Home ownership can sometimes feel like a financial drain. However, it can also be a hidden source of income. Beyond selling your home or considering an equity release, there are many ways to generate money from your home. This post explores a few creative ways to turn your home into an income.
Take on a lodger
Got a room sitting empty? Taking on a lodger and charging them rent could allow you to make a little bit of extra money each month. It’s one of the simplest and most reliable ways to make money from your home, but it does mean letting a stranger live in your home.
A strict vetting process is key to make sure you find someone you trust. You’ll also need to put together a room rental agreement to protect yourself. The space you rent could be a bedroom, a basement or even an outbuilding – whatever space you choose, you need to make sure that it meets legal habitable requirements.
Become a homestay host
This is slightly similar to taking on a lodger, but involves providing shorter term stays to people who are traveling. People pay to stay in your home as a guest and you provide them with a bedroom. Some homestay hosts also provide extras like home-cooked meals and local knowledge. Unlike a traditional guesthouse, homestay guests typically want the experience of living with a local family – it could be a chance to test their English skills or to understand the culture better.
There are homestay sites where you can advertise your home. Make sure your fees aren’t too high and be prepared to make your home a welcoming space by getting rid of clutter and making their bedroom comfortable.
Rent out your driveway
If you’ve got a driveway, but haven’t got a vehicle parked on it, consider whether someone else could benefit from using your driveway.
There are sites that allow you to rent out your driveway as a parking space. If you live near attractions or an airport, this could be a great source of income. Alternatively, if you have any neighbors that have a car but don’t have a driveway, you could plan to make a deal with them in which they pay a small monthly fee to use your drive.
Let out your shed for storage
Your shed could also be rented out as a cheap storage unit. There are many people who are willing to pay extra for storage so that they have somewhere to place their overflowing possessions. If you don’t use your shed, consider whether this could be a viable source of income.
You’ll find several sites online for advertising local storage space. Make sure that the shed is cleared out, kept well maintained and secured against thieves to provide peace of mind.
Sell unused land
If you have a large estate, it’s possible that you may have some land that you don’t use. Consider whether you could sell this land to someone else.
To legally sell your land, you’ll need to work with real estate lawyers who have experience with land law. Once deeds for your land have been written up, you can then advertise your plot of land on an online listing site and hopefully attract some buyers. In rural areas, local farmers are likely to be the most popular buyers. In urban areas, your unused land could be sold to housing developers.
Sell your clutter
Got lots of possessions in your home that you no longer need? Selling this clutter could be a way to make money, free up space and make your home feel more organized.
Common clutter hotspots include attics, garages and bedrooms. Take the time to sort through the items you don’t want. Any unwanted items that are of little value can be thrown away or donated, while items that could still be of value can be sold online or sold locally (local options include yard sales, flea markets and second-hand stores).
Get into micro-farming
Most of us don’t have the spare land to start up a farm. However, microfarming is a viable option for those that have some extra space in their yard. This involves dedicating a small space to crops or livestock.
Excellent microfarming ideas include mushroom growing, herb gardening, beekeeping, small-scale chicken farming and tomato farming.
Sell surplus solar power
If you have solar panels on your property and you generate more energy than your home needs, it is possible to sell any excess energy you make back to the grid. This can be a green and passive way to make some extra money.
You can always invest in extra solar panels to take advantage of this if you currently don’t have enough panels to generate surplus energy. In fact, some people have set up solar farms in their backyards.
Register your home as a film location
Here is an exciting income solution to consider: you could register your home as a film location. Film production companies are always on the lookout for new locations that they can use for filming – everyday homes can be great for movie or TV scenes involving everyday characters. If your home is selected, you will get paid money for its usage. Just be wary that you will likely need to temporarily move out for the duration of the filming, and some of your possessions may need to be put into storage.
There are sites online where you can register your home as a film location. Be wary that your home may not always get chosen.
Put a billboard on your property
Installing a billboard on the side of your property could be another way to make money out of your home. If you live near a busy road, it could make a prime location for advertisers. Just be wary that neighbours may not always approve and getting permission could be difficult in some cases.
There are billboard companies that can build the billboard for you and help you find advertisers. You then get a small amount of income each time an advertiser uses your billboard.
