In our 2017 Income Booster Guide we talked about the urge to generate some extra income and how we could boost our income, which got me thinking about another resource that many of us have and that can make us some extra money – our homes. If you own your home, then there are ways of putting the house to work to make some extra money. Here are a few, including ones I have tried myself – with pros and cons of them.
Taking in a lodger
There’s a huge demand for housing these days and this has seen an old idea come back to life – taking in a lodger. The combination of people with spare, empty bedrooms and other people wanting to live in a certain area but unable to afford the full rent has led to the need for rooms to rent. I’ve done this one a couple of times, for students, and it can work but you need to be a little careful.
Remember, this person is going to be sharing your house so you could be eating meals with them, sharing bathroom rotations and even relaxing together, depending on the layout of your house and the person. Sure, they will likely have their own things to do but everyone spends time at home. So remember you need to be willing to share your home with a stranger for it to work.
Used as a film location
This is an exciting and interesting way to make a bit more money that isn’t a guaranteed source of income but if you need a boost for a holiday, a project or to clear a debt, then it could be an ideal solution. I did this once for an (unnamed) film company and it was great fun.
Having your home used as a film location can also generate a reasonable bit of cash assuming your home is what the film companies are looking for at that time. Bear in mind, however, that you will need to move out while they are filming. The contract will include the cost of a hotel but you could be out of your home for a few days or even a few weeks depending on what they are filming.
A slight off-shot to this is if your home is in which case, photographers might pay for a short use of your home or a room in it for a photo shoot. This won’t pay as much as the film studios idea but it also less disruptive to your life if you don’t want to move out.
Set up with Airbnb
Airbnb is a massive new concept where people rent out a room in their home to holidaymakers for a short time. It has taken off in a big way and can be a good use for a spare room that can earn money when you want – say for a month in the summer or while the kids are away at university. You can list your home, facilities you have and local attractions to attract people but remember, you will have complete strangers staying in your home for their holiday.