You pay a fortune in rent or mortgage, but there are ways to make your home contribute to its own upkeep - here are five of the best we've found
If you need some spare cash or a new regular source of income, you should consider making some money with your home. After all, your mortgage or rent is probably one of your highest monthly bills, so it makes sense to earn some extra cash actually using your home.
Of course, the ideas listed below aren’t suitable for everyone as some landlords or mortgage lenders will block them. That said, it's worth checking first as you could be missing out on a nice little earner.
1. Rent a room
Did you know that you can rent out a furnished room in your home and earn up to £4,250 a year without even telling the taxman? It’s a deliberate tax incentive to encourage people to rent out their spare rooms and ease the housing shortage, and it can mean you’re hundreds of pounds a month better off. You can read official guidance on this scheme here .
Of course, this does mean that you have someone else living in your home, which may not suit everyone. If you’d rather just earn an occasional extra income then you could advertise your spare room for short breaks, via Airbnb or Wimdu, particularly if you live in a popular city like London or Edinburgh.
2. Rent out your drive
We’re not just short of accommodation in the UK, some areas are chronically short of affordable parking for people going to work or travelling from a nearby airport.
Again, you can rent out your drive if you’re not using it, using a website like Just Park , Park On My Drive or YourParkingSpace.co.uk . Top parking spaces can fetch a couple of hundred a month, although £50 or thereabouts is more typical.
3. See your home in lights
This might not be the most sure-fire way to making a fortune with your home, but it is possible to rent yours out as a film set – especially if it’s quirky or charming. You can list your home via an online agency, although it will then usually take a cut if your property is then picked.
Film crews can pay hundreds of pounds to shoot in your home, although there’s not enough demand for this to be a regular pay packet. Of course, if your home was chosen by a major location scout then you could make a fortune, but that’s a bit like winning the lottery – it won’t happen if you don’t enter it, but it’s not hugely likely. Check out MyHouseYourShoot for examples of other available properties.
4. Sell stuff
Many people complain that their homes are crammed full of old possessions; CDs, books, ornaments, unworn clothes, old baby kit. If you’re not planning to use those again then why not sell them, clear some space and make some cash?
You could sell your old items at a car boot sale – just make sure you’re clear on how much you want for everything and whether you’re willing to haggle. Or you can sell via classifieds websites such as Preloved, eBay and Gumtree. Your local community may even have a dedicated Facebook page for selling, so it’s worth taking a look.
You can sell books, CDs, computer games and old electrical equipment via dedicated companies such as Music Magpie or CashInYourGadgets ; just be aware that you could probably make more money by selling the better items yourself.
Here's a longer guide to selling unwanted gear .
5. Host students
If you don’t want a permanent lodger but you do like the idea of occasionally earning some cash and helping a young person out then you could offer your home as a base for a foreign language or exchange student. Students will typically pay £100 a week for accommodation, including all bills and probably food. You may also be expected to make them a packed lunch each day.
However, as well as the cash you get to learn about a different culture and maybe even swap language skills. Contact your local language schools, colleges and universities to see if they offer a pairing service for would-be lodgers and hosts.
