Does it seem that no matter how hard you try, you never have enough cash for a trip away because there’s always something else to pay out for when you least expect it? To help pay for those little extras, have you considered that your property can help to boost your income by renting the spare space in your home? Whether the kids have flown the nest or just need to prop up your monthly bills, read about some unusual ways people are making cash from their homes.
Before you start
There are some points to consider before you start looking at ways to generate an income from your home in order to maximise the space you have and ensure it’s ready to invite people. Uncluttering your untidy rooms, for example, is not only a good idea to make sure your home is welcoming but also a great reason to have a clear out, and possibly make money out of by selling on.
1. Offer up an office space
While it worked for JK Rowling to work from a coffee shop, not everyone wants to work in a distracting and noisy environment. However their own home just doesn’t have the options for working from there. If you have a desk or office space free in your home, you can rent it out at a daily rate from companies who have independent professionals on their books.
2. ‘Free’ Cash incentives
If you’re a pensioner you could be entitled to a reverse mortgage to convert into home equity and free up some cash flow which doesn’t have to be repaid during your lifetime. For anyone else, check your mortgage and taxes in order to ensure you’re entitled to make money from your property although everyone is eligible to qualify for a tax break of up to £1,000.
3. Take on a student
Usually taking place during the holiday seasons, it’s possible to rent out a room to foreign students while they’re studying in the country. This is suited to people who just want to rent for a short period. To bump up the cash even more, you can offer extra services such as laundry and maybe even teach them yourself!
4. Location, location, location
You can register your home with one of the many location agencies who are looking to use properties for film-making or photo-shoots for magazines. Although this might not always be regular work, the income you receive is usually a healthy sum and will not always intrude for weeks on end.
5. Rent out your garden
Did you know it is entirely possible to rent out your outdoor space to campers? Provided you have a big enough garden, micro-campsites are becoming more popular. People are looking for a cheaper alternative of where to stay – plus you don’t have to change any sheets!
The only thing left to to do is to work out which options you and your home will benefit from. Then start planning how you’re going to spend the extra cash.
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