Owning a home can be a pricey investment. However, you can make money from your home while you’re living in it. You’ll be surprised at the creative ways you can maximise your space to get a respectable income. We’ve got some ideas that will get you the most out of your home.
Rent out a spare room
If you have a spare bedroom, don’t let it fill up with your clutter. Instead, you can look at renting it out and make a little bit of money. This will be especially lucrative if you live near a university or in a busy city, where people are looking for affordable accommodation. You will need to pay tax on your earnings, however the government has their “Rent a Room” scheme which allows you to earn £7500 a year tax-free.
Showcase your home
If your house is quirky, or if it looks straight out of the time period it was built, you could make a good profit from allowing film crews to use your house as a set. It can be a bit invasive and the hours long but there’s a lot of money to be made in a short amount of time. Big film companies will leave your house as they found it, so if you don’t mind leaving the house for a couple of days this could be an interesting option.
Rent out your drive
Nobody likes trying to find a parking space, so if you have a driveway space you don’t use then consider renting it out to someone else. If you live near a busy city centre where parking is pricey, you could see yourself making a nice profit. Another place where this could be a popular choice is near an airport – the parking can be expensive and if you throw in an airport transfer you could be onto a winner.
Create some storage space
Have you got a garage that is full of clutter you could get rid of? An attic that has never seen the light of day? You can use these spaces to make money – simply rent out the space for people to use as storage. This can be one of the less intrusive ways of making money in your home, as people usually won’t want to access their storage very often. Make sure to contact your contents insurance provider to make sure you’re still covered if you do this.
Become a holiday let
If you own a home in a tourist area, you can make a good profit letting it out. If you own a property as your own holiday home, it’s likely that you won’t be using it for the majority of the year. Renting it out as a holiday let when you aren’t there means not only do you get your dream property but you’re also making a profit off it!
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