There are various ways to obtain some quick cash, from obtaining an unsecured loan, to remortgaging your property or through obtaining a secured loan. Although, there are plenty of other ways to earn that extra bit of cash in a more creative, and perhaps more enjoyable way. Here we will give you 10 different and creative ways to use your home to gain that extra bit of capital.
1 Be a host for language students: There are hundreds of secondary schools around the country who now participate in ‘Foreign Exchanges’. This is an educational project where the school works with other schools across Europe in the hope to help students learn a foreign language. The scheme works where students are given the opportunity to effectively ‘swap’ lives with a foreign student for a few days. This scheme has been extremely successful since its initial introduction and as a result, schools across the UK are continually looking for homes that are willing to host a foreign student. This is a fantastic option for homeowners who are not willing to permanently rent out their home to a tenant but are interested in meeting new people and learning about other cultures. Rates vary depending upon the organisation you are hosting with, but you could earn anything from £35 to £80 or more if you live in more central areas.
2 Be a movie location: Make your home famous! It may surprise you but, magazines, television and film companies are always looking for places to feature as backdrops for photo shoots and filming. The highest demand in the UK is for properties with good parking and large driveways located close to the M25 (where most of the major studios are found). A company may be interested in using the exterior of your home, in other words, your garden or any land you may have or they may prefer to use the interior of your property. There are various agencies through which you can sign up for free, but you will have to pay commission. Depending on how your property is being used and where exactly it is located, you could earn anything from £1000 a day; an attractive sum I’m sure you’ll agree! However, this is not a reliable source of income and can cause a lot of disruption to your home. Both you and your neighbours must be fully prepared as shoots can last from just one day to a couple of months.
3 Rent out your parking space: This has become an extremely popular concept for homes in more central areas of the UK. If you live within walking distance of an airport, train station, sports ground or arena, this could be a fantastic way to earn some money from your property. It is surprising how much someone will pay to borrow your drive to avoid expensive parking fees. Similarly, renting out your drive or garage to a commuter can also prove very lucrative. Commuters will typically pay around £75 a month to hire out a private space as it guarantees the safety of their vehicle. Homeowners are advised by sites such as www.parkatmyhouse.com to charge around 20% less than the standard event parking rates. Even with these price deductions though, a homeowner could earn anything from £50 to £300 per month. A further advantage is that it rarely interferes with the homeowner’s property or life. At www.yourparkingspace.co.uk you can register your home for free and they will do the paperwork to ensure your home is properly advertised.
4 Get a Lodger: Ok, perhaps not the most creative way to make money from your property, but it is by far the most effective. By taking on a lodger, you could earn up to £4250 a year, tax free, under the Governments Rent-a-Room scheme. Not only this but the housework and utility bills are then shared between the two of you. Plus it gives you a fantastic opportunity to meet new people and make new friendships. Flat share site, www.spareroom.co.uk reports that a huge 2700 more households in the UK have taken on a lodger over the past year. Following the recession, homeowners have realised just how financially significant it can be to rent out a bedroom. When looking for a lodger though, ensure that you complete all the mandatory references and paperwork to ensure that the lodger can afford the rental payments. Also produce a written agreement which outlines in detail the rights of each party and provide the lodger with a copy.
5 Weekday Renting: This is probably the most underused form of renting, which is surprising as it can be really quite beneficial to both the tenant and the homeowner. Also known as Monday to Friday Letting or Fractional Letting, this form of renting is designed especially for commuters. The idea is for the commuter to hire out a room in your home through the week to cut down on their commuting costs and hotel bills. It is a fantastic way for homeowners in the larger cities to earn some extra cash and it guarantees that your home becomes your own once again at the weekends, something which you can’t get if you have a lodger. Additionally, it provides another step forward for the UK to become a greener country as it minimizes the distance the commuter has to travel daily to work. Visit www.mondaytofriday.com for more information.
6 Run a B&B: This is a much larger project to take on board and is probably not advisable for homeowners already in full time work. However, this could be a perfect opportunity for retired individuals who are looking to earn some extra capital and also to keep busy. If you live in a desirable area and have a couple of spare rooms in your property, you could end up earning a significant income from creating a small Bed and Breakfast service. If you are interested in taking on such a project, you may need to consider whether or not you need planning permission for any renovations or building work that you are considering.
7 Rent a room as a daytime office: This is quite explanatory to be honest. There is a surprising level of workers who struggle to find a quiet and secluded place to work that is situated close to their work place. If you don’t have a bedroom to rent out, but have a spare room that isn’t being used for anything other than a bit of clutter, then this could be just the option for you! Offering a room to be a daytime office for someone will not only provide you with some extra cash, but it also gives you comfort in your home being occupied throughout the day.
8 Rent out your whole house: If you are looking to go and visit family for a considerable amount of time, during the summer perhaps, and you do not feel comfortable leaving it unoccupied, this could be a fantastic way to ensure your property’s security. Effectively your home could become a holiday home. If you live in a central or desirable location, you would be surprised how much interest there is in such properties.
9 Sell your garden: If you own a large amount of land which you are struggling to find a use for, then you could consider selling it. Farms across the country are continually looking to expand and will happily barter for a proportion of your land to use for animal grazing or crop rotation. Similarly, developers are always looking for areas to build on.
10 Clear out your Clutter: There are more innovative ways to clear out the bits and bobs you no longer use in your home than just uploading them onto EBay. How about holding a Garage Sale? Or pack up and head over to a Car Boot Sale? The latter can not only be enjoyable but you can shift your old gear and perhaps pick up a few bargains of your own too!
Who said earning money had to be monotonous? Break away from traditional ways of freeing up some extra cash and be a little more creative, you could earn more than you thought.