A few weeks ago, I published a post on how I managed to save £75,000 for my first residential property. That property has now appreciated by over £50,000. Since buying the property, I have continued to make money from it while accumulating equity.
In this post, I will be sharing with you how I have made money from my residential property since purchasing it.
Below are 8 ways you can make money from your residential property.
You could make over £1,000 from your residential home
1. Rent Out A Room In Your Property
It is easier than ever to rent out a room in your house on various letting platforms with the most popular being Airbnb.
If you have a room, you are not currently using in your residential property then you are seating on money. You can easily list that room on Spare Room, Airbnb, Rightmove, Zoopla, Booking.com, and the likes and make a decent sum of money from that one room.
If you are not interested in letting out the room for a long period of time, you can conveniently block out your room on your Airbnb calendar for when you have a guest coming so no one books it.
If you are strategic about where you leave – for example, if you leave near airports, event centers, colleges, or universities you could make a significant amount of money from a room in your property.
2. Eliminate Wasteful Expenses
Did you know that your entire unit could make money for you while you are away spending money on vacations? Imagine reducing your vacation cost by 50% because you have people living in your property while you are away, even better imagine reducing your vacation cost by 100%!
Of course, there might be a hassle or two on moving things around to accommodate your temporary guest, but it could well be worth it if it earns you a free holiday or money to invest in other things.
You can lock certain wardrobes, move things to the shed or lock most things up in a room to accommodate your guest. This might even be an excellent opportunity to declutter!
I once let my entire unit while I was away for Christmas and made close to £2,000 by doing so on Airbnb – it was a fun free Christmas holiday!
Get started on Airbnb today.
3. Add A Rental Suite
One of the things you should watch out for when buying a property is if and how you can legally add an additional suite either from your loft, garage, basement, or conservatory.
This additional suite if the laws and regulation in your area allow can be rented out on conversion and become a good source of income for you. However, before you get too excited, compare the cost of conversation to the potential rental income to make sure it’s a good investment.
My neighbours are currently converting their loft and I am hoping to use their costings to get a great deal for my conversion in the coming weeks.
4. Rent Out Your Storage Space
If you have rented out a room in your property and still want more money or you are not keen to have someone else in your property at the same time as you, the good news is you can still make money from your unit.
There are so many people that have equipment that needs storing against weather conditions but don’t have the space to store these items in their own homes. If you have a used loft space, basement, or shed you could provide this space as storage options to those individuals in exchange for some good month-on-month cash.
Interested? List your space on Stashbee Storemates , or Parklet and start earning now.
If you are looking to do this, I suggest you use a recognised platform to do this, however, if you want to do it yourself make sure you have the necessary documents to protect yourself and your space.
5. Rent Out Your Space For An Event
There are people planning birthdays and other events who don’t have the space for it neither do they have the money to hire out a big event space. If you have a fairly sized garden and space in your home you can make money over the weekend by renting out your beautiful space for event use.
The good thing about this is you can lock your rooms upstairs and your guest will only have access to the living room, kitchen, and garden for the event.
It’s little inconvenience and you could even use that as an opportunity to go spend the weekend with that friend who you’ve been promising a visit since the 1960s.
To make it even more relaxing, you can either agree with your guest that they will hire a cleaner to clean after themselves after the event or charge a fee for cleaning and organise for the cleaner to do so right after the event so you come home to a sparkling clean house.
6. Rent Out Your Parking Space
I started renting out parking space to save enough to make the necessary down payment for my first residential property. Since it’s a good idea and I have the tiniest cutest car with additional driveway space to spare, I still have my parking space listed on Parklet.
I must admit that I made a higher income from my parking space when living in central London, Canary Wharf area than I do now living a little outside central London but every little count and it’s no inconvenience.
If you leave close to schools, big corporate organisations, event centers, and hospitals, this could easily be a good source of income for you. Parking space is a gold mine around London, especially in places like Canary Wharf, Bank, Bond Street, Kings Cross, and the likes.
Get listed now on Parklet or Your Parking Space and get started.
7. Turn Your Home Into A Set
You might not make it into that movie, but your home can. You can make money by renting your home as a movie set. Your home does not have to have a historic significance for you to do this, many movies future the standard ordinary home so if your home feels ordinary congratulations, movies are looking for ordinary.
Magazines typically pay you £500 to feature your home in a photo shoot.
Get started today on ShootFactory, Lavish locations or UK Locations.
8. Start A Home Business
Are you creative and entrepreneurial? You can start a small business in the convenience of your home and make money off it. Look at that space you’ve got and get started cupcakes baking for sale or making jewellery for sale on Etsy.
Make sure to check the tax deductions available to you as an added bonus. Also, make sure that the business you decide to run from home does not conflict with local government regulations.
How I Use The Money I Make From My Residential Property
I have formed a habit of transferring my mortgage payment to my mortgage account on a regular basis and this means I don’t use the money I make on my property for my monthly mortgage payment neither do I use it to overpay my mortgage month on month. Instead, I use that money to invest in other things like the stock market or as part of the down payment for the next property investment.
My mortgage payment is the cheapest loan I will ever get so I don’t overpay it. I understand and appreciate the need for peace of mind, but I get my peace of mind by acquiring more assets 🙂
Once you have decided which of the above works best for you make sure you check the regulatory and legal requirements and also make sure you have the right insurance protection before proceeding.
Happy positive cashflow day, weekend, week, and month.
*This is not financial advice. Do not consider this blog to be a substitute for obtaining advice from a qualified investment advisor. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional *
