Considering investing in crypto currencies or dabbling on the stock exchange?
It may be that a long term investment could come in a different form, by making your property work for you.
Renting a room
With the rise in self rental websites, opting to rent out a room could increase your yearly income dramatically. This should however be approached with caution and of course results in giving up your personal space.
If you don’t fancy renting to another person, why not offer some space for storage. Whether it’s a garage you no longer use or some space in your loft, people are always in need of a little extra space.
Think about reducing your energy bills
Consider your home and any land surrounding it and decide if it has any features that could earn or save you some money on your energy bills. On a grand scale a property with its own water source for example, would have potential to have a mill installed, cutting energy bills dramatically. For the majority of people just making smaller changes such as using an energy usage meter or considering heat pump installation could reduce your outgoings and could soon pay for themselves.
Film set rental
Consider renting your home to a production team, they are on the look out for houses of all shapes and sizes for their books. You never know, your house could soon be filled with stars…and you will get paid for the pleasure.
Rent your driveway
If your house is in a prime location within a city or near to the rail station, you could find there are big bucks to be made by renting out the space for parking. Even if it is not a regular occurrence, rental during local large events such as festivals may even be possible.
Of course, with all side projects be careful that you have considered all liabilities and insurances before undertaking any of the above ideas.