5 Ways to Make Money from Your Home

*This is a collaborative post on ways to make money from your home

Did you know that around 20% of working Brits have a second job boosting their income by, on average, £5,000 per year?

With budgets stretched and many households feeling increased financial pressure in the wake of Covid restrictions, it pays to be creative with how you top up your income. Why not use your home to create an income stream if you are a homeowner?

Read on for 5 ways to make money from your home.

Rent Out Your Driveway for Parking

If you have a driveway or garage that is often empty, renting it out for parking could be a great way to make money from your home.

Depending on the location and demand, you can get between £5-£25 an hour. All you need to do is post your offer online or through classifieds in local newspapers or via Parkatmyhouse. You’ll also need to make sure the property has enough space for cars to park, but if you have any friends who are looking for somewhere to park their vehicle while they’re visiting, this could be a perfect opportunity!

If you have a secure garage you aren’t using, you could charge more, especially if you are local to an airport. You need to make sure your garage is in good condition and secure before offering this. Ensure your garage doors are working correctly, you have secure locks, and your Garage flooring is suitable for driving cars in and out regularly. 

Rent Out Spare Rooms As Office Space

Are you a homeowner who has access to a spare room or two? Rooms are often in high demand for people looking for somewhere to work from home and if you have the room someone else needs, you can set your price and make it a mutually beneficial relationship. Make sure you are able to supply everything required such as a desk, chair, broadband connection etc.

Take in a Lodger

If you have a spare room, why not take in a lodger? Lodgers can provide you with an income stream of up to £12,000 per year. It’s no secret that the cost of living is soaring, and many people feel the pinch.

Taking in a lodger means you do not need to wait until retirement to make a pension contribution or rely on your savings because by giving someone else a roof over their head, they will pay rent to live with you. You could charge around £150-£200 per week, which would mean that as long as one person is living with you, then you would earn about £6,000-£10,000 each year from the rent alone!

Rent Out Your Home for Short Term Holiday Lets

You can rent out your flat or house for anything from a night up to six months if you live in the right area. However, be aware that you will need to make sure your property is professionally decorated and furnished and conforms to all safety regulations. You will also need to have public liability insurance cover against any accidents on site.

Then, all you have to do is show people around and take their money! Make sure you get references for potential customers and keep an eye on the house when it’s being rented out to avoid surprises.

Many websites offer holiday rental properties that can be booked online, such as Airbnb. These sites will list properties in various destinations and allow people who want to stay during peak times to book them in advance. You could make quite a tidy sum if you decide to go down this route!

Rent Your Home Out for TV and Film Locations

The UK has one of the most active TV and film industries globally. It’s easy to understand why when you consider that there are more than 50 major production companies based in London alone.

Renting out your home to TV and film productions can be a great way to make money from your home. However, you should only do this if it doesn’t interfere with your living spaces. For example, if you rent out your spare room, you may not want to leave clothes lying around because it could confuse the crew when they come in to set up their equipment. You’ll need to be organised and clean for this to work well for you.

A great way to find out about opportunities is by looking online. There are plenty of location agencies with listings for filmmakers or TV production companies looking for properties that match their needs.

When renting out your property for filming, always get a contract! This will ensure that no one damages any part of your property while on set and give you some security should anything go wrong during filming.