Property investment has long been considered one of the shrewdest investments you can make. When done correctly the gains to be made from property can be substantial. However, what people often don’t realise when it comes to property investment is that there are many more ways you can use property to make money, beyond simply investing in a buy-to-let or renovating an old property and selling it at a profit. This article will explore some of the less well-known ways you can use property to derive an extra income.
Parking is a premium today. Moreover, parking attracts premium prices. As governments clamp down on motorists and make it increasingly harder (or more expensive) for drivers to park their cars in popular areas or busy commuter districts it gives rise to a potential opportunity. If you live in an area nearby to local offices or places of work your property could be in the prime position to capitalise on a potential income stream. Why not rent out your driveway during particular hours and allow commuters to pay you for your parking space?
When you think of property rentals your traditional buy-to-let probably comes to mind. However, have you considered investing in student lettings? A student let is a multi-occupancy house that could see you derive income from as many as 5 or 6 different people, all under one room. Students pay for a room (and use of a communal space) so the more bedrooms you have the more income you can generate. You can convert typical communal areas such as living rooms or unused garages into extra bedrooms to allow you to maximise your investment. As long as your property provides some communal living i.e. a kitchen dining area, bathroom facilities and is in line with all the relevant rules and regulations you could see your student let bringing in considerably more rental income than your traditional buy-to-let property. What is more, you can use student property managers to mange your property on your behalf, allowing this investment to be as hands-on or hands-free as possible.
Sell your energy
The cost of energy prices will not have escaped you as heating and lighting your home is becoming ever more expensive. Not only is there a way in which you can reduce this cost you can make money from energy, specifically electricity, also.
By installing renewable energy sources into your home, such as solar panels, ground source heat pumps or wind generators you will find your household generating its own power source. Ergo, you are no longer reliant on electricity companies to do this for you and you are not paying them for the pleasure. On top of this, you will be able to sell your electricity back to the National Grid whenever you find yourself in surplus. There is an initial investment when it comes to installing these renewable sources however it shouldn’t take long to recoup that investment and then start generating an additional income. Finally, one of the other huge advantages of opting for this green approach is the impact you will be having to reduce the carbon footprint of your home.