9 Ways to Make Extra Cash From Your Home

19th June 2014 posted in Sellers Landlords

1.     Rent a Room Scheme – up to £4,250 per year

Take in a lodger and make up to £4,250 tax free with the rent a room scheme. Make sure you vet potential lodgers, asking for references and proof of income, and set up a lodger agreement so that everyone knows what’s expected from the start. If you live in an area where you can charge more than £4,250 per year, no problem, but you’ll need to submit a tax return and pay tax on anything that goes over both the Rent a Room allowance and your personal tax allowance.

2.     Host Short-Term Guests with the Sharing Economy

If you don’t mind doing lots of cleaning and laundry, sites like AirBnB and Wimdu provide a better-paying alternative to taking in a lodger. You’ll have people in your house less of the time, but you’ll need to manage bookings and have the commitment to act as a BnB host.

3.     Rent Your Loft, Shed or Garage as Storage Space

Though the income from renting storage space in your home isn’t exactly life-changing, it’s less invasive than renting rooms out, and of course it’s a very low-maintenance way of bringing in extra cash. Try storemates.co.uk and storeatmyhouse.com

4.     Rent Your Driveway

Try sites like parkingspace.co.uk and yourparkingspace.co.uk. Whether you’ll make good money depends on your location – city centre locations are gold – and whether you can provide security facilities or even a garage.

5.     Host Paying Guests During Major Events

If you live near the site of a major event, you could seriously cash in by only letting out to guests for the few days per year it happens. The 2012 Olympics were a famous example, but homeowners benefit from renting property out for regular events like Glastonbury, Ascot, the Edinburgh Festival, the Grand Prix and Wimbledon.

6.     Rent out Your Garden

The sharing economy has broken out of its four walls and extended into the garden. If you have a particularly big, pretty and well-maintained garden, you could rent it for events such as wedding receptions. If it’s rather more humble, yet with plenty of available soil, rent it out to keen vegetable growers. With the waiting lists for council allotments, there’s a great demand for alternatives.

7.     Be a Star of the Silver Screen

Earn between £500 and £2500 a day by renting your home out as a location for TV, film, and photo shoots. Be prepared, however, for a lot of disruption during the shoot – you might want to make yourself scarce for the duration. Register with an agency like Shoot Factory or Sarah Eastel – they are interested in modest properties as well as grand locations.

8.     Have a Part-Time Lodger

Like the idea of the Rent a Room scheme but want your home to yourself some of the time? Try getting a Monday-to-Friday lodger through Gumtree or MondayToFriday.com. It’s a good middle ground between having a full-time lodger and doing AirBnB, as you’ll spend minimal time on the admin side of things. You’ll likely need to provide cleaning, bed linen, and towels, though.

9.     Host a Dinner Party – Pending

AirBnB are piloting a scheme in San Francisco where homeowners are able to host dinner parties at their homes, charging around $25 per guest. With any luck, the scheme will be available in the UK before long. This could be an excellent earner if you’re a good cook with a speciality for a particular cuisine or dietary requirement, eg vegan, Indian, paleo, or gluten-free.