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.
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.
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?
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.
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.
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.
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
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