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Five ways to utilise your new home’s money-making potential

If you’ve just bought a property in Wales, congratulations!

It’s said that buying a home is up there with the most stressful things that a person will do in their lifetime. With so many people in South Wales looking to sell a house quickly, there is not a lot of people buying property in Wales at the same rate.

Such statements are broad and vague, and they fail to account for the fact that everybody reacts to challenges differently.

That said, it’s largely true that purchasing a house – especially your first one – can be a demanding process, not just because of the financial aspects, but all of the other variables at play too.

From the mountain of paperwork to relying on the seller to finally move out, it is physically and mentally exhausting.

When you do finally get the keys, the initial feeling can tend to be one of disbelief. After jumping over endless hurdles, it may have started to feel as though the end was never going to be in sight.

Upon moving into your new abode, it is likely that your bank balance will be almost entirely cleaned out. From paying the deposit on your home to purchasing furniture, appliances, paying for tradesmen and God knows what else, it’s a financially crippling time.

Going from a situation where you had a healthy bank balance to nothing at all can leave new home owners seeking out ways to earn extra money.

Considering your new home is the reason why your finances have become depleted, what better than to put it to work for you?

Yes, you read that correctly. With a little bit of imagination and belief in your own abilities, anyone’s home can earn them a sizeable chunk of change every year.

Rent out a room

Most couples that buy their first home together have at least one spare bedroom and probably even two. Long before the pitter-patter of little feet has made its way into your lives, it makes a lot of financial sense to rent out a spare bedroom.

It goes without saying that you shouldn’t just rent a room out to anybody who turns up at your door. Post pictures of the room up on relevant websites and make it clear that you are on the lookout for a tenant of a particular calibre – someone who works full-time, to begin with.

Don’t be surprised to learn that your spare room is extremely sought-after. Carry out interviews with interested parties before agreeing to rent the room out to a person that you and your partner both have a good feeling about.

There’s always Airbnb

If you’re not ready to go the whole hog by renting out a room all year round, consider putting the room on Airbnb.

This way, you can rent the room out whenever you please, and there’ll be a tidy sum in it for you too (around £45-£50 per night).

When listing a room in the beautiful South Wales area, expect to be inundated with requests from holidaymakers or people who are dropping by the area for a quick break.

Rent out your parking space

If you have a driveway that is destined to be empty for the foreseeable future, rent it out to a professional who works in the surrounding areas.

Renting out your home driveway for somebody to park in during business hours on week days could, depending on where you live, reap up to £600 per year. Considering it was an empty space that wasn’t going to be used anyway, that’s money for nothing!


Offer evening tuition at home

Are you a maths genius? Perhaps you’re an expert in the writings of William Shakespeare, or fluent in a foreign language.

Do you have a gift for photography or are you the local Jamie Oliver who is gifted in the culinary art of serving up beautiful food?

Many people have at least one skill that can earn them money by offering one-to-one tuition classes in the evening. Transform a room in your home into the ideal learning space and then advertise your services.

Graduates are more likely to pick up work in this area, although many people with relevant work experience could also be well cut out to give a few lessons per week and bolster income.


Use your home to store other people’s stuff

Did you know that there’s a market out there for renting out space in your home to store other people’s belongings? It’s thriving too – just Google it and see for yourself.

You’ll never have more free space in your home than when you first move in. The likelihood is that you have plenty of free storage space in the attic, so why not rent that space out and make money from it? Even space under your bed could earn you money!

If you’re interested in selling your home in South Wales much faster than what is considered the norm, contact Mark King Properties today.