In today’s housing market, many homeowners are looking to improve rather than move right now. There are many ways they can go about adding value to their home, but not many which can also allow them to earn money at the same time.
Garden rooms present an opportunity to do exactly that.
According to an article in the Telegraph from 2018, investing in a garden room could add £35,611 with a £6,653 investment for the average home.
This figure varies according to the location, size, and other factors but what it does not take into account is the money that can be made from the growing holiday rental market.
In the past year, we have spent more time at home which has also led to a dramatic increase in people looking to enjoy weekend ‘staycations’ across the UK.
Many homeowners are using garden room annexes to take advantage of this growing market, using booking sites such as Airbnb and Booking.com.
Here, we will be exploring why a garden room annexe is one of the best ways to make passive income while adding value to your property!
Quick and Easy
With the rise of companies such as Airbnb, it has never been easier for you to allow guests to stay on your property. Not only is the booking process straightforward and efficient, you can also rest easy in the knowledge that you are completely protected and insured, making it very low-risk. These third-party websites allow you to list your garden room annexe for free and will help you price and promote your property to find the most suitable target market.
Whether you are happy to be the host with the most, or would rather keep guest interactions to a minimum, these websites grant you complete flexibility and control. All payments and guest communication are handled by them and they take a minimal fee from what you decide to charge!
Return on Investment
If you do decide to rent out your garden room annexe, you will quickly discover that it will pay for itself in no time at all. In the current financial climate, it isn’t always possible to sell which is why many homeowners decide to make improvements to their property instead. Investments such as garden room annexes are a great way to give you some extra functional space on your property while offering a great way to make money. Renting your room out on a short-term basis may allow you to make your money back while your property value increases simultaneously! Plus, when you are not renting out your garden room, you and your family have a beautiful new space to enjoy whenever you like.
Private
Although renting out a part of your property may seem daunting, it is actually much simpler than you would think. By renting out a garden room annexe at the end of your garden, you can create boundaries between your guests and yourself. Both parties have sufficient privacy, but you are close enough in case your guest requires assistance. Garden rooms can also be built to have separate plumbing, electricity, Wi-Fi, and everything else your guests could possibly need to make their stay comfortable. There is no reason for them to enter your property and, best of all, if you have side access to your garden, the privacy of your home can be kept completely intact. Again, this unique space allows you to have as much or as little interaction with guests as you feel comfortable with. Many homeowners will also use outdoor key boxes to allow their guest access to their property and to the annexe garden room.
Tax Allowance
What many homeowners aren’t aware of is that a garden room annexe can be used in the rent a room scheme. This government scheme allows you to earn up to a threshold of £7,500 per year tax-free from letting out furnished accommodation in your home. Renting out your garden room annexe is a great way to earn some extra income on the side each year whilst your property increases in value; it’s a win-win!
Garden rooms are a great way to not only increase the value of your property but also allow you to better enjoy your home while having the potential to make some extra income. If you would like to know more about our garden rooms, their multiple uses and their potential, don’t hesitate to contact us at Garden Room Sanctuary today on 0175 646 1696 or email us at enquiries@nullgardenroomsanctuary.co.uk.