When it comes to building wealth and establishing a secure financial future, there are few better ways to achieve those goals than using a property. After all, property is an asset that will always be relevant. It offers fairly consistent gains and there are plenty of opportunities for someone to get on the property ladder.
However, investing in real estate is expensive and it’s not something that everyone can afford. After all, if you’re someone that lives with a regular salary and has modest savings, you’re probably already paying off a mortgage. In this case, the best you can do is take out another mortgage or do something like a buy-to-let strategy.
But for those that have already invested in a rather spacious home, there are actually a couple of ways that you can make use of your existing property.
Renting out your driveway
If you live in a fairly quiet suburban area then there’s a good chance that you’re not going to get many offers for renting out your driveway as a parking spot. After all, there’s plenty of space to go around and it’s unlikely that someone will be willing to rent out a parking spot. However, this is completely different if you live in a dense urban area or downtown location. In these areas, parking is at a premium and it can be extremely expensive depending on your location.
For example, if you live near a popular destination such as a stadium or an airport, then there are most likely people who are willing to park in your driveway in order to avoid more expensive fees. In fact, some people will even leave their car at your place if they plan to go on holiday but need to drive to the airport.
Renting out an ADU
An accessory dwelling unit (ADU) is essentially a second small dwelling next to your existing home. This might sound extremely expensive already, but with prefab ADUs becoming more accessible it’s actually easy, quick, and affordable to get a second dwelling on your property. If you have a lot of space in your backyard or front yard, then adding an ADU can be a straightforward way to help you generate more income from your spacious home. You’ll need to see if your property is eligible for an ADU before you begin and there are definitely some high startup costs, but it can be a fantastic long-term investment for those that want to use their property for income purposes.
Rent out a room
One of the simplest ways to start getting more income from a spacious home is to rent out an existing room. This could be a guest room or even your child’s old room that they no longer use. While the idea of renting out a room may sound strange or even dangerous to some people, the reality is that it’s surprisingly normal. As long as you’re prepared by vetting your tenants and writing down an inventory of the room, you’ll have plenty of safety measures to ensure that they don’t do anything shady.