How Savvy property owners and parents in Cambridge use their own home for profit and help their children in the process!
One of my neighbours decided for a career change and run a B&B in Scotland. He had a grow up son, who wanted to stay in the house so he put 2 and 2 together and made a business out of it.
His son keeps the master bedroom with its ensuite bathroom and rents the other 4 rooms to young sharers. When you look at rents of between £400 and £550 for double rooms here in Cambridge – that makes for a handsome profit each month.
This is ideal as it is beneficial in many ways: the parents get a payment every month, enough to pay rent somewhere else or pay the mortgage and the freedom to do whatever they want – and the son gets free accommodation, which is really useful to start saving for a deposit for a home or a BTL property.
My neighbours are extremely happy with the situation as in their case, the son has improved the house inside and out through the years and maintains the garden and communal facilities of the property ever so well – what a great learning curve for our young people to get to know the property investors’ secrets hands-on. There is no better way in my opinion!
