Using Your Home as Your Business

Whether you are taking a voluntary of forced career break, want to stay at home with the kids or you already work from home and want to top up your income, there are more ways to earn from your property than you might think.

Here we look at some of the options open to you.

Overseas Students

Taking in a foreign student can be fun and very rewarding. It can give you and your family an opportunity to meet new people and learn a little about a new culture and perhaps a few new words too. It also pays quite well. Depending where you live (coastal towns and larger cities are most popular) a student will pay around £70 to £100 per week but bear in mind there will be increased costs of food, hot water, laundry and you may need to help ferry them to and from bus pickups for days out and so on. Many people have more than one and so the ‘margin’ can increase greatly. Some people have been known to move beds into dining rooms or even vacate their own bedroom to maximise income. An average house could see an income as high as £360 per week.

Rent a Room

More permanent than a student letting, renting a room to a lodger is a way to give yourself extra income throughout the entire year. Rents usually include all bills but a lodger will generally pay for, and prepare their own meals. Around £100 per week is common in many areas but it has to be said, many people do not like sharing their home for long periods and of course, you need to have complete trust in the tenant. The good news is that you will be allowed to earn up to £7500 every year before paying any tax with HMRC’s Rent a Room Scheme.

Become a Dog Sitter

Use your home and free time to look after other people’s dogs. A few years ago this was almost unheard of but with as many work longer hours it has become a growth industry. Expect about £90 per day but you’ll need to walk them and be responsible for their welfare so not something that should be rushed in to. Many dog sitters find their work highly rewarding and not just financially. Looking after a dog can be great fun, but handing it back and getting paid make it even better!

Rent Your Driveway

There are websites to help you do this and the potential to rent a parking space can be huge, especially if you live near a busy station or city centre. Many people earn around £1000 per year for doing almost nothing. It is unlikely to make you rich, but how nice would it be to go on a holiday that you haven’t had to pay for?

AirBnB

Not the only, but the best known short term rental site. Rent a room or your entire property and potentially earn £1000’s.

Rent for TV or Film

Watch anything on TV that isn’t studio shot and chances are, somebody is getting paid for their location. With so many channels, more programmes than ever before are being made and so more locations are needed. Any property might be suitable but unusual homes with good facilities such as parking and road networks are the most popular. You can expect a lot of inconvenience as an entire crew descends on your home, but it is also a fascinating experience and typically pays around £150 per hour.

There are other options too of course. If you are relocating for work or to move in with somebody else consider renting your property on an assured shorthold tenancy. You’ll receive a monthly rent and your tenant will be responsible for bills such as council tax, water, electricity and gas etc.

Many people opt for selling an unwanted property and releasing what is often a substantial amount of equity or at the very least, finally getting rid of a mortgage commitment. Firms such as House Buy Fast can make a swift no obligation offer but it is worth bearing in mind that this is likely to be below full market value.

Whatever you decide to do to maximise the earning potential of your home, it is well worth speaking to friends who might have experience that will be helpful and, before making a big commitment, take solid financial advice.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.