Before you go hunting out the latest remortgage rates trying to find the best remortgage deals, why not think of some more creative ways that you could earn some money from your home. Although, there are plenty of other ways to earn that extra bit of cash in a more creative, and perhaps more enjoyable way. Here we will give you 10 different and creative ways to use your home to gain that extra bit of capital.
1 Have a Foreign Language Student or visiting Lecturer rent a room: As English is still widely used across the World especially for business then the UK is a popular spot for overseas students to learn English. As such a number of Language Schools have sprouted up across the UK and what do overseas students need, yes, somewhere to stay. So the opportunity here is rent a room to a Language Student on a short term basis! Finding out where if there is a school near you is a good start.
2 Be a star, darling: Ever wondered where all these TV programs such as ‘Silent Witness’ and ‘Emmerdale’ find their outside locations? Well they usually find them through agents, who represent normal people, who are hiring out their house, as backdrops to films and TV programs, for a fee, of up to a £1000 a day. No way! Yes, it may well be a surprise to you but, magazines, TV companies and Film Studios are always on the lookout for places to feature as backdrops. As most of these organisations are based around London we consequently see the highest demand from inside the M25, however there will be demand for other areas, ‘Holly Oaks’ springs to mind! Filming would probably be just of the outside of your house for those exit and entry scenes with all interior scenes being shot in a studio. A number of organisations exist who could act as agent for you and your home and though it is often free to sign up to these agent they will expect a fee in the form of commission once a company has signed up to use your home. So, good money for a little bit of effort, well it may be but you need to remember that you will be put out, maybe asked to leave during filming so any money earned would have to compensate for this.
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 drive is properly advertised.
4 Take in a Lodger: One of the most effective ways to make money from your home is to rent out a room to a lodger. Earnings from a lodger can be significant and the Governments Rent-a-Room scheme can allow up to £4250 to be earned, tax free in any one year. Other advantages when taking in a lodger include sharing household chores and obviously meeting new people. There are other advantages and disadvantages (mainly focused around losing some personal space) but if you can put up with all these, it’s the extra income that counts. Specialist websites have reported that in the past 12 months over 2500 more homes in the UK rented rooms to a lodger. There are obviously some precaution you should take before taking in a lodger which include checking your home insurance, receiving references and drawing up an agreement which detailing the rights of all those involved.
5 Monday to Friday Letting: So commuters are spending a small fortune nowadays just travelling in and out of work. And the prices have recently gone up! So one way they can get round this is to live nearer to work and cut the travel costs. This is where Monday to Friday letting (otherwise known as weekday letting) can help out. Commuters let a room in your property just for the weekdays (Monday night through to Thursday night) saving them time and money and allowing you to earn more dosh from that spare room. It also means you get your privacy back at the weekend and have the opportunity to me new people. With less people travelling you are also helping the environment too.
6 Start a Bed and Breakfast: OK so this may be drifting into the ‘major undertaking’ and ‘large effort’ arenas but this is an opportunity for some people, maybe the retired, the recently unemployed or redundant. This is probably not the best idea for those of you with already busy lives but if you like a challenge!! Firstly it does help if the place you live in is the sort of place that attracts Customer to B&B’s. If it isn’t then you might want to move on. You will also have to understand the legislation that goes with running a B&B and a small business so this definitely a project for the determined. Again ‘Google’ provides information on all aspects of setting up a B&B including organisations that run course on this subject.
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 operate 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 Land that isn’t used? Sell it: It may well be that land you own maybe sought after by your neighbours, to improve access, extend a garden or widen a drive. If they want it, they may be prepared to pay for it. If it is land that isn’t being used, or won’t adversely affect your property and you need the cash, it could be an option!
10 Any old iron?: This is one of the easiest and quickest options to earn cash from your home. Take a look in your attic and in your garage and normally you will find items that you no longer use. These will have a value and can be sold through the likes of EBay or the local paper. There is also the opportunity to take them to the local car boot sale. This is a great way to free up space inside your own home and make some serious cash.
So, there you have it, an Englishman’s home is not only his castle, it’s a potential gold mine too!