If you own your own home and don’t plan on selling it at any point in the near future, investing in an extension to your property could be a great way of bringing in a passive income. Maybe you have a family or don’t have enough room in your own property to rent out a room – or, perhaps you just prefer your privacy. Either way, building a separate dwelling attached to your home can be a great way to earn some extra money by renting it out to people looking for a bed for the night or longer.
Here are just some of the ways in which you can use an external building at the side of your home to make an extra income.
If you live close by to a university or in a town with a large student population, building a separate dwelling at the side of your home can be a great idea for a student let.
Always looking to save money, many students don’t mind living in a small flat or apartment or even just one room which comprises of a small bathroom and kitchenette along with a bedroom/living area. Studio apartments these days are becoming smaller and smaller as more people look to save money on their living expenses.
Room for Rent
Another option that you might like to consider is building an attached residence on your home which comprises of a bedroom and ensuite bathroom. This can then be rented out to visitors who are travelling to the area as a more comfortable alternative to hotels and hostels. Sites such as AirBnB have made staying in other people’s homes when travelling a much more popular option, with many travellers preferring the ‘home from home’ experience and the privacy of their own room to sharing a room with strangers in a hostel. This is ideal for homes that are located close to attractions, shops and public transport.
Building an attached residence on your home doesn’t always mean that somebody has to be staying in it for you to make money. In fact, many homeowners are earning an income from renting out rooms in their homes for storage purposes. By building an extension onto your home, you have an area that can be used for both housing visitors and storing belongings that are not in use, for example in between house moves. With storage units being quite expensive, many people are willing to store their belongings at someone else’s home in order to save money.
Extending part of your home could not only see you make a passive income in the short term, it could also improve your home’s value. If you like the idea of making a return on an extension, get in touch with us today to see how we can make it a reality.