There are so many financial and emotional factors tied up in our homes. Not only are they our sanctuaries from a turbulent world, the setting for our triumphs and defeats, where we raise our families and base our life experiences out of, they are also the single biggest material asset most of us will ever own. With that in mind, it only makes sense to capitalise on them and try to offset some of the expense of purchasing by letting your home make money for you.
Property is a tool that can ground us, but also make us free if we use it wisely. It can be a base for our dreams, whether we long for a family four bed in the suburbs or lust after a glossy Condominium in Malaysia. These aspirations all depend on money and they depend on space – but there are ways to make the homes that we have pay us back in more than just memories. Make some cash, clear some clutter and get your home working for you with these top tips:
Our Unused Treasures
Busting the clutter in our homes is not only hugely beneficial for our mental health, we can also make it pay. Things have moved on a little from the traditional garage sales – these days online auction platforms allow us to realise the capital tied up in our possessions with the click of a few buttons. But that isn’t the only way to put your assets to work. Items we own but rarely use – electronic equipment, gardening tools and appliances can all be rented out to those who don’t want to buy, as they will only use the items occasionally. Home goods rental sites are now allowing owners to list and rent out those useful but rarely used goods to others and let them earn back some of their cost. Often you can choose to charge a refundable deposit to users of your items to guard against any damage incurred while they’re being used.
More Space For Storage
More Space For Storage If you have successfully had a big clearout, or perhaps you have unused space in your home, you could rent this out for storage. You’d be surprised how many times people travel or are in the process of moving and need to rent space for their belongings. Platforms such as Storemates allow you to rent or secure unused space for a small, one-off arrangement fee. You can set the price you want to ask, but most usually are recommended to set it at no more than 60% of the rates charged by commercial storage companies. There is a list of items which renters are not allowed to keep at your home, a contract you can download and plenty of advice on what insurance cover you may need.
Movie Star Quality
The TV shows and movies that we all enjoy each day set their action against a familiar backdrop – homes that look like ours. But did you know that home could actually be yours? Production companies and location scouts are always looking for homes to use for filming, so you could rent out your house as a filming location. If you have a spacious home with unusual features and decor, there is a lot more chance you’ll be selected. Take some good quality digital shots of your home and contact a few location agencies such as Location Works. They will arrange the necessary insurance and payments plus scheduling the filming. You may be required to vacate the property, but most usually will have your stay in a hotel or rental paid for. If you are away from home a lot, this could be ideal, allowing you to travel while your residence earns money!
Raise The Roof
Energy is a big numbers business, and you can find an increasing number of energy suppliers who will look to rent out roofs suitable for the installation of solar panels. These are well suited to you if you’re looking to make some extra cash and are concerned about your carbon footprint. Some companies will also offer free installation of the panels and you get free energy whenever the panels are generating, with the rest going back to the energy supplier to sell.
Parking Space
If you have a large driveway and you live near a major city or in a commuting location, you could rent out your drive or parking space to commuters put off by high charges elsewhere. This is especially great if you live near a large concert or sporting venue where large scale events are held. There are lots of sites where you can rent out your parking space that will put you in touch with prospective renters, and letting out the space could net you hundreds or even thousands over time, depending on your location.
Rent Out a Room
Depending on your circumstances, you can let part or all of your home to travellers looking for somewhere to stay. If you have a spare room or a comfy sofa bed then you could be making money through sites like Airbnb, where you can list for free, choose your guests and arrange availability. They also have strong procedures for reservations and cancellation. Make sure that you take care of your home insurance to be adequately covered and think about the security of valuables- none of these sites are legally liable if something goes wrong. They rely on prospective guests having a feedback profile built up of comments and ratings from previous hosts – so make sure that you look at these carefully before accepting a booking. If you’re the sociable type this can be a great way to meet people from all over the world, or if you work away from home or are planning on going travelling yourself, it can be a great way of having your empty property earn money.
There are lots of inventive ways that you can make your property pay for itself and finance your dreams. A more streamlined home with less mess, plus cash rolling in every month – what could you do if that was your situation?
*This is a collaborative post*