Owning your own house is something that most people strive for, particularly in the UK. Once you have lived in your own house, few people will choose to return to living in a rented apartment. Along with the benefits of living in your own place, owning property can also be a tool for generating a healthy side income for yourself, if you want it to.
You could be renting out a portion of the place or just a room in the house: the choice is yours. If you have ever wondered about how to make some extra money on the side, the following ideas might be just what you were looking for all along.
Renting a Spare Room
This is of course, the most common way to generate income from a property that you own. It you have a spare room you can start generating a healthy side income right now. There are two popular options – airbnb.co.uk and spareroom.co.uk. Airbnb is ideal if you’re looking for short-term bookings, particularly suitable if you’re new to renting and not sure how you’ll like no longer having your home to yourself. However, if the hassle of managing short-term lets isn’t for you then Spare Room will help you find a long-term tenant.
Driveways & Parking Spaces
After letting out a spare room renting out a driveway or parking space is rapidly becoming the most popular way to earn an additional income from a property. Motorists are always receptive to well-priced spaces if you live near a city centre, train station or local offices. Driveways along with any off-street parking bays can be rented out. Go to yourparkingspace.co.uk to list your empty space.
Attracting Freelance Workers
This idea is a little more niche but it’s starting to pick up in popularity. If you’re lucky enough to live in a higher-end property then the chances are that you have some very nice rooms that are rarely used. If this is the case then why not put the room to use as a meeting room. Freelance workers and self-employed professionals can then choose to hire it for one-off meetings or on a more regular basis. Visit vrumi.com to find out more.
Growing Landscaping Plants
Not to be confused with hardcore farming, growing landscaping plants can be a profitable business as long as you have a backyard. It would be best if you invested in setting up a hoop house first. A hoop house is basically a mobile greenhouse, made from PVC pipes and construction grade plastic. Your plants will sell better if they also happen to produce food. The idea is to grow plants and herbs like blueberry, lettuce, globe artichoke, American groundnut, figs and chives in an aesthetically pleasing structure, so that they can be sold as exotic and edible landscaping plants at a higher price than purely ornamental plants.
For a market for your plants visit your local flower stores and independent garden centres. If the price is right they’ll usually be very receptive.
If you have a basement or garage that’s big enough, you can turn it into someone else’s storage space. Many people in your area are looking for an affordable storage solution, whether it’s to store their excess possessions or as a place to store their business goods in the case of small ecommerce stores and eBay sellers. You can make a good profit from it. Storemates.co.uk is the leading site for renting out your unused attic or storage space. If you liked any of the ideas above, feel free to start your venture as soon as you can. However, it is important that you get your legal procedures right if you are planning to rent out any piece of property.
If you rent it out via one of the websites above then they will typically have the legal agreements in place to ensure that you’re covered, but if you organise it privately make sure that you a rental agreement in place to ensure that everything is clear for both yourself and the other party.