A lovingly renovated property isn’t just a wonderful place to live; it can be a great way to boost your income too. By generating an income from your home, you can fund future refurbishments and even finance a second property. If you want to make the most from your property, take a look at these three ways you can turn your home into a source of revenue.
1. Rent Part of It Out
Many people rent out their properties when they’re not living in them, but what about if you’re staying in situ? You can still rent out some of your home, even when you and your family are still living there. If you don’t fancy taking on a long-term lodger, why not try making your home available for short-term stays? With plenty of online marketplaces and advertising portals available, it’s easy to rent out a room, suite or even an annexe for short-term stays.
If you do decide to lease your property, make sure you’ve got the terms and conditions covered. As well as checking that you’re not breaching the terms of your mortgage loan, you may want to purchase comprehensive and cheap landlord insurance for homeowners. At Quotezone, you can search through hundreds of insurers in seconds, so finding the right policy couldn’t be easier. By taking steps to protect your home and your investment, you can enjoy the process of renting it out and generating a second source of income.
2. Become a Filming Location
Production companies and location scouts are always on the lookout for new buildings and homes to shoot movies, television programs and advertisements. With your own renovations fully complete, your home could be the ideal set for a new production. Typically, property owners receive a generous fee for allowing their home or commercial space to be used, so it can be a lucrative way to make money from your home.
By registering your property with an agent, you won’t even have to play an active role in finding companies, directors, and producers. Instead, you can simply choose which bookings you want to accept, as and when they come in. What’s more, spotting your home on television or at the cinema is a fun way to generate some extra income!
3. Share Your Space
If you have the room, making storage space available can be an easy way to turn your home into a source of revenue. Perhaps you have a garage that’s largely unused or a shed you don’t really need? If so, put it to good use and allow someone to rent it for storage purposes. This allows you to rent some of your property without actually having anyone living or staying in your home. By enhancing the security on your property, you can maximise the rates and make a surprising amount of money with minimal outlay or effort.
Making the Most of Your Property
Turning your property into a revenue-generating asset can be a savvy way to manage your investment. However, it’s important to ensure you consider the implications it may have on your tax liability. With independent financial advice, you can determine how best to leverage your property and turn it into a lucrative source of revenue.