Top 5 ways your house can earn you money

Especially in economically difficult times, making use of your home to earn some extra cash can be a tempting idea, and there are a number of things you can do in this area to boost your income. This may involve a further mortgage on your property to free up some of the equity in your most important asset, but with lending criteria being somewhat tighter at times of economic downturn some of the other options may be worth considering instead.

Top 5 ways your house can earn you money

1. Hire out some parking space. If you live in a busy urban area, leasing your driveway for parking during the day can bring in some ready cash every month. This is a particular winner if you happen to live close to a big sporting venue or a commuter railway station, where parking will be at a premium. £75 a month is typical of what commuters are willing to pay for parking space near a railway station. If you have an empty garage you could try renting that out to a local resident that has no garage space.

2. Clear out the odds and ends and sell them on eBay. There are also plenty of other websites on which to try selling all your accumulated gadgets, and even if you don’t think they’re worth much you might be pleasantly surprised at how much you can realise whilst freeing up some space in your home.

3. Rent a room to a lodger. Lots of people take in a lodger or two for extra cash to help pay the mortgage and utility bills. This is a good option if you live close to a university, as lodging is coming back into fashion with students as a compromise between the full board of a hall of residence and the possible loneliness of a bedsit. There are sites on the internet where you can advertise a spare room and candidates will be thoroughly vetted before you even meet them.

4. Rent a room on a short-term home-stay basis. There are plenty of language students, for instance, who are in the UK on short courses and only need lodging for a few weeks or a month or two at most. Many of them are happy to pay generously for good, comfortable and friendly accommodation, and may throw in extra for additional home tuition.

5. Start a bed and breakfast business. Although there are a number of rules and regulations relating to safety and minimal standards when you open a B&B, plenty of people find that they have a natural gift for this type of business. There are standard procedures to go through when setting up a B&B but it’s not rocket science and can end up being quite lucrative as well as being fun, although there will also be some work involved as well.

 

More Top 5 ways your house can earn you money

You can also save money on energy bills by doing a few simple things such as making sure the property is properly insulated and that you are on the lowest available tariff with the best provider. Switching provider is a simple matter and there are plenty of comparison websites to help you compare energy providers. Make sure your heating system is clean and that the boiler is working optimally. Energy monitors are available free from some suppliers to help you keep an eye on your usage.

Top 5 ways your house can earn you money is a collaborative post  – you mihgt also like my post on how to have a stress free home