When finances are tight, don’t forget that your house can help provide an additional income. Here we offer five ways to make money from your home that you may not have thought of before.
Consider a lodger
If you have spare rooms in your home, renting them out is a great idea to make some extra income without doing much at all. You could rent your rooms out to friends, international university students or simply advertise your room online. If you are renting your space out to someone you don’t know, there are ways to screen potential lodgers so that you don’t end up with a nightmare housemate! The money you gain from this could be used to pay of your mortgage, or just a way to make some extra passive income.
Equity release
Equity release lets you take tax-free cash from the value of your property which can be spent however you wish. If you’re wanting to get a bigger lump sum of money for travelling or making large home improvements without taking out a bank loan, finding out how equity release works might be something you want to consider.
Rent out your car parking
If you have a driveway outside of your home, renting parking space is a quick and easy way to make some money. There are many companies that can pair you with someone looking to park their car, either short term or long term, in exchange for payment. This could be something to look into if you live in a city, as city parking can be very expensive so you are more likely to gain customers. People may also use this as an alternative to airport parking while they are away on holiday, so this is great if you live in the vicinity of an airport.
Rent your space with Airbnb
Airbnb have noted that longer-term stays have been growing since the pandemic, so this might be something you want to look into. If you have a space, renting out your rooms with Airbnb is a relatively stress free way to make some extra money. Although you don’t have the opportunity to meet the people renting from you, you can check out their profiles on the website and see previous reviews left by others who they have stayed with. You can look to rent your space long term or short term, it is totally up to you.
Go green
Another way to make money from your home could be through installing solar panels and creating a more eco-friendly home. It has been reported that solar panels can save you over ÂŁ400 a year on your energy bills, plus up to ÂŁ110 for selling your excess energy back to the suppliers. Smart heating controls may also be a good idea, as they are simple to install and mean that you can control your heating settings from your phone, saving you from the pain of realising you forgot to turn off your heating before you left the house!
