With the emergence of the sharing economy, homeowners are finding new and creative ways to make money out of their properties.
From renting out a spare room to selling outgrown baby clothes online, you can seriously boost your income by using your home. For instance, in the UK you can earn an extra £7500 tax-free just by getting in a lodger. And, there are lots of benefits in generating a passive income. It can help you pay off your mortgage faster, boost your pension pot or give you a helping hand in addressing financial difficulties.
In the UK alone, individuals owe a whopping £1.669 trillion in debt. So, if you want to avoid being forced to sell your home to pay off debt, creating a business out of your property is a truly great option. Because it requires little effort and no financial investment (unlike other schemes).
Here are five unique ways to make money from your home:
Hire your house out as a film set
There’s a lucrative market in hiring your home to film crews, magazine shoots, TV programmes and even blockbuster movies. The average fee homeowners can charge ranges wildly from a humble £500 to a more significant £2500 a day. And, lots of different types of properties and locations are in demand. So, don’t worry, you don’t need a townhouse in Notting Hill Gate or Primrose Hill to get hired.
However, prepare yourself for a bunch of random people turning up at your house and taking over. Think furniture being removed, total redecoration and not necessarily to your taste and lots of strangers milling around. Although film crews return everything to normal after the shoot, this level of intrusion isn’t for everyone.
And don’t forget, hiring your home can raise a few problems. To avoid getting into any trouble, check local regulations beforehand, in case you’re breaching any rules. Also, be considerate of your neighbours by communicating what’s happening, and asking permission when required and where possible.
Rent out your driveway
Do you live centrally, close to an airport or next to amazing transport connections? If yes, you can rent out your driveway or garage on average for £200 a month. Advertise locally or use a range of online marketplaces that specialise in finding parking spaces in private homes.
Sell your clutter
Decluttering isn’t only great if you want to make your home tidier, create more space and lightness. Rather than throwing away all your unwanted possessions, you can sell them instead. As the adage goes ‘one man’s trash, is another man’s treasure’. These days there’s a market for pretty much most things you have in your home from clothes, books and CD’s and old mobiles phones.
Just make sure you use reputable online retailers that use secure payment channels. Also, if you post on local social media forums, send all packages registered post and use common sense if you have people come to your house to pick up objects.
Turn your spare room or shed into an office to hire
With more people working remotely, the market for flexible office spaces is booming. Working from home can get lonely, and plenty of people don’t like working in coffee shops as they too busy and noisy. So, renting out a remote office is a perfect solution for freelancers looking for affordable day rentals.
You will need a fully-decked out office-space with a strong internet connection— a corner in your kitchen won’t suffice. You can expect to charge around £100 a day depending on your location and set-up.
Set up a supper club
If you see yourself as a bit of a master chef, then setting up your own supper club from home can be a fun and satisfying way to make some extra money.
Here are a few tips to help you set up your first supper club:
- Design a concept. For example, if you have knowledge of a special cuisine from a country or region like North Indian, Persian or Peruvian you can use these as your theme. Offering something that most people can’t find by going down the local high street will increase your supper clubs appeal.
- Decide a price. This will depend on the quality and type of the produce you’re using and whether you include alcohol or not.
- Mix up the guest list. Start by inviting friends and family to help you boost your confidence and help you test out ideas.
- Pay attention to the setting. Accessorise with candles, flowers and attractive cutlery. But, don’t worry, it doesn’t need to look like a restaurant. Rather, it’s more important you create a special authentic experience.
Making money from your home can both fun and easy. Word of warning, before you start posting adverts about your garage or making flyers for your office space, take time to plan. Do your homework first. For instance, find out local rates and speak to people who are doing similar things. Find out what’s worked best for them and what problems they’ve encountered. Lastly, start small and simple, so you get the hang of it and see if it suits you and your family’s lifestyle.