Having a property allows you to earn extra income out with your job. There is a number of ways in which you can do this, from renting it out to a tenant for a long-term rental to advertising it as a short-stay holiday home, or even turning it into somewhere people can rent to store their belongings when between houses or moving abroad for a length of time. In this post we look at some of those money-spinning opportunities.
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Hosting an International Student
Put up a foreign student in your home – while you live there – and you could earn several thousand pounds a year. The students are little trouble since they tend to be of secondary school age and are usually on an exchange trip studying at the time.
Renting Out Your Property
If you have an extra bedroom in your house or apartment which you’re using simply to store items in, then you could earn quite a pretty sum by renting it out to a lodger.
Then again, you could rent out the whole apartment or house if you know you’re going to be on secondment or off on holiday for a few months. This is when signing up to a site such as Airbnb can prove very lucrative. Not only will you be able to rent it out so that you can cover your rent, but you should be able to make a little profit into the bargain.
This can involve writing out a tenancy agreement and abiding by statutory rules for a tenancy so it involves a bit of homework beforehand. And do stay within the rules, as breaking them can mean getting a fine – which really defeats the purpose of why you’re renting it out in the first place.
Using It for Events
If your property has quite a bit of land to go with it, then you could rent this out as a means of earning extra income. People are always looking for good fields to put up a marquee for a wedding or party, for instance.
Opening a B&B
Admittedly this option can involve a lot of work – and turn into a full-time job if it proves successful to begin with. Usually B&B accommodation involves preparing a hearty breakfast for overnight guests. You’ll then have to clean and prepare the room for further guests staying – maybe even on the same night.
Just as with renting out your apartment for a short-assured tenancy, there are many rules to abide by. Most of these you can find on a tourism website or get information from your local authority.
You will stand a better chance of being successful with a B&B if you live in a picturesque village or near a large concert hall. It may be too that you live in a large city, such as Edinburgh, Glasgow, Bath or Aberdeen – in other words, somewhere that regularly attracts plenty of sightseeing visitors. If there is a conference hall in your city which regularly hosts events, then that can prove lucrative for a B&B too.
Storage Hub
Renting storage space is another great idea for making money from property. If you’re not using the property yourself – or have a couple of spare rooms, then rent out for folk to store their stuff in. As long as you can shut the door on it, you don’t have to look at it. And anyway, the rooms are there doing nothing anyhow, you may as well profit from the space and help folk out at the same time.
The above is just some of the ways you can make money from property. But the list definitely isn’t exhaustive so get that thinking cap on…
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