Whilst making money from property, as a tenant is a much more contentious issue than if you own the property yourself, as many tenancy agreements include a strict clause pertaining to subletting and making an income from the property… today, in the world of AirBnB many tenants are making extra income from hosting people via AirBnB for instance.
This is a particularly good option if you live in a prestigious property in a good location, such as those by Meriton. Yet, today, there are all sorts of ways to make money from property whether you are an owner or a tenant.
- GET A LODGER
If you have a spare room, then getting a lodger can be a great way to make a consistent and reliable monthly income from your property. Of course, if you rent, you must be a little careful in terms of violating the terms of your tenancy agreement – and similarly, if you own the house, you must be careful in terms of what is considered a “commercial arrangement” versus merely renting a room out, as a “normal” person.
Renting a spare room often provides a more reliable monthly income than concepts such as AirBnB that are more sporadic in nature, yet of course, monthly rent will be capped in terms of the amount you can make – whereas AirBnB has potential to make a lot more money.
- HOST AN INTERNATIONAL STUDENT
Something that pays quite a lot of money is to host an international student; this often requires you to provide two meals a day in addition to a little tutoring when it comes to learning English, along with providing a room, but the amount you can make from this is substantial.
- AIR BnB
AirBnB offers a more profitable alternative, at least in terms of the amount you can charge each night, than the idea of getting a full-time lodger. It’s also much more flexible in the sense that you can decide when people stay or when you want your house to yourself – by simply blocking out time on your availability calendar.
There are pros and cons to both AirBnB and having a long term lodger, so it depends on what you’re looking for, but if you live by a major airport or venue, AirBnB might make a lot more sense as you can sell your room at a premium due to the economics of supply and demand.
- RENT OUT YOUR GARAGE
Many people don’t want someone else living in their space, but are happy to rent out their garage as storage space in order to make some easy money.
- RENT OUT YOUR DRIVEWAY
If you live in a busy town and are centrally located, or near a transport hub, such as a train station you might want to consider renting out your driveway as a parking space. If you work office hours yourself this could be particularly useful, as during the day, when the driveway would otherwise be empty you can make money whilst adding to the security of your home due to it looking like someone is in.
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