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Have you ever sat in the front room of your own home, wondering how you can make some extra cash? You end up thinking of mad hair-brain schemes or the latest inventions, but how about thinking a little closer to home.
If you are a homeowner, I’m sure that many of you often think the only way your home could generate any extra income for you is through the property market, which also means selling your house and inevitably having to buy another. But what about if there is another way your property can increase your bank balance whilst also holding on to your home?
If you are fortunate enough to own your own home but are struggling to keep afloat, we have listed for you the top three ways you might be able to cash in on your home without having to sell up.
With the dramatic rise in apps and platforms such as Airbnb and Booking.com, every homeowner with as little as a spare room can sign up as a holiday let straight from their phone, simply by uploading a few photos and adding an attractive blurb to attract tourists to your home. It’s an easy and lucrative way to earn additional income with minimal effort as well as offering you the flexibility to put up or take down your listing whenever it suits you.
Even better, if you are going away for a while, rather than have your home sitting empty, why not rent out the whole house to a family looking to stay in the area? This is a great option if you don’t want a permeant tenant but may as well have your home making you some money whilst away on your holidays!
Taking in a Lodger
Similar to the holiday letting option is the opportunity the 21st century lends itself to taking in a lodger through the safe and secure means of platforms such as spareroom.com. If you have a spare bedroom and don’t mind a semi-stranger’s toothbrush in your bathroom or sharing your biscuits, then taking in a lodger is a lucrative way to make some each cash, especially if your home is in a desirable area such as close to a university, transport etc. Lodgers will generally pay good money for a spare room and there is plenty of demand, especially from young professions or postgraduate students who want an affordable but comfortable place to stay.
Letting out your garage or parking space
Do you open your garage door with dread, bracing yourself for wading through all the old Christmas tree decorations or boxes of your stuff from your kids who moved out years ago? Well, why not have a good clear out and put your garage to work for you! Lots of people are always looking for a bit of extra space, whether its tradespeople looking for a workspace to make furniture, bread, beer perhaps, or a start-up business looking for that extra bit of office space. If you play your cards rights, you would be likely to undercut local competitors on rent and have a steady income from it.
If this sounds like a bit too much effort, how about renting it out as storage, or even simpler yet, as a garage for someone else.
This leads me onto parking spaces. By simply having a space on your driveway is enough for you to make money from your own home, especially if you like somewhere that parking is at a premium, such as near a train station. People will pay good money to rent a space that they know will always be available, so why not give it a try.
James Johnson is the co-founder and CEO of FJP Investment