Times are hard and cash is tight! Your home is likely to be one of your main assets and good capitalists know to ‘sweat’ their assets. Below are some ideas to help you raise some cash using your home.
Earn Some Rent
- Take in a Lodger on short term or long term basis. Consider weekday renting Monday-to-Friday. This is popular in commuter areas and you get your room back at weekends. English language schools and some universities need “host” families for students.
- Rent out your home for key events like local horse racing, sports events, Olympics or conferences.
- Look at Home Exchanges to fund your holiday there are numerous web sites to register.
- Advertise garage, shed, cellar or attic space as storage. Other ideas on www.spareground.co.uk and renting out land for weddings, parties or camping.
- Unhotels or’ One Fine Stay’ is a business that opens up luxury homes in London to tourists when the owners are are away. Live like a local is the catch phrase and the aim is to return a sum equal to a normal rent to the home owner. The added value services of cleaning, reception and room service are provided by the company.
- Depending on location you could earn up to £500 a month by renting out a driveway, allocated parking space or unused garage, particularly if you live near a football stadium or train station where demand for parking is high. Register your space on ParkatmyHouse.com or YourParkingSpace
Work with Your Home
- Is your property unique or suitable to rent to a film or TV production company. They are often looking for new and interesting venues to film. The Collective and Lavish Locations is often keen to hear from owners of spacious family homes.
- Consider running a bed and breakfast business if you have the bedrooms.
- Tutoring at home is a good way for university students or graduates to make a bit of extra cash. It’s free to register your tutoring skills with First Tutors and Personal Tutors; the money’s not bad either.
- Grow your own food in a year-round vegetable garden and keep chickens and bees. The you can sell your home-grown produce at local shops, markets or from home.
- Use your home as an office or business base or even let someone else. Party plan and Avon selling has dramatically increased as the recession has bitten. Beware of the rules and regs including sub letting or capital gains tax.
Other Ideas
- Can you sell a chunk of land or part of your garden to a developer to build on
- Look at equity release schemes to generate extra cash. There are two main types, home reversion schemes and lifetime mortgages and may work for older people with substantial equity in the house..
- Sell unwanted possessions in a garage sale or via Ebay.
- Get paid to look after someone’s home as a house sitter. Wealthy owners are reluctant to leave quality properties unoccupied and they tend to take more holidays than most. Try a good agency like Home Sitters UK.
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