Using your home to make extra income
22 Jun, 2021
How to use your home to make extra income
Since the start of the Pandemic in 2020 household budgets have been stretched to the limit for many. If you are a homeowner, there are many ways in which you can use your home to make extra income. Have you ever considered using your home to make extra cash?
There is nothing new in the idea of using your home to raise extra money. Look at the large Country Estates that open their doors to the paying public to help maintain these properties. Longleat, Buckingham Palace, Blenheim palace to name but a few.
You may not live in a rambling Country Estate but there is still an opportunity to use your home to make extra income. Here are a few ideas, let’s start with the simple ones first:
Garage / Parking Spaces
Do you live close to a Station which is popular with commuters or near to a busy Town Centre with lots of Offices or an Airport?
If you have a garage or a driveway that you are not using, why not advertise it on a monthly or weekly rental basis. As we all know parking is at a premium, parking spaces in popular areas can command anywhere up to £200 per month! Ensure you have checked with your home insurance provider that you are covered for any accidental damage to your property if you are renting your land out.
More details about how to start earning cash from your driveway can be found here: https://www.moneysavingexpert.com/shopping/cheap-parking-rental/
Foreign Exchange Students
Once the Pandemic is over many families in this area will again consider hosting foreign exchange students who visit the UK to improve their English.
Renting your spare room to a foreign exchange student can command anywhere up to £150 per week depending on your area and the company organising the host visits. Fees can include Bed & Breakfast or Full Board including a packed lunch. Different Schools will have different rules and requirements.
The provision of good sleeping quarters, meals and packed lunches when the students have all day activities plus transport are possibly required. The speaking of English to the students is an important criteria. The length of the stay can be one week up to possibly four weeks.
For more details on how to get started renting your spare room out to foreign students click here https://www.moneymagpie.com/make-money/hosting-foreign-students
Become a Host Family for Overseas Students
Some local Private schools have overseas students who board full time with them, but whose parents live abroad and it is not always possible for these students to go home during the usual school holiday breaks. You could get in touch with a local school to see what opportunities there are to become a host family for a local overseas student.
For more information about how to become a host family visit https://academicfamilies.com/host-families-what-to-expect/
Local Colleges / Universities
Many students attending local colleges and Universities in Worthing and Brighton also require accommodation, many preferring to live within a family unit / home rather than living alone. Contact your local College or University if you have any available space to rent out to a student during Term Time. The College / University will be able to provide you will the full requirements for any such rental.
Business / Contractors
Some larger local companies have a list of homes where new staff can be accommodated until they settle into the area. During busy summer periods, local Air BnB properties may be full meaning these companies are looking for extra accommodation. This could be a short, medium or longer term let whilst the individuals are working in the area but not necessarily wishing to relocate.
Air BnB
Over the past few years this has become a very popular option for people when travelling, particularly those who prefer the freedom away from the normal “Hospitality” industry. Perhaps you live near a popular venue or festival where your home could be rented for the duration of the event, for example Brighton Pride. If you wish, it could be to rent your home for guests coming to a wedding where they can enjoy the festivities together. There are many possibilities here. If you are considering renting your home out via AirBnB, ensure you have included any extra costs for cleaning, check with your local Council about the rules on renting in your area and it would be courteous to inform your neighbours of your plan from a security point of view. Particularly if you are regularly renting the property to larger groups.
Rent your home for Film / Photography shoots
Many dramas and adverts require homes that have distinctive features, and they are very popular with photographers and magazine editors. The full range of domestic dwellings are used in a variety of different locations.
Worthing has recently been used as a location for a new film featuring Harry Styles, and the film crews were spotted at Worthing Lido last week filming for a new series featuring Actor Bill Nighy https://www.worthingherald.co.uk/business/bill-nighy-filming-in-worthing-star-spotted-at-lido-3274270
If you have an interesting space, that avocado or pink bathroom suite may be just the thing they are looking for! Some people particularly in the London area buy houses and decorate them with shoots in mind. Perhaps a gas hob could be put in superficially in the island of a kitchen so that it could be used in a cookery show. Daily rates start from £300 - £3,000 depending on the size of the film crew, it maybe for a film series or just purely for advertising.
Here's a look at some houses currently available to rent for film / photography shoots https://www.locationworks.com/search/index.php?search=art%20deco&area=0,0&page=3
Gardens
With more and more people taking up gardening as a hobby due to the Pandemic, gardens can feature in magazines and articles, particularly before and after and for competitions.
Do you have a large garden you struggle to maintain? Could you consider renting a space to a neighbour who may be interested in started a vegetable patch with their children. There are many possibilities to explore.
These are just a few of the ways your home can work for you. However you must check with your Landlord / Home Insurance Provider / Neighbours and HMRC to check that you are covered for all eventualities.
Before you embark on any of the suggestions mentioned above, you need to check with HMRC about the tax implications of this extra income, your home insurance provider to ensure you are covered for commercial usage and your local Council for any permissions required.