By Sarah Barton, Terri Scheer Distribution Channel Manager The weather is warmer, gardens are blooming…
Your home is your castle, but could it also be your next source of income?
An investment property can create immediate passive income through rent, but not everyone has the funds to front up a deposit, especially with property prices rising the way they are.
What if we told you your next investment opportunity has been right in front of you all along? By thinking outside the box, and using the space you’ve already got, you could start generating rental income straight away.
Here are four types of properties that can make you an “instant” landlord.
1. Spare room = extra rent
Do you have a spare room full of stored items, or a kid’s bedroom that’s no longer occupied? This room could make you an instant landlord if you spruce it up and list it on a platform like Airbnb for short stay guests, or even make it available for an indefinite period.
To boost your chances of success, consider setting the room up for independent living, with access to a bathroom and cooking facilities. Or if you don’t mind sharing spaces, you could also allow guests to use your home’s facilities.
2. A granny flat for all ages
Granny flats are a great way to expand the footprint of your property and house extra people, from relatives to overnight guests. But if your granny flat is empty most of the time, you’re missing out on potential rental income.
Just like a spare room, a granny flat can be listed for rent, and if it has a built-in bathroom and kitchen facilities, guests will have everything they need without encroaching on your main residence.
3. A holiday house for all seasons
A holiday home is a great asset for your family to enjoy some time away together. But if it’s sitting empty most of the year, why not rent it out?
There are many reputable digital platforms you can join, like Stayz, that will advertise your property to holidaymakers for a new source of passive income.
Make sure you provide plenty of high-quality images and write a captivating description to show your property in the best light. This will encourage bookings.
4. Your garage is a commuter’s dream
If your home’s garage sits empty most of the day, why not put it to work?
This could be particularly lucrative if you live in a location that’s in-demand for commuters, such as an inner-city area or close to an office district where commuters pay a premium for parking.
Become an instant landlord
While buying an investment property is a smart way to make passive income, it’s certainly not the only way to make money from property. Taking a second look at your existing properties and finding ways to monetise them, such as renting spare rooms or granny flats, can maximise your return quickly.
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The information is intended to be of a general nature only. Subject to any rights you may have under any law, we do not accept any legal responsibility for any loss or damage, including loss of business or profits or any other indirect loss, incurred as a result of reliance upon it – please make your own enquiries. This article has been prepared without taking into account your particular objectives, financial situation or needs, so you should consider whether it is appropriate for you before acting on it.