With the amount of money we put into our properties these days, it can sometimes seem like they are more of a drain than an asset. After making a downpayment for a property, the average person then has to spend thousands doing it up, and even after that there is always the danger that the fluctuating market will lower the property’s value by the time the owner comes to sell it.
However, in recent years it has become much easier to turn this around and instead have a property make money for you. While it is unlikely that you will ever make a living this way, unless you have a house big enough to turn into a five star hotel that is, supplementing your income in this way can be a great opportunity to carry out home improvements.
With that said, here are some of our favourite ways that you can earn money with your home.
In many cities in the UK, having a garden can be a premium. Still, if you are not particularly green fingered then you could struggle to think of what to do with your outdoor space. Granted, you could just turn your back lawn into a beautifully landscaped work of art, or you could have the space work for you by listing it as a camp site.
Campinmygarden.com is the world’s “first garden camping community”, and allows users to book or rent private outdoor spaces for camping. The website calls it an alternative to “traditional accommodation”, with a community of renters that already covers “every continent except Antarctica.”
“Do you prefer privacy, peace and uniqueness?”, the site asks. “Do you enjoy the friendly hospitality and local knowledge that is rare in large commercial campsites? If so, our wonderful garden owners are waiting to welcome you.”
Unfortunately, renting your garden out like this is not just a matter of leaving your gate open. You would need to provide certain amenities for your guests, including space, toilets and access to a cold water tap. You are also unlikely to earn more than around £10 per person per night.
Having said that, a big part of the appeal for these “micro campsites” is their size. Unlike standard commercial camping sites, these spaces are typically compact and more intimate, making them preferable for campers who don’t want to have to deal with noisy neighbours. This means that you are more likely to attract peaceful campers, and that you will never have to deal with dozens at once.
Believe it or not, you could be making bank on your home by offering it up as a filming location. Location agencies look for buildings that can be rented for both photoshoots and filming, and the right property could earn thousands a day.
“Being a shoot location can be fun and financially rewarding, but it is important that a location owner understands that it is not just a case of opening the door and allowing the money to roll in,” says Shootfactory, a London location agency.
Indeed, a standard film crew can contain dozens of workers who will be taking up space in your property. You will also have to think twice if you imagine that renting your home like this will give you a chance to hang out with your favourite star.
“The location should be presented in an immaculate condition on the day of hire, and you should be prepared to leave the property to allow a team to carry out the job they are hired to do, without the pressure of a location owner hanging around.”
Even if renting your home in this way is not too glamorous, it can still be highly lucrative. A London home rented out for a big budget film shoot could earn over £2,500 daily!
Having a spare room or annex in your property can provide more than just an opportunity to install a gym or man cave. Instead, you could decide to rent it out and have it generate money for you.
Although taking on lodgers is not a new idea, the growth of websites like Airbnb.com has made it much easier to rent space out, even if it’s only for a weekend. There are also tax incentives, with the government’s ‘Rent a Room’ scheme allowing you to earn up to £7,500 tax free from letting out furnished accommodation.
However, you will have a number of responsibilities as a private landlord, especially if you want to rent your property long term. For example, you will be legally obligated to keep all of your tenant’s utilities and appliances in tip top shape, and you will also be expected to cover the costs of any necessary repairs.
If you are unsure of how to go about letting out part of your property, your best bet will be to speak to an established local estate agent.
Finding a parking space can be a nightmare, especially during rush hour. Inner city car parks fill up quickly, and you could easily make yourself late for work as you drive around looking for another spot at the last minute.
The value that a well placed parking space can have has led to the growth of companies like JustPark, which allow homeowners to rent out their driveways. It’s an even better deal if you do not drive, since you would be making money from your parking space without having to make changes to your own routine.
What’s really remarkable about this example is that it can work for you even if you do not have a parking space. If you have the room, you could have a driveway specialist lay a new driveway for you, and then simply rent it out in order to make up the money. This would not take as long as you might think: the right space in the right location could bring in over £40 a day!
A number of larger properties come with attached outbuildings or annexes. They are often advertised as separate dwellings, providing opportunities for private renting or accommodating adult family members. However, there is also the option of turning them into valuable business space!
Converting an outbuilding into studio or office space holds a number of advantages which you might not be aware of. For example, local authorities are often happier to convert old buildings into business space than residential. This is because homeowners often desire aesthetic changes that can interfere with a property’s character. More business space also means more jobs for the local community!
Stephen heads the team for marketing, media and research at Plentific. He loves sharing insight and advice for the home services market. He has a keen interest in property renovations after successfully completing a number of property projects.