Five ways you can make money from your house that anyone can try

Given the rising cost of living and some of us struggling to make ends meet, here are some ways to make money with your home.

Buying your own home is a great achievement and one of the best assets you can have, but also one of the most expensive costs each month if you have a mortgage.

By following some of our tips below, your home could end up paying for itself. However, some of these options may need to be reported to your home insurance company, so keep that in mind.

Read more: The woman’s TV show is a nightmare when she misses the window while renovating the Welsh house

1. Rent your home as a filming location

One of the first ways to make money with your home could be to rent your home and use it as a place to shoot TV commercials or movies. One of the most unlikely ways to make money without having to do much. Although it could be a big money maker, you might want to check with your insurance company if they would cover it.

While it may be fun to watch your home on TV, make sure they also have the necessary insurance before accepting this, if you are interested in making money this way you can contact movie location agencies like Shoot Factory, Lavish Locations or national broadcasters like such as ITV and BBC.

This option has the potential to be a good source of income for you, but it is unlikely to be consistent, so keep that in mind. It can also seem exciting to watch your home on TV, but keep in mind that it can be intrusive and disruptive, as TV shows take a long time to film and bring a lot of people and equipment.

2. Rent your driveway

This one could see that you bring in a lot of leftover revenue without any extra hassle. If you live in a city where parking is a problem or if you live near an airport, this might be a good option for you.

You can find out more about this on Park on my Drive or Just Park are just two websites that can help you.

Depending on your location, it will affect what you can charge for people to park in your unit. If you have a parking permit, you may want to check with your city council before considering renting your driveway. However, one downside would be that you could be responsible for any accidents while on your property, so it would be a good idea to check with your insurance company first.

3. Rent your free room

One of the most popular ways to make money with your home is to rent out your free room, which can be an obvious choice. However, there are many things to consider before hosting.

If this is a viable option for you, you may be eligible for the room rental allowance which could earn you £ 7,500 a year without tax, however you will need to declare this income and complete a tax return.

To get the most out of your free room rental, you would need access to amenities such as a private shower or bath. It would also have to allow the use of kitchen and cleaning facilities. Another option for this that can be less crowded and intrusive, and that allows you some time for yourself, is if you rent the room to a professional who would only need the room from Monday to Friday.

To protect your interests, as well as the person who rents you a room, it would be better to sign a contract and, as you would if you rent a property, you charge a month’s deposit and come to an agreement on the rules of the house.

Another option would be to host an international student. This could vary financially depending on your facilities, but being a foster family, the money earned is usually tax-free as long as it does not exceed £ 7,500 a year.

4. Advertise it on AirBnB

Another option would be to advertise your home on Airbnb, you can advertise any space without registration fees, you can find more information about this on the Airbnb website.

Although unlike renting a room, you can decide when people stay and change prices if there are events in the area that attract people. However, you may have to leave your home if you have advertised the entire space or you will need to provide laundry services, such as bed linen and towels.

Another disadvantage of advertising on Airbnb would be that guests staying in it could steal or damage the property. However, Airbnb has a page of considerations that guests must accept before booking, which protects both parties.

5. Rent storage space

If your home is like mine, this would probably not be an option for you. But if you’re not bursting with all the overflowing cabinets and drawers, you can advertise your garage, spare room, or attic to make some extra money.

Sites like Store Mates can help you advertise this where you can indicate the size of your space and how much you want for rent.

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