Buying a house is probably going to be the most expensive purchase you ever make! But in the world of technology, not only can you reduce the cost of home ownership by owning with your Mate, you can also find ways to monetise your property in new and unique ways!
When looking at revenue streams, the first option is to purchase a house for the sole purpose of creating revenue. This is achieved, by owning as an investment property. Of course this means you will not be able to live in the property yourselves (at least in the first instance) but it can be a great financial option if you have an alternative place to live and either want to move in the future or want to keep a second property as an investment home. If you and your Mate buy to invest then make sure this information is clear from the beginning- and clarify what the time frames for investment might look like. You can use the co-ownership agreement to mark our the terms and conditions of the investment and any strategies for exit you wish to include.
If, however, you want to live in the property that you buy with your Mate there can still be ways to create an income whilst you are living there.
Below are some options for you to look into either as an income generator for your property or a cost reduction for your home.
If you want to live in the home but still want to make an ongoing or frequent income from spare bedrooms or space in the home, you can list the property on Airbnb. Probably one of the better known gig economies for generating revenue, you can use this platform to share your home, either on a temporary basis whilst you are there, or for periods when you are away from the home. You can use it to rent a room as and when additional income is needed, or offset the cost of your holiday accommodation by renting your home out to others whilst you are away. The income available from Airbnb depends on the location, style and time your property is available, but could be a great way to increase your revenue when needed.
This option for income, can now be extended further- with you renting the spare outdoor space you have, to set up a tent or camper trailer. Home Camper allows you to help individuals find the great outdoors, whilst also receiving an income as and when you want it. Whilst this option does require space and may not be for everyone, if you have a spare backyard to take advantage of, it may make you an additional $10-$20 per day.