Your home is a place to relax, unwind and spend time with loved ones, but it could be so much more. As an increasing number of people embrace home working, our homes are also becoming a place to launch businesses or build a career. However, it doesn’t have to stop there.
If you want to boost your income, take a look at these innovative ways you could make money with your home:
Host Photoshoots and Filming
Directors, producers and photographers are always looking for shooting locations and you can earn a significant amount by renting your property out for these purposes. Whether you live in a standard family home or on a spectacular estate, there’s a demand for all types of properties. Some bookings may only be for a few hours, whereas others may require access to your home for multiple days. However, you’ll be well-paid for the use of your home, so it can be a great way to make money from your property.
Rent Out a Room
If you’re happy to live with a tenant, renting out a room can be one of the easiest ways to make money from home. Providing you have a spare room or a separate annexe, you can make a significant amount by inviting someone to live in your property. However, do be aware that you may need to pay rental tax, so it’s important to seek advice first. In addition to this, you’ll want to ensure that accepting a tenant doesn’t breach your mortgage agreement or invalidate any insurance.
Foreign students are often looking for places to stay, so becoming a host can be a great way to meet new people and generate an income from your home. By signing up with nearby universities or colleges, for example, you can join existing schemes and welcome students at different times of the year.
Share Storage Space
If you have storage space that you’re not using, this could be an easy way to make money. Renting out your garage or even a shed can enable you to generate monthly income with minimal hassle. While you can make money by renting out storage space anywhere, it can be a particularly lucrative option in towns and cities where space is at a premium.
Offer Short-Term Stays
Allowing people to stay in your home on an ad hoc basis, for just one or two nights, can be a flexible way to make money. There are many well-known online platforms that enable homeowners to advertise a room or an entire property to holidaymakers, business travellers or tourists. It’s often free to sign up, so you can explore your options and see how much you could make before you decide to move forward.
Make Your Property Work for You
With so many different ways to generate revenue using your property, there’s an option to suit every homeowner. From making use of space you don’t need to getting a flatmate, making money from your property could be a savvy way to increase your income, boost your savings and repay your mortgage!