For most people, your home is the biggest asset you will ever own – and no doubt you have the debt to remind you. But although owning your own house can be a financial struggle, many people don’t realise the many things your home can do to make you money. So if you’re one of the many people who fork out for mortgage repayments every month, its time to start putting your house to work for you.
One of the most popular ways to make money from your home is to rent out a spare room. While many people are initially put off by the idea of having a lodger in their house, welcoming a new person into your home can be both socially and financially rewarding. Make sure you meet them first and discuss any potential issues, house rules etc., and draw up a legal contract to avoid any nastiness down the line. As long as you can find someone that you are happy to share your home with, taking in a lodger is a great way to have a source of income every month. You’ll even find yourself spending less on household bills, with another person around to contribute to the running costs of your home.
Another way to make money from your home is to sign up to an agency that hires out properties to photographers and directors to serve as locations for photo shoots, TV shows and films. Agencies look for many different types of property, and providing your home is tidy and clean anyone can sign up. This is a particularly successful way of making money if your home is unusual or unique in any way, or if it is in a sought-after location. With average rates of around $1000 a day, letting out your property as a location is a great way to make some extra cash from your home without any long-term commitment.
If you’re not living in your house full time – perhaps you have another property, or divide your time between homes – then a great way to make money is to sign up with a website like airbnb.com which allows you to rent out your property on a short-term basis to holidaymakers or businessmen visiting the area. You can make great money from letting out your house as temporary accommodation, with average rates for a 3 bedroom house coming in at over $100 a night. Or, you can go the whole hog and let out your property long term. With more people than ever choosing to rent a home rather than buy their own, the rental market has exploded in recent years and can be a fantastic source of income for those with properties that they don’t live in full time.
Your home is no doubt the most expensive thing you own, so why not get it to pay its way? Whether you want a quick short term injection of cash or a steady income, make your home work for you.