- whereas, with AirBnB you have to wash the sheets, be there to provide keys, and so on. Having a lodger is perhaps the simplest and most effortless way to make money from your home. Just make sure you do the appropriate background checks on potential renters so you're home remains secure.
AirBnB will allow you to make more money, for each night someone stays, and it is much more flexible in the sense that you might not want someone living with you full time. There’s a lot of money to be made on AirBnB to the point that some people will move to the smallest room of their house, and rent out the larger bedrooms to make money, in fact, some people have been able to give up their jobs as a result of AirBnB-ing their property.
If you live by a major airport or a sporting or concern venue, AirBnB might make a lot more sense than having a renter, as you can sell this room at a premium due to the surges in supply and demand; meaning you can adopt surge pricing in a similar way to how Uber do.
The beauty of AirBnB lies in its simplicity and user friendliness. There’s a plug and play system, which means all you have to do is take a few photos, create a brief description of the property and/or the room you are offering… along with a brief description about yourself, as the host.
3. RENTING CAR OR STORAGE SPACE
Many people don’t want someone else living in their space, or visitors coming into their home every few days, so if you’re looking for something a little less invasive, you might want to consider options such as renting out your garage as storage space, or even renting your driveway - particularly if you live in the centre of town or are near a transport hub.
In fact, many people make a decent amount of money from storing cars in their driveway near airports - as the cost of airport parking is so expensive, you can help people save money whilst offering the protection of the car being parked in a residential home.