Need some more money each month? Would a little bit of extra cash each month make things a little bit easier? No not debt, not high interest rate, no need to go hunting for the latest remortgage rates trying to find the best remortgage deals, just a little bit of extra effort and hey presto! Make money from your home! The top ten 10 creative ways to use your home to gain that extra bit of cash!
1 Have a Language Student Stay: English Language schools attract students from across the globe and these students need accommodation. Often for a short period of time such as a term. Schools exist across the UK, and renting a room to a language student is a good way of making some cash quickly and meeting new and exciting people.
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 Fill that empty car space: And make cash! Extremely popular around the major London airports where literally people are earning thousands this great way of earning extra dosh is now spreading across the rest of the country. Simple, yet brilliant, if you live near a train station, airport, arena or major sporting venue. All you have to do is simply rent out your car parking pace at a price that undercuts the major multi-storey and hey presto another income! You will be amazed at how much someone will pay each year in parking, just nip down your local multi-storey and see how much they charge, for me it’s 14 per day, that’s 70 per week! If you had a drive that was free during the day imaging how much you could earn, just from me! Specialist websites include advice and information on what you need to do and can help you market your parking space.
4 Rent a Room to Mr Lodger: Renting out a room to a lodger can be very rewarding both financially and also on a social level with the introduction of new people, acquaintances and friendships into your life. It is also possible to earn up to 4250 a year tax free under the Rent-A-Room scheme details of which are available on the DirectGov website. The disadvantages of taking on a lodger are in the main centred around the inconvenience of losing some privacy having someone else in your home, but if you can overcome this then the financial reward can make up for it. Specialist websites have reported that last year over 2500 more homes took in lodgers, which is believed to be a reflection of the economic situation and the realisation that income can be raised from that spare room. Thorough research should be undertaken before taking in a lodger and there are many sites on the internet that give really good advice, in essence there are some obvious checks that should be undertaken including the taking up of references, full interviewing of the potential lodger and the drawing up an agreement protecting each party.
5 Weekday Renting: This is probably the most underused form of renting, which is surprising as it can be really quite beneficial to both the tenant and the homeowner. Also known as Monday to Friday Letting or Fractional Letting, this form of renting is designed especially for commuters. The idea is for the commuter to hire out a room in your home through the week to cut down on their commuting costs and hotel bills. It is a fantastic way for homeowners in the larger cities to earn some more dosh and it guarantees that your home becomes your own once again at the weekends, something which you can’t get if you have a lodger. Additionally, it provides another step forward for the UK to become a greener country as it minimizes the distance the commuter has to travel daily to work.
6 The Bed & Breakfast Dream: And this has to be a dream really, a desire if you must because this is going to be a big undertaking that will require careful consideration, robust planning and a determination to make it work! It really isn’t for everybody, if you already have jobs, or young children and your hands are full taking on a project like this is going to be a recipe for disaster. However if you do have the time and it is what you really want to it can be very rewarding. Location is obviously important here, no point in having a B&B in a spot where nobody wants to go. Once that hurdle is jumped the next step will be to get to grip with all the legal aspects, financial implications etc. You will be starting up and running a small business so expert advice is needed. ‘Google’ as always can point you in the right direction and there are companies that offer courses in this area. There are more and getting the right advice is imperative.
7 By Night a Bedroom by Day a Rentable Office Space: There are business people out there that are looking for cheap office space to work from. It may be they work from home but can’t get the peace and quiet they need. It may be they don’t have the space but for whatever reason the market is there. This actually happened to me and I needed cheap office space because of the kids! This could be a good little money earner and worth an advert in the local paper.
8 If you are Not in your House, Couldn’t Someone Else Be: Having a unoccupied house is like throwing money down the drain. Rent it out. People will rent for short periods but this obviously works best if you are away for an extended period. You need to trust them and preferably use an agent so the protection is in place. Could be good money though!
9 Land that isn’t used? Sell it: It may well be that grounds 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!
James writes for JustRemortgages.com one of the UK’s leading sites for finding the latest remortgage rates, and the best remortgage deals available in the market.
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