Ways to Make Money from your Home

If you own your own home, there are things that you can do which might enable you to make money form it. You will have to check with your mortgage company, if you do not own it outright and your insurer first though. Most will be okay with what you are doing and you could end up making a significant increase to your income.

Get a lodger

It can be a good idea to think about whether you want a lodger. There are advantages and disadvantages. You can charge them rent and make a fair bit of money for doing very little. However, you will need to share your home with them and so you will need to decide whether that is something that you are prepared to do. You might like some company if you live alone and if you have a friend that needs a room that will be even easier. However, if you live with your family it might be more intrusive if you have a lodger even if it is someone that you know.

Set up B&B

If you do not like the idea of someone living in your home all of the time, you might be happier to set up as a B&B. Then you will possibly have people there less often, although it depends how popular you will be and your location. With a B&B you will have to change the bedding between guests and clean the room and provide breakfast and possibly and evening meal as well. This will be a lot more work that getting a lodger as they will do all of this themselves. However, you can charge significantly more as a B&B but you will need to think about how you will advertise and how much this will cost you.

Rent out attic/garage space

Some people do not have enough room to store things but they do not have enough to fit in a whole storage locker. This means that they will be happy to leave them in someone’s house if they charge a lower amount, so that they consider it to be good value. Therefore, you will need to research how much local self-storage costs and price your space accordingly.

Rent your driveway

If you live near to an office where there is no car park, then you may find that people will happily pay to pay to park on your driveway. This can be especially good if you never use your driveway. You will have to make it available everyday and be prepared that you will need to move your car before they arrive and put it back after they leave even if you have a day off work so will not be driving your car that day. You will need to find an alternative place to park it if you are staying home that day.

These methods vary in how much money you will be able to make from them. It can depend on your location and the size of your house, how much space you have and your circumstances. For most of these, you may need to keep your home clean and tidy as you may find that people may not want to stay with you or store their items at your home if it is messy and dirty. You also need to make sure that you are aware that you will need to declare any income that you make to the tax man. Therefore you will need to fill out a self-assessment tax return so that the tax office can calculate whether you need to pay tax on those earnings.

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