Owning a home can be very expensive, but there are plenty of ways you can generate money from your home to help with costs. Some things you will be able to implement straight away, others may require an initial investment in order to generate plentiful returns. Here are just some of your options:
Rent out your driveway
Starting off nice and simple, renting out your driveway is a great way to generate additional income. There are now various platforms available for managing the rental of your driveway. Particularly popular in busy cities, driveway rental is ideal because it is a passive form of income and requires very little maintenance. Before renting out your drive, ensure you have good buildings and home insurance in case of any accidents.
Rent out storage
Similar to a driveway, renting out storage is another great way to earn passive income from your home. Existing spare storage in your home can be rented out for a range of purposes, from small business owners to students going home for the summer. If you don’t have any spare storage available, consider investing in built-in storage to maximise your renting potential.
Rent out your whole home
If you’re lucky enough to be heading off on holiday, or even for a weekend away, at any point then renting out your whole home whilst you’re away is a good way to contribute to the costs of your holiday. This requires more maintenance than simply renting out your driveway or storage, but the benefits can be greater too. If you have pets, you could consider reducing the rate you rent out for in exchange for pet sitting if this is something you feel comfortable with. That way you are making money from renting, saving money on pet care and your pets don’t have to leave a space where they feel comfortable.
Rent to a lodger
Do you have a spare room sitting empty? Getting a lodger is a useful way to earn regular income from your home. Do some research online into how much average rent is in your local area and then advertise. Before renting out a spare room, make sure to check the terms and conditions of your home insurance policy and mortgage.
Rent out your possessions
This may sound unconventional, but you likely own something that others would like to use but don’t want to purchase. Prime examples include garden electricals such as lawnmowers. Those with small homes may need to use a lawn mower but don’t have the financial or storage capacity to purchase one. Therefore, you can generate income by renting out these items on a long or short-term basis depending on demand. Make sure your items are covered by insurance in case anything happens to them whilst they are being rented out.
