Seven ways to make money from your home (without selling it)

If you’re strapped for cash there are several ways to use your home to boost your income. In the era of the “sharing economy” people are coining it in by renting out anything from a spare room to a garden shed. We’ve looked at seven of the best ways to make extra money from your home.

1. Take in a lodger

Under the Government’s Rent A Room scheme homeowners can earn up to £7,500 a year tax-free by renting a furnished room to a lodger. Unlike renting a whole property to tenants, renting a room is done using a lodger agreement or licence which is more weighted in the landlord’s favour. Bills are usually included in the rent. You can advertise for a lodger on spareroom.co.uk or mondaytofriday.com if you’re just looking for a weeknight lodger.

2. Be on TV

TV and film production companies are always on the lookout for homes to use for filming. Your place doesn’t need to be Downton Abbey to be in demand – TV programmes are shot anywhere from council estates to typical family homes. To get involved register your property with an agency such as Lavish Locations (lavishlocations.com).

3. Rent your parking space

Your parking space or driveway could be a goldmine if you live near a train station or anywhere else where parking is in high demand or expensive. Websites such as justpark.com and yourparkingspace.co.uk put drivers in touch with people with a spare parking space.

4. Store other people’s stuff

Storemates.co.uk connects people with unused storage space with those who need space to store anything from paperwork to sports equipment. Storage space can be anything from the attic or basement to a shed in the garden. You set your own rates with most people charging about 50% of the cost of professional self storage.

5. Declutter

One man’s trash is another man’s treasure so they say. Take a look around your home and see if there is anything you don’t need or don’t use. Ziffit.com will give you an instant price for books, CDs, DVDs and computer games, or you can list items on ebay.co.uk for auction. If you’d prefer to get rid of a lot of things in one go, consider a car boot sale or garage sale.

6. Throw a party

Direct selling might conjure up images of Tupperware and Avon, but these days you can flog anything from kitchen equipment with Pampered Chef to jewellery and accessories with Stella & Dot – all without leaving the comfort of your home. Sellers earn commission on the products they sell with the keenest becoming sales managers and recruiting other sale staff.

7. Airbnb

This is another more obvious one, but beware - you'll also have to comply with some strict conditions. Airbnb.com and similar sites enable homeowners to rent a spare room, or the whole property if you’re away. But you'll have to keep the place clean and tidy, be available when your guest needs you, and provide basic ammenities such as soap, toilet paper, sheets and towels.

Happy Investing

Source:Yahoofinance.com