Whether you’re a tenant or a homeowner, did you know there are plenty of ways to make money from your home? In true MoneyMagpie fashion, we’ve pulled together some of the most savvy ways to make extra cash from your living space to help pay the bills or have some spare to invest or save.
Make £7,500 Renting a Room
The Rent a Room scheme lets you take in a lodger to receive up to £7,500 a year tax-free. Lodgers need to access communal areas like the kitchen, but can have their own ensuite if their room is part of the main residence. The scheme doesn’t apply to annexes with separate entrances.
Lodgers come with other benefits, too. If you have pets, you could come to an arrangement for them to pet sit when you go on holiday. They offer added security too, with more people in the house (especially if you normally live alone). Your bills will go up a little, but their rent will cover those costs and then some.
Become a Cleanfluencer
If you love cleaning, you can make money as a social media sensation! Cleanfluencers are a niche – but large – corner of TikTok and Instagram, with some accounts having millions of followers.
Show people your tips and tricks for getting the house clean, and keeping it tidy, and your engaging content could earn you cash in sponsorships and advert revenue.
Rent Out Your Driveway
For people with a spare car parking space, especially those who live in an area where parking is at a premium, you can make extra cash every month. In central London, parking spaces go for thousands of pounds a month!
More realistically, however, are those spaces nearby train stations on lines close to hubs, such as Zone 4, 5, or 6 in London or near to cities like Birmingham, Leeds, Manchester, or Liverpool. You can arrange to rent out your space to a regular commuter if this is the case.
Or, if you live near a stadium or sports arena, make the most of people wanting to visit events by car. Use apps like JustPark to advertise your space at a competitive rate.
Rent Storage in Your Garage or Shed
Secure storage can be tricky to come by, especially if you only have a few boxes to store. Renting out your garage or shed space will net you some easy cash and all you have to do is make sure the boxes or items are kept secure and dry. Have a written agreement of the monthly cost, due date, and what will happen should they abandon their stuff after non-payment of six months.
Always agree an inventory with someone using your space for storage, and have them sign a receipt. This will protect you in case they accuse you of stealing or selling their stuff. It’s unlikely that would happen, but being prepared is better than being unprepared!
Offer Your Home as a TV or Film Set
Now, this is one that you will need landlord permission for if you’re a tenant, because of insurance policies. However, renting out your home for a TV or film set can net you a tidy sum in the thousands of pounds for just a few days!
There are some considerations to make, such as the fact you’ll have lots of crew in and out of the house. Put down dropcloths to protect your flooring. Make sure you check and sign the agreement with the film company to ensure they cover any damages, too.
Clear Your Clutter
Check your attic, wardrobe, under the bed and that strange cupboard under the stairs that you always forget about. You might be surprised what you can find!
Cleaning clutter boosts your income in two ways. First, you can clear a room to rent out to a lodger or for storage. Second, you can sell your unwanted stuff for extra cash. Take a few evenings each week to go room by room and clear through your stuff. When you’ve got a good amount, head to your local car boot sale. You can also try auction sites or apps like eBay and Vinted for things like clothes.
Turn Your Living Room into a Co-Working Space
Do you and your mates all work from home? Does it get boring? Perhaps you’re the sort of person who likes to have a bit of a buzz around you. Setting up your dining room or living room into a co-working space could solve this and nab some extra cash!
Invite your friends (or friends of friends) once a week to work together. Tidy up, ask for a donation such as £5 or £10 each towards refreshments, and enjoy being in each other’s company.
If you have three people come over each week for £10 each, and spend a tenner on refreshments, that’s still an extra £80 in your pocket at the end of the month.
Set Up a Photo or Soundproof Room for Digital Content
Since starting our MoneyMagpie TikTok channel, we’re discovered that, if you have a spare room or a garden office that’s hardly used, you should consider converting it to hire out as space for online content creators. Many creators don’t have the funds for a full-size studio, but will appreciate having somewhere to record their podcast in peace or get creative with a green screen.
Make sure your home insurance covers this kind of use, with public indemnity cover. You could hire the room by the hour or the half day, and keeping rates low will make sure you’re competitive with other studios in the area.
