Having your own property is great. There are a lot of advantages when it comes to owning your own place. But if you’re in need of some extra money, then there are ways you can use your property to make you a little extra money.
Work From Home
If you are self-employed or a remote worker, then there are certain tax breaks available depending on where you live and what type of job you do. In some cases, you can write off a percentage of your mortgage and utility bills. This could make a significant difference when it comes time to do your taxes.
Rent It Out
If you’re spending most of your time at your partner’s place or your parents, then you might want to think about renting it out to someone. Property is in high demand right now, so whether you have a 1 bedroom apartment or a large house, you’re going to be able to bring in rental income. Research the local property market thoroughly and set your rent at the right level. The rent should at least cover your mortgage payments and usually, you’ll make extra on the top too.
Get a Roommate
If you’ve got a spare bedroom or two, then why not rent them out? You’ll receive money towards your mortgage payments and bills as well as having someone to spend time with. A great option if you don’t want to live alone.
Rent Out Your Parking Space
In some towns and cities, parking spaces are like gold dust. If you’re lucky enough to have a space you aren’t using, then you’ll be able to rent it to someone on a medium to long term basis and they’ll probably pay well over the odds for it too.
Offer Your House as a Filming Location
Film and TV producers are always looking for authentic locations to film their work. Some of the most famous houses on TV aren’t sets, they’re real houses owned by people like you. You don’t have to live in a huge place either. Look online for companies to register with. It might be a little inconvenient while they are there but it’s usually well paid and you don’t have to do anything but keep out of the way while they are there.
Put Your Washing Machine to Good Use
No one likes to do laundry, but everyone has to unless they pay someone else to do it. There are a number of services on the market that let people offer to wash and dry clothes for others for a fee. So if you’re home all day and have a good washer and dryer setup then you can earn some money. Even after you’ve paid the extra for your utility bills, you’ll be earning more money.
Your property has many ways of making you extra money as well as being a fantastic asset to have. You may have to get a bit creative but the extra money could really go a long way towards building up your saving or paying off debts.