Top 10 ways to make money from your home

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by: bythesea
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Date: Fri, 4 Jun 2010 Time: 3:45 AM
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With household expenditure rising, more and more hard-pressed homeowners are coming up with novel ways of making money from their bricks and mortar. Here we look at some of the best ways in which you can make your house work for you.

Take in a lodger

One of the easiest ways of making your home earn its keep is by renting out a spare room.

The number of homeowners taking in a lodger has tripled in the last 12 months from 388,000 to 981,000 (*), and the average monthly rent stands at £393 - which equates to an extra £4,716 a year (*).

Not only can you share the mortgage, but you can also benefit from the government's "rent-a-room" scheme which allows you to earn £4,250 tax-free. For more information go to easyroommate.co.uk or spareroom.co.uk

Monday-to-Friday letting

If you want to have your weekends to yourself, consider registering your home with the likes of weekday renting website mondaytofriday.com. You should be able to earn about 60 per cent of the usual weekly rent for your area, but as with any lodger, get references, sign agreements, and tell your mortgage provider and insurer.

Host a holidaymaker

Another way you can earn cash from your extra space is by allowing tourists to stay for a night or two.

You can offer your home as a budget-friendly alternative to a hotel on crashpadder.com and can list anything from a spare bedroom to an air-bed in a corridor; average rates are around £25 per night.

Hosts can check out their guest's profile via the website, and payments are made in advance through the site.

Take in a foreign student

Many English language schools and colleges - as well as some universities - need "host" families for students.

As a host, you need to provide a bedroom, meals and laundry facilities, and make the student feel welcome; in return you can earn from £80-£150 per student per week before expenses; register with sites such as anglophiles.com.

Rent for an event

If you live near the venue for a major event such as Wimbledon, Henley or Ascot, or a festival such as Glastonbury or Edinburgh, you can make some extra money by letting your home for a few nights to fans.

Be aware however, that if you decide on a short-term contract, you must inform HMRC of any tax liability; for more details visit the HMRC website.

Offer a daytime office

If you work away from home, find someone who needs a small, quiet work-space and let them work there while you're out. You will need to get references, agreements and permissions, but you could earn around half the usual rental amount for your area.

Cash in on your driveway

There's money to be made by renting out a parking space, driveway or garage, and particularly if you live near a city centre, transport hub, hospital, or sport or concert venue.

Earnings will depend on the location, demand and the security of your space, but you can pocket up to £120 a month; visit parkatmyhouse.co.uk or yourparkingspace.co.uk.

Become a film location

You can earn a healthy sum by renting out your home as a TV or film set - or to an advertising company.

Many directors are looking for ordinary homes and flats and will pay handsomely for the privilege.

Rates vary, but fees can start from £500 a day; visit locationpartnership.com and amazingspace.co.uk.

Sell your storage space

If you've got a garage, shed, cellar or attic that you don't use, advertise it on classified websites such as yakaz.co.uk or adzooks.co.uk; lock-up garages go for around £30 a month.

Offer up your garden

Allotments are in short supply - and especially in major cities - so if you've got one, rent it out.

Once you found individuals who want to use it, draw up a basic contract for them to sign setting out exactly when the garden can be used, and what it can be used for.

Notes:
(*) Abbey Mortgages.

About the Author

If you your household expenditure is constantly rising it might be worth comparing mortgages online to find the best mortgage deals available to you.