We have gathered a few ideas for turning your home into a little earner. We’re not talking about long-term capital gains that involve renovations, extensions, redecorating, and then ultimately selling your home. We’re referring to immediate gains whilst living in your home.
And with this extra income, you could sooner than you’d hoped—perhaps you could replace the energy-inefficient boiler, upgrade your traditional sash and case windows, install a new kitchen, or lay beautiful parquet flooring on top of tired and draughty floorboards. Or maybe even take that dream holiday you’ve been planning in your head for years!
Rent out your spare bedroom
Taking in a lodger used to be quite common, and it’s a really effective way to earn extra money without having to work overtime in the office. Whether you advertise for a mature student, a young professional, a guest lecturer or consultant who will be working in the city for a few months, or a commuting professional who only needs a room during the week, you can earn up to £4,250/year (£354/month) tax-free under the government’s ‘Rent a Room’ scheme. There’s no need to declare this income or file a tax return unless you earn more than £4,250 in rent in one tax year.
Some good websites for finding lodgers include mondaytofriday.com, fivenights.com, roombuddies.co.uk, and spareroom.co.uk. You could also advertise on Gumtree or Airbnb, and ask friends or colleagues who work at one of the universities or hospitals if they know of any mature students or professionals looking for short- or long-term accommodation.
Become a tourist host
Now, not everyone is keen to take in a lodger, but have you considered using your spare bedroom for short-term holiday bookings on websites like Airbnb or Wimdu? It’s such an easy way to generate extra income, whenever it suits, without having to give up your privacy for more than a day or two at a time.
The summer is, of course, prime time for tourists, as well as visiting professionals attending conferences and such like. During the Edinburgh Festival, for example, you could potentially make hundreds of pounds a month—it doesn’t matter if your home is not in Edinburgh, because there is such high demand for accommodation that people are willing to stay outside of the city and travel each day.
In terms of vetting prospective guests, you can set house rules, request deposits, and restrict bookings to only those who have positive reviews from other hosts. What’s more, both sites provide cover as standard for accidental damage caused to your property. You have complete control and you can stop being a host at any time you like.
Most guest are likely to spend all day and most of the evening out of the house, so you probably won’t be too inconvenienced. Even if you just did it for a month or two during the summer, you could effectively pay for your annual holiday or next project without a great deal of time or effort required on your part. Sounds quite good, doesn’t’ it?
Make your home a star
Have you ever wondered who lives in the homes you see on tv shows and movies? More often than not, it’s people like you. Sometimes people are approached by location scouts on behalf of producers and directors who want to film in a specific area, in which case they will either knock on your door or post letters through all of the doors in the neighbourhood. Other times, home owners advertise their properties with reputable location agencies, such as Shootfactory or Film Locations, where tv and film crews can browse for suitable set locations.
You can make a hefty sum of money from doing this, sometimes thousands of pounds per day, depending on the size of your property and filming budget. You will, of course, be required to open your house up to a large number of people who will need to remove furnishings, perhaps alter the decor temporarily (with your prior agreement, and they will pay a professional to change it back), and bring in lighting equipment and cameras.
If filming is going to take place over a few days or weeks, you may have to move out. However, most crews will also arrange and pay for alternate accommodation in a rather nice apartment or hotel! At the end of it all, your house will be cleaned and left exactly as it was found (the location team take detailed ‘before’ pictures to ensure this happens).
Clyde Property is a leading independent, multiple award winning estate and letting agent with 30 years’ experience in selling and letting property in Scotland. Just call your local Clyde Property branch today, for friendly, impartial advice on finding your next dream home.