Earning an income from your property
Category Owner Advice
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.
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.
Set up a home office
Working at home or using your home as a base for your business comes with many advantages. Running your business from home reduces overheads, has income tax advantages, and gives you the flexibility to spend more time with your family. This way you can save on office rental, optimise operations and even up additional revenue streams by taking in other freelancers or consultants.
Rent out your backyard
If you have a backyard big enough to host a small event or a beautiful garden with a large lawn, you could be raking in revenue in ways you may have never thought possible. From outdoor weddings to courtyard cafés to aftercare and swim schools and doggy daycares, and even sets for shooting commercials and influencer vlogs... the possibilities are endless.
Before you do any of the above...
Consider the risks that come with inviting strangers onto your property and inside your home.
Be cognisant of insurance implications and exclusions, as well as sectional title rules if you live in a complex or estate.
If you plan to build, renovate or convert, be realistic in that you're not taking on more than you can handle. Not only can building renovations be costly, but they can also take a toll on you physically and mentally.
Also, be realistic. If you don't know your way around the kitchen, you probably aren't cut out to be a B&B-owner-come-cook, and if you aren't particularly fond of five-year-olds, you probably shouldn't start your own daycare centre.
If you are ready to turn your home into a money-maker, then list your home, garage or granny flat with us. We'll also help put you in touch with a legal expert for all the insurance implications. Talk to Chas Everitt today ...
Author: Chas Everitt