Empty Spaces at Home Are Like Piles Of Unused Money

by - Tuesday, March 13, 2018

When we first buy our homes, we see them as two things. At the forefront of our mind is to have a home that we feel comfortable with, one that reflects our desires. The other is as an investment. Surely you would like your property to go up in value, so you buy in a logistically well-off area. You make sure the materials are not only modern but strong and of good quality. Realising the amenities are going to affect the percentage the price rises means you’re planning for the future. Local schools, doctor surgeries and grocery stores are all factored into your buy. Arriving at a moment when you also register the fact that you're there are parts of your home you rarely visit can also help your future. It may be because your children have all grown and moved out or even gone to university. Other unfortunate circumstances like losing your partner will also leave parts of your home empty. Whatever the reason may be, you can actually make money using those empty spaces; rather, letter someone else uses them. In the current climate of the housing market, it's clear to see that the population is growing at a faster rate than new homes are being built. This gives you an advantage as even a small room is attractive to the right person. 

Off road parking
Almost every residential property build in the modern era has some kind of capacity for a vehicle. A very own parking spot that allows at least one vehicle to be parked off the road. Safe and much more secure, this is something that is much desired in the property market and easily adds five-digit increases in asking prices. If you’re garage or driveway is not being utilised you can offer it to someone else for a lease. Be wary however as setting too stringent rules of what can be parked and or stored in the garage is going to make it difficult for you to enter into the higher-priced market. Prepare the garage as if you were the one going to lease the space out. Make sure all the rubbish is cleaned away. Get all the grungy gunk out of the corners and at the sides of the walls. This will usually consist of leaves, grit, mud and dirt that’s been mixed with rainwater. As garage spaces are very often used as places to do DIY, have a look around for any potential hazards. Pick up nails, screws and other sharp objects that could cause a puncture. If the place looks almost as good as new, it will go to some justification as for your asking price. Clearly set out your monthly rental fee with a level-headed approach. You are leasing a residential space so factor this in and don’t charge commercial prices. However to support your case, get the space surveyed and be given a professional price standard to help you get noticed. 

The empty room upstairs
Homes are more than just complex reiterations of shelters; they’re our personal hovels too. A room that isn’t being used is like throwing money down the drain. It might not feel like it, but regarding an investment, you’re not getting total use of the product you paid for. Even governments and local authorities would advise you not to let space in your home go to waste. Where there’s a will, there’s a way for money to be made. If you have an empty bedroom and don’t mind sharing your house with a tenant, you could make a healthy earning every month. It sounds like a tricky situation because you’ll be living with someone whom you’re not familiar with. Therefore it's not wise to use a standard box contract. Personalising the agreement gives you the ability to mould it around your needs and red lines. What you need is a basis template such as in a tenancy agreement word format. This will supply you with a blueprint that can then be made into a unique contract stipulating the exact details you set. Although this is just an outline, it's still a perfectly legal binding contract that must be adhered by both parties. 

Startup office 
Many small businesses are strapped for cash, as you can imagine. Usually, they’re made up of young, talented and hungry individuals. Their ethos for getting things done is pretty much ‘wherever, whenever’. This kind of mentality is almost a given if you want to make it in the business world where there is fierce and relentless competition. As office spaces in the traditional sense are going to be costly, if there are alternatives, startups will take them. Not using your lounge or a downstairs room at all? This type of room can be rented out as office space to small businesses looking for something affordable and on a consistent basis. Just like any other office space, you can set the rules of the lease. To give the prospects of your free space being taken up despite it being in a home, open up a raft of options. Allow the business wanting to lease, the freedom to bring in their own equipment and furniture. The way to go around the fact that they’re working out of somebody else’s home is to create the illusion they’re not. You could even supply the furniture yourself such as professional office chairs, large tables, a whiteboard nails to a wall, plants in the corners, table lamps etc. 

You never know who could find your empty garage to be a sanctuary for their vehicle. It could be someone with a vintage car who needs a place to park it as they do the restoration. On the other hand, it could be someone that lives just a few doors down from you but doesn’t have the privilege of their own driveway or garage. Empty rooms are like burning money. You bought the home and not using a part of it is purely wasteful. If you don’t mind sharing your home with someone, and for the right fee, of course, leasing it out can provide you with a healthy bit of money each month. Don’t forget that some of the world’s largest companies were first started in someone’s basement. One of your downstairs room can be the springboard for a startup business who need an office space to conduct its daily activities. 

You May Also Like