Extending your home needn’t be just a way of adding living accommodation to your property; it could actually make you money, too. As well as the obvious aspect of an extension potentially being able to add equity to your home, there are lots of uses of space that you can gain from house extensions. London residents have found all sorts of creative ways to make money from them, too.
Here are a few ideas:
Lodger Accommodation
It may not be for everyone, but renting out a room can be a great way of having some help towards the mortgage. This may be a great option if you’re already planning on extending your home and the extra space gained leaves you with a spare room. Remember that you may need to tell your mortgage company and / or home contents insurer if you’re planning on letting a room, so make sure you take the appropriate advice.
Holiday Let
Creating a self contained annex for holiday let accommodation is all the rage nowadays. Whether you go for a bed and breakfast service or self catering, if you naturally have the inbuilt hospitality skills, this could be a great earner for you, particularly if you live in a desirable part of the capital where tourism thrives. If you’re planning on letting out part of your home to tourists, you’ll need to make sure that you have the relevant licensing and have informed the local council, as well as your insurers and mortgage lenders. Make sure everything is above board before you take in paying guests!
Home Office
Perhaps not as creative a use as renting a room or a holiday let, a home office is still a way to make money from your home. If you’re setting up your own business or just need some space to expand your existing company, there’s proven evidence that working in a spacious, well thought out home office which enables you to separate home and work life increases productivity, which in turn will increase your turnover. Furthermore, if you work in a creative industry, having a dedicated studio or craft room will help you produce more and therefore have more stock to sell. However you wish to extend your home, why not make it work for you? If any of these money-making ideas have taken your fancy, speak to Bespoke Lofts. We’ll talk you through the initial cost and how your ideas can work in reality to bring you more revenue.
