With the cost of living rapidly rising, many of us are looking for alternative streams of income outside the 9-to-5. It is well-known that loft conversions can add value to a property – however, this doesn’t necessarily mean you need to sell up to make money from your loft space. In our article, we run through several ideas for how to generate income from a loft conversion.
Rent it out as a stand-alone flat
If your loft space is large enough, with room for an en-suite and kitchen area, you could transform it into a self-contained flat to rent out to paying tenants. You would be providing a service, whilst receiving a steady stream of passive income.
However, be mindful that any commercialisation of your property may require you to seek permission from the relevant authorities, including the freeholder (if that is not you). It may also be worth speaking to your mortgage company to make sure there are no restrictions on such a scheme.
Rent it out as a holiday let
For some seasonal income, you could rent the loft space out as a holiday let. Platforms, such as Airbnb and Vrbo, allow you to list your loft space with relative ease. Depending on where you live, you can optimise the summer or winter months to give your wallet a boost. Just like you would do with a long-term tenancy, make sure you take out the right insurance in case of any problems.
Since the beginning of the pandemic, many companies have adopted a work from home or hybrid working policy. However, for some, this is not always practical – that’s why you could utilise your loft and rent it out as office space.
Rent out as a workspace
Renting out this space will provide someone with a designated place away from home, with adequate privacy for them to work. You could also negotiate a fee that includes the use of the wi-fi and other facilities. Just make sure the internet connection is sufficient in that part of the house before advertising it.
Start your own business
Many crave the financial freedom to be their own boss. However, faced with soaring rent for commercial premises, it can often feel beyond peoples’ reach. In which case, why not maximise the space in your loft by operating from there? Examples of relevant businesses could include any form of web-based work, small-scale manufacturing, consultancy services, home-based services, like beauty or therapy treatments or telesales.
A business could be the ideal solution and a loft allows for plenty of space to stockpile any products. Just ensure you have the necessary permissions to operate your business from home and that any health and safety considerations have been addressed.
Find a creative outlet
Do you have a book idea that could be a bestseller or think your band is the next big thing in music? Having ambition is one thing, but it can help if you have a dedicated area, such as a loft, to indulge in your creative pursuits. The advantage of using a loft space is that it’s away from your everyday domestic setting, so you can fully focus.
However, in the interest of good neighbourly relations, make sure your loft is sound-proofed – especially if you have a passion for the drums. Although dedicating your loft to your favourite pastime might not be lucrative in the short term, you never know what all that hard work and practice could reap one day.
Is renting out my loft space right for me?
Now you have some ideas on how to make money from a loft conversion, you need to consider if it is right for you. Whilst the thought of passive income is appealing, there is always an element of risk in opening your loft out to paying tenants. For a short-term injection of cash, why not sort through your possessions and see what you can sell off?
If you are yet to decide on what to do with your loft space, make sure it is well insulated to keep it as warm as possible and reduce heating costs.
Making money from a loft conversion: Final thoughts
We hope our article has given you some inspiration on how to make money from your loft. Remember, the team at LMB Group are loft conversion specialists who have a wealth of knowledge. Why not speak to one of our team today?