Your home in London may well, in all likelihood, make money while you sleep simply by increasing in value, but that’s far from being the only way you can set it to work on your behalf. In fact, there’s a whole host of additional ways that your bricks and mortar can earn a buck for you. Some are easy while some involve labour and a bit of know-how. But they’re all things that almost anyone can do to get their coffers a little fuller each year. Here are some ideas to guide you if you’re thinking about entering this area of the economy.
- Create surplus energy. There’s an upfront cost here and it can’t happen overnight, but by fitting solar panels on your roof, you could kill a number of birds with one stone. First, you’ll be helping the environment. Second, you’ll be creating your own energy supply, which slashes your outgoings and third, you can sell excess energy back to the utility company. Sometimes panels can be installed for free (you pay for the goods but not the fitting of them) so shop around.
- Rent out your spare bedroom. Whether you use spareroom.com, Air BnB or any of their competitors, you can turn a spare bedroom into a money-maker. You could go for the reliability of a long-term lodger or, if you’re in a popular city, have people whose stays are shorter but who pay more. Some online companies will organise professional photography at no extra charge or you can take attractive snaps yourself and upload them. In a matter of days, dead space becomes a cash-cow.
- Be a storage company. If you’ve got a roomy attic or plenty of unused space in another part of your property, you can register it online and make it start earning. Other people’s stuff may not be covered by your existing contents insurance, though, so it’s worth knowing what the situation is in this regard before you get going.
- Rent out your garage/parking space/drive. If you’ve got a parking space but no car, or a two-car garage that’s only partly filled, you could be making money by letting your unused space. There’s bound to be takers, especially if you’re in a capital city where parking is hard to come by. It can be organised swiftly and easily online, but do check that your insurance policy isn’t jeopardised before you start.