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.