Making Money from Property

publication date: Dec 31, 2010
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

Making Money from Property

It’s Christmas 2010 and a great time to decide if and how you make money from property for 2011! With the government cut backs and economic uncertainty, making money from property will be tough – unless you have the cash to buy properties at a discount price, add value and either rent out at a profit or sell on.

There are ways though of making money from property even if you don’t have lots of cash for a deposit on a property. So if you want to move in 2011 and buy a property to make money from, then it’s worth looking at the five different ways you can make money from your own property.

Making money from Property One: Rent a Room
The most lucrative and easiest way of making money from property is to rent a room in your own home. You can earn TAX FREE an extra £4,250 whatever tax you pay currently. In expensive areas this might not even mean someone stays all week, it might be a business person trying to keep hotel bills down. You can charge up to £354 per month and this might be for three nights or throughout the week.

Check local newspapers to find out what rooms are renting for, visit some of the rooms available and then work out what you can charge and talk to local agents and put up notices in places like your local Post Office. If you are in an area with lots of offices, ring around the HR departments and ask if your room might be of use to one of their employees.

Making money from Property Two: Rent your Car Space or Garage
If you live in a town, especially near the centre or near a sports venue or train station it is possible that people will be happy to pay up to £200 a month to park their car on your drive or use your garage for storage. Sites such as Yourparkingspace, Parklet and Parkatmyhouse.

Making money from Property Three: Rent out your Garden!
It may be that you have a big garden and can’t or don’t have the time to use it to its full potential. Perhaps there is someone local that might want to rent part of your garden to grow vegetables, run their dog around or just the kids! You would have to make sure you know the people well enough and get on to allow them this close to your home, but it might be an easier option than losing car parking space or renting a room.

Making money from Property Four: Rent out your Home for the TV!
Ever wondered where they get all the homes to shoot for magazines or film for TV? Well they are genuine people’s homes. They move out for the day, the ‘luvvies’ move in and pay for the privilege of using your home. You never know there may be some famous actors using it or you might end up with a house full of flowers at the end of the day for free! Be careful not to use companies that charge YOU to list your property, good companies such Film Locations.

Making Money from Property Five: Add value by decorating!
One of the best ways to make your home worth more money is to make sure it’s looking beautifully decorated throughout. You don’t need to be an interior designer, anyone can spruce up paintwork on doors, windows and frames and paint the walls magnolia or an off white colour. This and a few hundred pounds spent on new carpets can add up to 10% value to the price of your home! In today’s difficult selling market this is must!

To find out more about making money from property buy our Making Money out of Property Pack before you spend a penny!


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