Houses cost a lot of money. There’s the initial cost of buying. Then mortgage repayments, insurance, bills and maintenance costs to contend with. Wouldn’t it be great if your home could actually make a little money rather than draining you dry?
Well, when you have a big house, it’s perfectly possible to generate a little passive income from the space you already have, even if you don’t have a whole wing going spare. With minimal effort on your part, you could be making extra money each month – money that could be put to good use paying those bills and making those renovations. And even allowing you to put something aside for a rainy day.
Here are 6 simple ways to generate passive income from a big house:
Rent out Parking Space
Depending on the location of your home, you may be able to make some money by renting out a parking space in your garage or on your driveway. If you’re on a popular but busy commuter route or you live within walking distance of a big events venue, there are plenty of people who will be desperate for a safe and convenient spot in which to leave their car.
Rent out an Office Room
More and more people are choosing to work for themselves. Not all of them have access to appropriate space. Some people don’t like to work at home and can’t find affordable space through the traditional avenues. If you have a room that can be used as an office, fit it out as such. Then advertise your space to local business owners looking for a quiet and comfortable place to work.
Take in a Lodger
If you have a whole spare bedroom at home consider taking in a lodger and get regularly monthly rental income. Unless you have a separate annexe with kitchen and bathroom, you will need to share some communal spaces with your lodger. But, advertise your room in the right places, find the right person, and it could be quite nice having someone new around the house.
Rent to Tourists
Sharing community site, Airbnb, has made it easier than ever to rent out a spare room to tourists. Whilst the income wouldn’t be as consistent as taking in a lodger, you could charge higher rates for short term stays and wield more control over the room’s availability. This means you could always reserve it for your own friends and family if they’re due to pay a visit.
Rent out a Workshop
An outbuilding, garage or cellar that you don’t use could double up as a workshop. Rent out this space to local craftspeople looking for a place in which to work – from jewellery makers to bicycle repairers, key cutters to tailors. Your space just needs to have the storage, the security and the comfort they require.
Hire out Storage Space
Big houses usually have lots of attic space. Or a cellar. Or a garage. Or even a spare room that could double up as a storage unit. If you advertise online and undercut the prices of dedicated storage companies, you could provide convenient storage space for people within your community. You’ll just need to provide a clean, dry space in which people can safely store their belongings.
There are plenty of ways you can use extra space at home to generate passive income. Research online platforms then advertise your space to a huge audience looking for a place to work, to stay or just store some of their stuff. You’d be surprised at just how much extra money you could make.