Real estate investments can provide the financial stability you need during covid. While it might sound tricky to turn your home into a money-making machine, there is more than one way to unlock the potential of your property. Home rentals are a sustainable strategy that can be beneficial for all. Indeed, rentals can reduce health risks, enabling local authorities to keep lockdown restrictions to a minimum, while providing a source of revenues for your household. Are you ready to build your home rental venture under covid?
Get a house to let in a busy area
Your buy-to-let property can supplement your household income in the long-term. You are guaranteed to receive monthly payments for the duration of the tenancy agreement. Therefore, if you are looking to purchase a second property, you may want to consider how your second home mortgage will affect your finances. When you take a buy-to-let mortgage, you will be expected to make a deposit of at least 25% of the house value. However, because these mortgages are designed with a buy-to-let investment in mind, they don’t need to be repayment-based. Your monthly payments can be set on an interest-only basis, which means that you only pay off the mortgage when you sell the property.
Rentals at a time where new lockdown restrictions apply offer people an option to self-isolate in a controlled environment. Indeed, shared tenancies, such as housemates, can keep cuts down, but there may be a high health cost to pay. Therefore, more and more people are looking at single rentals.
Consider remote cottage rentals
Christmas is likely to be spent in a staycation this year. But that doesn’t mean that holidays are cancelled. On the contrary, British holidaymakers are looking for safe and remote cottages and countryside properties for their vacations. After spending too many months at home, families want a magical Christmas that makes them forget about the day-to-day stress. The typical ski trip in the Alps is deemed unsafe. But Britons will cherish the opportunity to stay in a beautiful country house this winter. A holiday home in the UK can be the perfect solution. Holiday rentals tend to be a profitable investment, especially if you opt for a popular area. As an investor, you can recover costs rapidly through rental fees.
When it comes to safety, you want to ensure the property is thoroughly sanitised after the departure of each guest. It’s a good idea to have a local cleaning team to prepare your holiday cottage.
Turn your shed into a home office
More and more companies are allowing their staff to work from home. However, in a small home, it can be tricky for everyone to find a quiet and peaceful spot to work. You shouldn’t rent out your home office. But you can consider upgrading an external building to turn it into a safe and functional office that can be let. If your garden shed is roomy enough, you can consider turning it into a one-tenant-only home office. You’ll need direct access to power, so your tenant doesn’t have to worry about electricity. Your local electrician can extend an electric cable underneath the garden.
Do make sure to keep the room warm. Adding a heater is a necessary improvement. You can also consider improvements with new window panes and insulation sheets along the walls.
Keeping your tenant healthy means restricting the risk of physical interactions. Therefore, you want to add a small kitchenette area with a mini-fridge, a kettle, and a microwave. A bathroom equipped with a sink and a toilet is a no-brainer.
Turn the garage into a safe home gym
It’s getting more and more difficult for fitness enthusiasts to visit their local gyms. Depending on lockdown risks, some gyms have been forced to shut down temporarily. Gym-goers are more cautious about public areas. Therefore, you can tackle their fitness needs and safety fears by turning your garage into a gym facility.
The ideal home gym needs a smart wiring system to avoid loose cables for your electric equipment, and a sturdy floor that can sustain weights. To keep your tenant safe, you can arrange scheduled gym visits, keeping the entrance separate from your home. Make a point of sanitising and disinfecting the area after each session, using a professional electrostatic sprayer. You can let the gym to individual households, allowing only one at a time. This would provide a safe and controllable fitness environment.
Repurposing the home as an income-generating investment needs a strong focus on covid-safety. However, you can reach out to your local authorities to discuss the risks and run safety audits on the premises. Depending on the risks in your location, the safety requirements may differ. However, rentals can be made not only safe but also tackle spread threats more effectively than public venues.
*Contributed by Sam Jones. Photo source Unsplash - CC0 Licence
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