Owning a home may be more expensive than ever, but it can also be an opportunity to make extra money. Here are just a few ways you can use your home to make a bit of extra money.
Take In A Lodger
If you’ve got a spare room lying empty, why not consider taking on a lodger? This could be a great idea if you live alone in a two-bed property and need some help paying the bills as well as some company. It could also be a great option if you’re a parent and your kids have moved out leaving you with rooms sitting empty. You could even convert an attic or garage into an extra bedroom if you don’t have any current bedrooms lying empty.
When finding a lodger, you’ll want to screen various people to find someone you trust. You could rent out the room on a long-term basis, or you could rent it out to people travelling for a few months. You could even rent out a space for the night as a guest room for holidaymakers or travelling professionals. Whatever the case, make sure that the room meets legal living requirements first and ensure that anyone else in your home is comfortable with the arrangement.
Rent Out Space As Storage
You could also rent out space in your home as storage for other people’s belongings. This could be anything from a garage to an attic to a shed. There are sites such as https://www.storeatmyhouse.com/ that can allow you to advertise this space locally. Consider investing in some security so that people can trust that you’ll keep their belongings safe.
Rent Out Your Garden As An Allotment
If you’ve got garden space that you don’t use, you could consider renting this out to keen gardeners in your area for growing plants. This could be particularly lucrative in an urban area where there may be lots of people living in apartments and properties without gardens of their own. This could be a front lawn space or your back garden.
Consider An Equity Release
The beauty of owning property is that it’s often likely to rise in value, particularly if you’ve made improvements to it whilst living there. You don’t have to sell the property to reap the rewards of this extra value – an equity release allows you to gain access to this money there and then. Sites such as http://www.responsibleequityrelease.co.uk/ offer more information on this service. Many people use an equity release to help give them a retirement fund, whilst other people use it as a means to travel – in many cases it can be multiple thousands of pounds. Such a strategy should be avoided if you plan to sell your property.
Rent Out Your Driveway
If you’ve got an empty driveway space, you could consider renting this out as a parking space on a site such as https://www.justpark.com/rent-out-a-parking-space/. This can be very profitable in urban areas or neighbourhoods near airports where local parking may be expensive, allowing you to undercut these prices. People can book and pay for parking through the site.