Looking to earn extra money? Five ways to turn your property into a source of income
Everything is going up – electricity, petrol, food, rates and taxes. Owning property is costly, so why not consider using it as a way to earn an extra income?
Here are five ways how you can use your home to boost your bank balance.
Convert your garage or unused granny flat
If you have a free-standing structure on your property that is vacant or being used to store your stuff, turn it into a space that you can rent out. Rooms with a separate entrance and an en suite bathroom are in hot demand, especially if you are situated close to a university or live in a resort town.
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Rent out storage space
With more people looking to downsize and needing storage space that doesn’t cost an arm and a leg, your garage or extra parking spot can become an instant money-maker. Clear out those boxes and make way for someone else’s furniture or equipment, or put a roof over your parking bay and lease it to someone who is looking for secure space to park their caravan, boat or motorbike.
Run a B&B
If you have at least one additional room standing empty you could bring home the bacon, at home. If you live in a desirable area like a resort town or close to business hubs and leisure activities, your property could be a goldmine. Keep in mind that you’ll need to go beyond just offering accommodation – you have to have some sense of hospitality and might have to run a kitchen that serves breakfast daily.