If you have unused property or buildings that are currently empty, you could be missing out on many ways to make some money and put this unused space to good use.
Whether you have an annexe on your property, an old barn, or even just a spare room, you can utilise this to generate additional income and support your lifestyle.
Remember, you will need to check the rules and regulations regarding renting out buildings and make sure you meet all current building regulations if you are going to become a commercial landlord. Still, if there is a demand for spaces like you have lying empty, these ideas could be a money spinner!
Host Community Groups
If you have a building that is capable of holding large groups of people, then fitting it out to accommodate groups, clubs, or as a meeting hall can be a great way to support your local community and generate some cash at the same time.
From parent and baby groups to exercise classes, local club group meetings, or even renting it out for children’s parties, there are many different ways you can utilise a large space, such as an old barn or outbuildings on your property. You will need to make sure you have an electrical supply and running water connected, and you will need to find a School Heating Supplier to provide adequate heating as a minimum, but it could be a good investment.
If your property is in a tourist location or the middle of the countryside, renovating the property into a holiday lets you generate an ad hoc rental income that can be built up in the background.
You will likely need to carry out renovation works depending on the building’s condition and the type of let you want to create, but if you have a self-contained space that can be turned into living quarters and you gain permission to develop this idea from your local council, then you could be onto a winner.
Have a look in your local area to see what others are doing in this sector and if there is a demand for it or what type of holiday let is popular; it might be that a converted barn is high on people’s wish lists or that you could use your spare room in your home as a luxury suite for people needing to stay over for a night or two; some people even rent out their whole house and spend the night in a caravan on the property or with family! It’s entirely up to you.
With more people working from home than ever before, providing office space in unused buildings or rooms in your home can be a simple way to boost the bank balance. You will need to provide amenities such as high-speed broadband, mobile phone connectivity or signal and some office comforts as well as toilet facilities. But if you’re happy sharing your home with a stranger who is working away in another room, it’s definitely an angle to consider.
Using that unused space to generate an income for you can be a great way to diversify your assets and provide you with an additional income stream to help support you and your lifestyle via using something you already own yet have no use for.