How to make money from your
assets
We really are in the ‘Sharing
economy’. We recently touched on the sharing economy with our feature concerning
renting out your caravan or motorhome.
Sharing economies allow
individuals and groups to make money from underused assets. In this way,
physical assets are shared in return for money. For example, a house owner may decide
to rent out the garage or let the spare room.
Alternatively, a car owner may wish
to rent out the vehicle whilst on holiday.
Obviously, all this is exceptionally good news for the pocket but as usual in the provision of service situations its always best to make sure that the arrangements are put in writing.
We have a number of templates covering different scenarios which will assist you in your plans.
It is best to evidence the price,
duration, termination, and liability as well as control what the person renting
can and cannot do with your asset.
Here are some examples where we
can help.
1. Storage
If you live in a house with spare
rooms, have an empty garage or loft, or access to something like a lock up but
never use it, why not rent them out to people who need extra space while moving
into their new home or for any other reason. We have a ready-made storage template for your use.
2. Camper Van, Motorhome or Caravan
These items are more popular than
ever (as owners of them will know). The lockdown has seen a surge in both the use of such vehicles and their rental prices. Clearly, we have experienced a very strange holiday season where airports cannot be relied upon. How many times do you actually
get to go away in yours and how often is it simply parked up gathering dust?
Renting these out can bring in
serious money so why not use one of our caravan or motorhome templates and go ahead? Why not turn
this prize asset into an income stream!
3. Car
If you rarely use your car, you
could rent it out to those who could use it to do their trips or weekend
away/holidays. Obviously, you will need to make sure that insurance has been
sorted out properly but this is a further example of something sitting on your
drive which could be earning you money. Have a look at our car rental template.
4. Empty Room / Home
Maybe this is the most obvious
thing you could rent out. Do you have a spare room or any other kind of
accommodation? You may have a second home used for holidays which is empty for
40 weeks each year. You could even rent out your main home if for example you
are going away for a while. We have templates covering room rental, office space,
lodger, or even the whole house or flat!
Whether or not you even own a car
you might own or have access to a parking space either at home, work or
elsewhere. This might be very conveniently placed for someone interested in
parking there especially with the high cost of traditional parking. Why not rent it out to drivers who would like
to avoid stress when looking for a safe and affordable place to park
their vehicles. Our vehicle permit is just the ticket.
6. Yourself
Have you ever realised that the
skills you possess may well be most useful to businesses or individuals? If you
have the time to advise any third party, make sure that the arrangement is
properly recorded in of our consultancy agreements.
And there's more
Of course, the above
is not a complete list. If you possess other assets such as a large garden, a boat,
children’s equipment or specialist tools and equipment, we will be very happy
to write up a tailor-made agreement for you.
John Davies
9th September 2020
We hope you enjoy our short informative blogs. We are all about empowering the individual to take better ownership and control of the legal aspects of their personal and business life. We have a plethora of legal document templates that are quick and easy to explore and create. What's more, creation and editing is free. Explore our templates here
Can't find what you are after?
Well don't forget, as well as self service legal templates, we can offer a "Tailor made document" service ! It's easy to get in touch right here .