This is a collaborative post
A property is one of the most valuable assets most people will own. You can pay monthly mortgage payments and slowly build up equity within the property. You can sell the property later down the line to free up some funding. Homes are expensive assets that, when used correctly, can bring a return on investment and even profit.
Here are a few ways to make money from your property.
Rent out a room
You don’t have to sell your home to make money from it. If you have a spare room, you could rent it out to a tenant. You can bring money in to pay the mortgage and get to know your new housemate. This option works particularly well if you live in a commuter town or city centre. For example, some workers choose to rent a room close to the office during the week – and head home for the weekend. It saves them a long commute every day without having to uproot their entire family.
Offer a car parking space
If you live in a built-up area, parking spaces are like gold dust. People are constantly looking to rent out a parking space in a central location. You can make a substantial amount of money from renting out your parking space and selling your car. You could start utilising public transport and reducing your carbon footprint.
If you are over 55, you can release equity from your property and access funds. You can use the funds locked in your home’s equity for other projects, like a renovation or luxury holiday. Equity release is a fantastic option for those approaching their retirement. It gives you the funds to finally renovate your kitchen or travel the world.
Renting and moving
You could move to a rental property in a different area. Make new friends and start a new career in a different city or country. You can rent out your old property to new tenants and use their rent payments to pay your rent. If you choose a more affordable rental home, you can make a profit from this too.
A huge family home can start to feel too spacious after a while. The kids have moved out, and it’s just you and your partner. You don’t need four bedrooms anymore. Sell your family home and move into a smaller property for a lower price. Or, you could save money by moving to a more affordable area. You don’t need to live in a commuter town for your retirement. You can bask in the countryside air and stay clear from the morning rush.
Your property could make you a lot of money in the future.