Make Extra Money from Home – 5 Simple Ideas

If you own your own home, then there are many ways that you can use it to earn some extra money for yourself. If you have a mortgage then you may need to check with your lender though and you may also need to inform your insurance company in case you need to take out extra cover. If you rent your home then it is unlikely that you will be able to do any of these things, although you could contact your landlord or letting agent to find out, if you are keen. However, there are very few barriers to you being able to make an income from the house that you live in. This could really help you out and could be convenient for those that cannot go out to work for any reason or want some extra income on top of what they earn form work.

Lodger

If you have a spare room then you could rent it out to a lodger. You will have to be prepared for them sharing the kitchen and living room with you but if you live alone or find a friend to lodge with you then you might find that this is a pleasure. They should help you out with the jobs and pay their share of the bills as well as some rent which means that you would be able to share a lot of the costs. It could bring in quite a bit of money and you can earn a certain amount of money from taking in a lodger before having to pay tax on it, so this could be useful as well. You would need to check with the tax office or complete a self-assessment tax return to be sure.

B&B

Some people prefer not to have someone staying with them all of the time but just to have them when they are on holiday or need a few nights to stay somewhere. This is when offering a B&B service can work well. The difference is of course, that you will be expected to provide breakfast. If you have a separate annexe then you might be able to leave them facilities to make their own breakfast but normally you would be expected to cook them something. Obviously, you would be able to advertise the type of breakfast that you can provide and do something which suits you. You would need to be up early in order to make the breakfast for when they are ready. If they are staying with you and going off to work in the morning then they may need to have breakfast pretty early.

Rent out attic or garage

If you have space in your attic or garage then you could rent it out for others to use for storage. There are many people that would like to store things that they do not use that often but they do not have enough to fill a storage locker. Then they will be looking for a smaller space at a reasonable price and you might be able to offer them that. You may need to pay extra insurance to cover their things, but you could allow for that in what you charge. If they are using the garage you could let it be their responsibility to insure the contents and you could let them have the key so they could use it without you having to be available to open it for them. With attic space you would need to be there to let them in, but it is likely that they would not want to access their things that often.

Rent out driveway

Some people rent out their driveway. This can be particularly good if you live near to offices which do not have enough parking spaces available. If this is the case then you can offer your driveway for someone to park on every day at a cheaper rate t the nearest car park. You would need to be prepared to move your car off the drive even if you are having a day off work so not moving it. There is also a risk that they may drip oil on your driveway so you would need to decide whether you were happy with that.

If you decide that any of these are for you then you will need to advertise. You could try advertising locally in newsagents or in the paper or online on local classified pages. However, there are also websites that you could advertise on that specialise in these services. They will charge you but it could allow you to more easily be paired up with someone and therefore start making money sooner. All income that you make would potentially be taxable but you may be able to claim some expenses depending on what you have decided to do.

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