An Englishman’s home may be well be his castle, but there are some easy ways it can earn an income for a minimum effort. Here’s how:
Rent A Room – An Easy Money-Making Idea
This is the most obvious money-making idea. If you have a spare bedroom this is probably the easiest way to earn some extra income. In the UK you can earn up to £4250 tax-free from renting out a room in your home. Rented room rates vary considerably dependent upon where you live, whether the room you are providing is a single or double, and whether or not bills are included. If you live in a town or city it may be possible for you to just rent out a room Monday to Friday to someone who needs somewhere to stay in the week whilst they are at work. This is becoming quite popular now and may suit you if you don’t particularly want to have to share your home all the time.
You can get prospective tenants by advertising locally, by searching the Internet, or by contacting a local real estate agent. You will need to decide what is included in the rent, for example bills, although for ease it is probably wise to include them in the rent if you can. It is also wise to have a contract or tenancy agreement drawn up, which can be provided by your letting agent, or you can find templates online.
Take in Foreign Students – Another Way To Make Money From Your Home
This is another option if you have a spare bedroom or two. If you live in a town or city that has language schools it is worth contacting them to see if they require Homestay Accommodation for their foreign language students.
Colleges are usually desperate for Homestay Accommodation for their students, especially during the summer. The reasoning behind foreign language students staying with a host family is so they improve their language skills by integrating with a family. They will have to speak in the host family’s language and this immersion in everyday life should improve their grasp of the language they are trying to learn.
The advantage of this over having permanent tenants is that students are usually short-term, some for as little as a week. If you are unsure about having a tenant in for long periods of time this may be a better option for you as you have a bit more freedom to choose when you need to make some money and when you do not.
Rent Out A Parking Space – Make Money, Literally, Out of Nothing
As free parking is becoming an ever-decreasing luxury in towns and cities, if you have off-road parking you may wish to rent out a space to someone on a weekly, monthly, or even yearly basis. If there are shops and offices near your home, and on-street parking is metered, you may find there are people interested in renting from you.
Get some leaflets printed out and distribute them to local offices and places of work, or even place under windscreen wipers on cars parked in and around your street. Alternatively, ask local offices to put your advert on one of their notice boards. You’d be surprised how much interest, and money, you can generate.
Making Money by Renting Your House as a Film, TV, or Magazine Shoot Location
Television and film production companies are often looking for places to film, preferring these days to get an authentic look with real property, rather than build costly sets, which still don’t always look like the real thing. All shapes and sizes are desirable, so your home does not have to be anything out-of-the-ordinary.
Obviously, if there are film crews in your home you will suffer a lot of disturbance. Notwithstanding the volume of people who will be traipsing about your home, they may even want to redecorate and move furniture in or out. These are just some of the factors you will have to take into consideration if your property is chosen. However, if you think you can cope with the upheaval then the reward of seeing your property on television or the big screen should be very exciting.
Contact local production companies or sign up to some of the sites who specialize in finding film and television locations if you think this would interest you.
Major Money-Making Idea – Rent Your Home For A Major Sporting Event
This is a relatively new phenomenon in some areas, although certainly Wimbledon residents have been cashing in on short-term lets during the Wimbledon Tennis Championships fortnight for quite some time now. The rewards are very lucrative – up to £10,000 to let a four-bedroom house for the two weeks. All the owners have to do is tidy up, empty out some cupboards, and remove valuables. Most choose this time to go off on an exotic holiday, with the proceeds of their short-term letting income.
Certainly it is becoming more commonplace now with a host of Sydney residents at the Olympics renting out their properties and London residents are already taking. It seems that visitors, especially sports stars and celebrities, would prefer to stay in somewhere more anonymous than hotels these days and so someone else’s home is the perfect solution. It is worth checking with local estate agents or online to see if there are any sporting events near you where visitors are looking for properties to stay in.
If you live somewhere near where a major tournament is taking place, be it golf, Superbowl, or The Olympics, you may find that this could be the ideal money-making idea for you to earn some extra cash from your home.