Many of us will start the New Year hunting out the latest remortgage rates trying to find the best remortgage deals, but why not think of some more creative ways that you could earn some money from your home? (Legally without getting yourself into debt and tied over a barrel with ridiculous interest rates!) If a bit of hard work doesn’t put you off try our top ten ways of making money out of your house!
1 The Language of Money: English is generally recognised as a global language and the UK has a number of Language Schools that specialise in teaching overseas students English. These students often only stay for a short period of time but during their stay need a place to stay. This is where you step in. Renting a room to a student can be financially rewarding whilst not committing you to a long term lodger. Plus you also get the chance to meet new people and experience new cultures. Check out the internet to find a school near you.
2 Be a movie star: Well not so much you but your home! Every day on the TV you see programs that have been filmed at someone’s house, think of ‘Gavin and Stacey’ or ‘Balamory’ or the thousands of other films, TV programs and magazine shoots that have featured someone’s house. And that someone was paid for the privilege! If you live inside the M25 then this is really an option for you as most of the media organisations are based there. However, there will be requirements across the UK, think of ‘Bread’ and ‘Last of the Summer Wine’. It will normally bethe outside of your house required as backdrops (i.e. the scene you see of people being waved off from a door) as internal scenes will normally be shot in a studio. There are agents that will act as introducers, they are normally free to sign up to but will take a commission on any successful work they place with you. Dependent on your location and type of property or land payments could be up to a £1000 per day. However there could be disruption to both yourselves and potentially your neighbours which you would need to consider. An exciting way to make some extra cash though!
3 Rent out your parking space: This has become an extremely popular concept for homes in more central areas of the UK. If you live within walking distance of an airport, train station, sports ground or arena, this could be a fantastic way to earn some money from your property. It is surprising how much someone will pay to borrow your drive to avoid expensive parking fees. Similarly, renting out your drive or garage to a commuter can also prove very lucrative. Commuters will typically pay around £75 a month to hire out a private space as it guarantees the safety of their vehicle. Specialist websites advise homeowners to charge around 20% less than the standard event parking rates. Even with these price deductions though, a homeowner could earn anything from £50 to £300 per month. A further advantage is that it rarely interferes with the homeowner’s property or life. Many of the websites offer free registration and they will do the paperwork to ensure your parking space is properly advertised.
4 Put Up a Lodger in that Spare Room: Renting a spare room to a lodger can be a great way to make extra cash and because of the ‘Rent-A-Room’ scheme run by the Government you can earn up to £4250 tax free every year. Ok so you may lose a bit of privacy but think of the extra cash and the excitement of meeting new people and making new friendships! And you won’t be alone, according to various sources, the British are taking in more and more lodgers. With finances getting tighter and tighter, making cash from that empty spare room really appeals to us! Of course you can also benefit from sharing bills and sharing the work needed around the house. You do, of course, need to look up how to find a lodger safely as there are some basic rules you will need to follow, including taking up references, having an agreement in place and interviewing potential lodgers properly. But again loads of sources of information on the web to help you with this. If this is for you and you want to know more about the ‘Rent-A-Room’ scheme visit the DirectGov website.
5 Mid Week Letting: Commuters, why not live nearer work and travel less, spend more time in bed or be in the office first? Homeowners (in cities) why not rent out your spare room to a commuter during the week? Saving the commuter cash, giving them more time and earning you more cash. All for a minor inconvenience. But think of the excitement of meeting new people, think of earning extra cash and think about the fact that every weekend you get your privacy back! If your working too and living in a big city this type of room letting can offers the best hassle to reward ratio. It’s a win-win-win situation for city dwellers with a spare room, commuters who want to save cash and the planet.
6 The B&B: I am sure many of us have considered this at some time. It looks exciting, it looks fun and I am sure it is rewarding. But to start from afresh and set up a fully functioning bed and breakfast, essentially a small business is going to be challenging. This is going to be a big project and is not for the faint hearted. It is also not going to be for the already busy, so if you’re hands are full now you may want to reconsider such a commitment. First of all getting good advice will be important so take a look round at the various organisations that can help (including Business Link) – they should give you an outline of what is required from a business and legal point of view. There are also private companies offering training course in how to set up a successful B&B and these may be worth looking at.
7 Rent a room as a daytime office: This is quite explanatory to be honest. There is a surprising level of workers who struggle to find a quiet and secluded place to work from that is situated close to their work place. If you don’t have a bedroom to rent out, but have a spare room that isn’t being used for anything other than a bit of clutter, then this could be just the option for you! Offering a room to be a daytime office for someone will not only provide you with some extra cash, but it also gives you comfort in your home being occupied throughout the day.
8 Going on holiday? Why not rent out your house?: If your house is in a desirable location or near a famous tourist spot then renting it out through an agency is a possibility. So if you are planning an extended trip and your home will be empty, think of the money you could be earning from your short term let!
9 Unwanted land? Sell it: Large tracts of land are going to be of interest to farmers for grazing, smaller tracts to those who own horses, but it may well be that even a very small amount of land could be valuable to a neighbour. Think about how a small bit of your land would make a big difference to your neighbour. Widen a drive, extend a garden, etc. And if you need the cash it could be a quick option!
10 Ebay: Any old and unused items you have in your home can now be easily sold using EBay. I f you don’t have access to a computer (though they have them in most libraries) you could consider the local paper or a car boot sale. Take a good look through every room including the attic and the garage. Be ruthless, if you haven’t used it for a couple of years then get rid. And don’t think nobody will buy your old cast offs because they will. That’s why ebay exists!
So, there you have it, an Englishman’s home is not only his castle, it’s a potential gold mine too!
