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

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

Buying your own home is a huge 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 house could end up paying for itself. However some of these options you may need to inform your home insurance company, so bare that in mind.

Read more: Woman’s TV property show nightmare as she gets window measurements wrong while renovating Welsh home by herself

1. Rent your house as a filming location

One of the first options to earn money from your home could be to rent out your house to be used as a filming location for TV adverts, films. One of the most unlikely ways you could earn money without having to do much at all. Whilst it could be a great money maker you may need to check with your insurance company whether they would cover this.

While it would be fun to see your home on TV ensure that they also have the needed insurance before agreeing to this, if you are interested in earning money this way you could contact film location agencies such as Shoot Factory, Lavish Locations or national broadcasters such as ITV and BBC.

This option has the potential to be a good earner for you, but unlikely to be consistent so that is something to consider. It may also seem exciting to see your house on TV, but bare in mind that it could be intrusive and disruptive with TV programmes taking a long time to film and bringing with them a lot of people and equipment.

2. Rent out your driveway

This one could see you bring in a good bit of spare income without any of the extra hassle. If you live in a city where parking is an issue or if you live near an airport this could be a good option for you.

You can get more information about this from Park on my Drive or Just Park are just two websites which can help you.

Depending on your location will affect how much you can charge for people to park on your drive. If you have permit parking you may have to check with your local council before you consider renting your driveway. However, one downside would be that you could be liable for any accidents while on your property, so would be a good idea to check with your insurance company first.

3. Rent out your spare room

One of the most popular ways to earn money from your home is to rent out your spare room, which may be an obvious option. However, there are many things to consider before you take in a lodger.

If this is a viable option for you, you may be eligible for the Rent a Room allowance that could earn you £7,500 a year tax-free, however you’d need to declare this income and complete a tax return.

To get the most money out of renting your spare room it would need access to amenities such as an en-suite shower/bath. You would also need to allow the use of cooking and cleaning facilities. Another option to this that may be less full on and intrusive, and allows you a little time to yourself, is if you rent out the room to a working professional who would only need the room Monday-Friday.

To protect your interests as well as the person renting a room from you it would be best practice to sign a contract up and as you would if you rented a property take one month’s deposit and come to an agreement on house rules.

Another option to this would be to host an international student. This could again vary financially depending on your facilities but by being a host family, money earned is generally 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 sign-up fees, you can find more information about this on Airbnb’s website.

While unlike renting a room you are able to decide when people stay and amend prices if there are events in the area that would attract people. However, you would possibly need to leave your home if you have advertised the whole space, or you will be required to offer laundry services then such as bedding and towels.

Another downside to advertising on Airbnb would be that the guests that stay could steal or damage property. However, Airbnb does have a page of considerations that guests must agree to prior to booking which protects both parties.

5. Rent storage space

If your house is anything like mine then this certainly wouldn’t be an option for you. But if it isn’t bursting at the seams with every cupboard and drawer overflowing you can advertise your garage, spare room or attic to earn you some extra cash.

Sites such as Store Mates can help to advertise this where you can list the size of your space and how much you’d like for it’s rental.

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