Owning a property is not just about having a place to call home; it’s also a smart investment that can generate additional income. You may not know it, but you might be able to unlock extra income through your properties using some of the below options.
Rent Out a Spare Room or Granny Flat
If your property has extra space, consider renting out a spare room or a granny flat. Many people are looking for affordable accommodation, and this can be a great way to secure a steady stream of rental income. Ensure that the local regulations permit such arrangements, and screen potential tenants carefully.
Embrace the growing trend of short-term rentals, especially if your property is located in a tourist hotspot. Platforms like Airbnb allow property owners to rent out their spaces for shorter durations, attracting travellers and generating higher income compared to traditional long-term leases.
If your property has space suitable for commercial purposes, such as a storefront or office space, consider leasing it to businesses. Local entrepreneurs may be on the lookout for well-located spaces, providing you with a reliable source of income.
Unused space, such as a garage or a spare room, can be turned into a storage unit. Many people are willing to pay for extra storage, especially in inner city areas where space is at a premium. This can be a low-maintenance way to earn extra income.
Renovation and Resale
Strategic renovations can significantly increase the value of your property. Identify areas that need improvement, invest in upgrades, and then capitalise on the increased value by selling or refinancing. This approach requires careful planning and market research.
Solar Panels and Energy Savings
Consider investing in solar panels to generate clean energy. Depending on the location, you may be eligible for government incentives and rebates. Additionally, installing energy-efficient appliances and making your property more eco-friendly can reduce utility costs, contributing to long-term savings.
Collaborate with Local Businesses
Forge partnerships with local businesses to utilise your property for events or promotions. This can include hosting markets, workshops, or community gatherings. Not only does this generate income, but it also strengthens ties with the local community.
Holiday Home Exchange
If you own a property in a desirable holiday destination, consider participating in holiday home exchange programs. This allows you to swap your property with other homeowners for short periods, offering a cost-effective way to enjoy holidays while keeping your property in use.
Community Garden or Allotment
If you have unused outdoor space, consider turning it into a community garden or allotment. You can lease plots to local residents interested in gardening but lacking suitable space. This not only generates income but also fosters a sense of community and shared responsibility.
With the rise of remote work, creating a dedicated telecommuting space within your property can be a lucrative option. Lease out a room as a home office for professionals seeking a quiet and productive environment away from their homes.
Photography or Film Location
If your property has unique architectural features or aesthetics, consider renting it out as a location for photography or film shoots. Production companies often seek diverse settings, and your property could become a sought-after backdrop.
Car Parking Spaces
If your property is in a busy inner city area or near public transportation hubs, renting out parking spaces can be a valuable income stream. Many people are willing to pay for convenient and secure parking.
Digital Advertising Space
Utilise any unused wall space or exterior areas for digital advertising. Collaborate with local businesses to display their advertisements, generating additional income while contributing to the community’s commercial ecosystem.
Home Office Support Services
Offer additional services to those renting your property as a home office. This can include administrative support, printing services, or high-speed internet packages. Providing these extras can make your property more attractive to tenants.
Fitness or Wellness Studio
Convert an underutilised space into a fitness or wellness studio. Lease it to local instructors or start classes yourself. This not only generates income but also promotes health and well-being within the community.
Remember, the key to success in exploring these income-generating options is understanding your local market, complying with regulations, and ensuring that any changes or additions align with your property’s overall value. It’s always a good idea to check in with a local real estate professional or an expert in the field you’re venturing into in order to maximise the potential of your property.