Pay off your mortgage with these simple ways to make money from your home
Need a quick cash injection? From renting out your space to selling your items, there are plenty of super simple ways to make money from your home.
1. Have a lodger
Make the most out of your home by renting out a spare room. You can earn up to £4,250 a year without paying tax so it’s well worth a try if money is tight. If you live in a city like London or Edinburgh, the shortage in housing will make it fairly easy to find a tenant. Before you start check all the electrics and plumbing are in good working order. Remember it is your responsibility to make sure your home is safe.
2. Consider a holiday let
The rise of Airbnb shows that holiday makers are keen to stay in real homes, packed with amenities and full of personality. If you live in a desirable location it’s worth considering Airbnb if you want to rent out your home. It’s good for an occasional source of extra income rather than have the hassle of living with lodgers full-time. If you love the idea of hosting guests, what about opening your own Bed and Breakfast?
3. Rent your drive
Live in the town centre or near a busy station? Chances are it will be easy to rent out your drive Obviously this is only worth doing if you’re not using it. Check out websites like Just Park or YourParkingSpace.co.uk. Top parking spaces can fetch a couple of hundred a month, although £50 or thereabouts is more typical.
4. Rent out some space
Got far too many bedrooms? Rent some space for people to store their belongings. Do a bit of research. Most dedicated storage facilities charge around £50-100 a month. If you just need an extra cash injection this could be for you.
5. Hire out your home
Rent out your a room in your home to a production company, and you could potentially earn around £500 a day. On average, properties can receive up to one to five bookings a year by signing up to an agency. Most agencies will usually charge £5 a month or £50 a year as a subscription fee.
6. Sell your items
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First things first, you need to deal with all the clutter. Once you’ve gone through all your possessions you can decide what is worth selling and what’s worth getting rid of. New items or expensive clothes can be sold on sites like eBay, while older items can be shifted at a car boot sale, which will charge around £7-10 for sellers.
Go on, it’s about time you were making money from your home.