Property owners: how to supplement your monthly income?

Whether you are an owner-occupier or a landlord, the end of the month can prove difficult. A heavy repayment instalment, a loan not always covered by the rent received, works to plan for and as many unforeseen events that can disrupt your budget are to be feared. To protect yourself or overcome difficulties, solutions exist that allow you to earn from your property, an additional income. A look at 4 of them.

#1 Storage within the property

The first solution is not the most obvious. Depending on the size of the property you own and the actual use you make of it, perhaps you may discover that one or two rooms only receive your visit for cleaning. In this case, why not offer your space to someone who, for their part, lacks space?

Of course, such a case encourages you to first make the proposal to your family and friends. Perhaps one of them has a temporary need to store some of their belongings before a move, or is cluttered by furniture they plan to reinstall in a future home within a few months or years? You are able to solve a problem, so offer your help!

You may find it awkward to request a financial contribution instead of offering benevolent help to your loved ones. Yet, they will probably be happy to return the favour by contributing to solving your financial problem.

To facilitate resolving your dilemma, you can also prioritise contacting strangers, via advertisements placed in neighbourhood shops or, of course, the major Internet advertising platforms. Do not hesitate to suggest ideas to create a need for your reader. For example, you could store a person’s summer belongings during winter, or vice versa. Everyone knows that space is precious in wardrobes and you would probably be surprised at the number of interested people!

#2 Letting the garage

If you do not have additional space but your acquisition came with a garage, you now have a formidable letting asset! Garages are indeed highly sought after by those who do not own one, in the city but also in the countryside, to store belongings or more simply, park a vehicle.

If by chance you own a car yourself, weigh the interest of sheltering it in the garage versus the financial gain if you allow it to sleep outside. After all, this is the fate of millions of vehicles that do not suffer for it. As for your own storage, if you have or think you may suffer from any financial difficulties, the time may have come to sell some of your belongings. You will thus double your opportunities to earn money: through the sale and then the letting of the space previously allocated to storage!

For the rental price you will offer, take care to estimate it according to your geographic location: in the city centre, a garage or even a simple parking space can be very expensive to rent. This will not be the case in the countryside, and a price that is too high will leave your space unused.

#3 Hosting a (co-)tenant

If your home is spacious enough, the option of hosting a person to occupy it with you is viable and will earn you more than storage rental. An imperative: have at least one (large) bedroom entirely available for the tenant, which may be furnished or not.

Obviously, such a choice is not solely about financial necessity, and you will need to check your desire to have a tenant in your home with whom you will share the living space. Again, weighing the gain against the nuisance is essential. If you are very sociable, this can prove a doubly winning desire. Hosting can be permanent, temporary or even brief: you can offer rental even by the night to people passing through your city.

One piece of advice: always establish a contract setting out the conditions of occupancy of the property, even if it does not include an inventory of fixtures like that of a classic letting of an empty property. The amount of rent, the spaces accessible, or even the rules of communal living can thus be clarified from the outset to avoid any unfortunate misunderstanding that can quickly become burdensome in shared living.

#4 Letting the property in your absence

Finally, there remains the solution of letting your property in your absence, i.e. during your holidays and the possible weekends of the year where you will explore the world. This is an increasingly common practice, which notably allows you to finance your own stays.

Depending on your geographic situation, success may vary: if you live in a tourist area or in the heart of a major city, your home may become a popular solution for tourists. But even in the countryside, demand is developing for sometimes isolated properties, a trend that was reinforced after the lockdowns imposed by the Covid-19 pandemic.

The rent you can set will also depend greatly on geographic location, in addition to the property’s own attributes. By the sea or in the mountains, a week’s rental can quickly reach a budget of several thousand euros in season. Conversely, do not be greedy if your property is situated in open countryside and far from any tourist appeal.

Property is expensive, a trend that has been growing for several decades without a market reversal coming to disprove it. Finding alternative solutions to traditional income can sometimes help you out of difficult situations. Especially if you are affected by the new Climate and Resilience Law requiring the progressive renovation of properties rated E, F or G on the energy performance certificate under penalty of rental prohibition. Considering today to save an additional sum will prove a relevant long-term strategy. In any case, your standard of living can only improve!