Owning a home is an ultimate dream for many in the UK. But once you’re lucky enough to get the keys to your own pad, you’re hit with the eye-watering hidden costs of home ownership.
Luckily, there are a ton of ways to make money from your home. You can even make your house pay for itself with one or two of these tricks!
Let’s take a look at how to make money with your house in the UK:
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I have included approximate potential earnings for each idea, but please note these will vary a lot depending on where you are in the country, how many days per month/year you can dedicate to it, the size of your home, and more!
Let’s start with the obvious. Whether you have a spare bedroom, an empty granny flat, or even just a sofa bed, you may have thought about welcoming some guests on Airbnb. It’s a great way to make some extra cash, and it can help you meet new people from around the world.
Of course, renting your space on Airbnb comes with certain responsibilities. You’ll need to keep it impeccably clean, communicate well with your guests, and be available for check in at potentially unsociable hours.
But with the right preparation, renting out your home on Airbnb can be a great way to make money from your house.
Most Airbnb hosts in the UK can claim a tax free allowance on rental income, although you should check with an accountant if you’re not sure whether this applies to you.
Be aware that certain cities and regions have restrictions on Airbnb, and some require a licence. You can learn more here, but you should also check the latest situation with your local council.
>> Related post: 3 Clever Ways to Make Money with Airbnb – No Property Required!
Get a lodger (£400/month)
If you want to make money from your spare room, but you don’t fancy an endless parade of Airbnb strangers traipsing through your home, have you considered taking a lodger?
You’ll have more security and consistency, you can vet your lodger carefully, and you can create a private rental agreement with no third party fees.
To find a lodger, you can advertise in a local paper or on social media, or even through word of mouth.
When it comes to finding the right lodger, think about what kind of person would suit your home best. A lodger typically shares your kitchen, bathroom and other shared living spaces, and they can feel more like a house mate than a tenant. So make sure there won’t be a personality clash.
It’s a good idea to create ground rules around noise, smoking, guests and so on, and make sure you clearly communicate your expectations before agreeing to anything.
If you rent a room to a lodger, you can take up to £7,500 of rental income per year completely tax-free thanks to the government’s Rent a Room Scheme.
How much to charge a lodger depends on your property and going rates in your area. It could be anywhere from £50 to £150 a week. Keep in mind that typically, you would cover all the bills – and if you live alone, you’ll lose your council tax discount.
You can learn more about the practical and legal considerations of taking a lodger here.
Host an exchange student (£200+/month)
Want to experience a different culture in your own home? Hosting an exchange student is the perfect way to do this.
Schools, universities and language colleges are often looking for host families to provide room and board for their students.
There is some expectation that you’ll interact with the student, provide English conversation practise and let them take part in family life with you. So don’t opt for this route if you’re only out to make money – you should be genuinely interested in providing a great experience.
Many host families and students go on to remain life long friends – and you’ll end up with a network of people to visit all around the world!
Hosts get paid anywhere from £50 to £150 a week, depending on your location, the size of the room, and meals. You’re usually expected to provide breakfast, and sometimes dinner too.
If you’re interested, the best way to get started is to contact local language schools directly. You can also list your room on websites such as Homestay.com.
Rent out storage space in your home (£100/month)
Do you have a box room, an attic or garage sitting empty? You could be generating a nice side income from your unused space.
Websites such as Storemates or Stashbee show you how to make money with extra space in your house by advertising space in your home for people who need to store belongings they don’t have room for themselves.
You could earn anywhere from £20 for a cupboard, up to £100 or more for a larger space such as a whole shed or garage.
You’ll need to think about security, and how/when the renter might need to access their stuff. Also, make sure your home contents insurance covers any potential damage or theft of other people’s belongings.
All in all, it’s a fairly easy way to make money from your home. If the renter is storing for several months and doesn’t need regular access, you can even forget it’s there. Roll on passive income!
Rent out your driveway (£90/month)
Do you have a driveway or private parking space? If you live in a busy area, and have the space to offer, it could be worth getting your driveway on JustPark, Your Parking Space or Park On My Drive – you can earn up to £90 for one parking bay per month, and if you’re out at work yourself all day, you’ll never even notice!
You’ll need a safe, private garage, driveway or parking space large enough for at least one car.
If you have the space, this is such a low effort way to make extra money because almost no work is required other than approving requests online.
>> Related post: How To Make Money With Your Car
Rent it as a location for film and photo shoots (£500-£2000/day)
TV and film makers, magazine photographers and the like are always in search of the perfect property for their shoot. And did you know that many of the houses you see in your favourite TV show are actually normal people’s homes, like yours?
You have the best chance of being chosen if you have a particularly lavish home, or an unusual property – for example, a converted church, a beach house or a space decorated in a period style. But even bog standard family homes are needed for filming occasionally.
The film and location world is a competitive one, so make sure your home has what they need – lots of space for filming or shooting, good transport links, off-street parking if possible, and a reliable onsite contact person.
Most production companies are located in London, so you’ll get the most opportunities if you’re based in or near the city.
Be warned that this work can be fairly disruptive and you may even have to move out of your home for a few days – although the fee should more than cover a hotel stay in this case.
If you think your property fits the bill, here are a few places to submit it:
Create an office space
With the boom in working from home, many people find they need that little bit more space (or privacy) than they get in their own houses. Anyone with kids at home knows what I’m talking about!
One solution is to create your own dedicated office space at home that you can rent out. If you have a spare room, or even garage or garden building that you could covert into an office, it might be just the ticket for a neighbour who needs a cheap work desk.
You’ll need to make sure you provide fast internet, access to a kitchen or coffee-making facilities, and most importantly, peace and quiet.
Once you’ve set up the perfect space, advertise it locally and charge by the hour, day or month.
Grow food or flowers to sell
If you have a garden, or even a few large pots outside on the back patio, you could be making money by growing and selling food.
You’re not limited to vegetables – flowers are also worth considering if your space is suitable. I have seen people local to me selling both.
Given the time and labour involved, this is not for you if you’re looking to make a quick buck. But if gardening if your passion, you could raise some extra cash by sharing the fruits of your labours with your community!
Start a home business!
Perhaps you’re not interested in making money with your house, but making money from your home. Even with no spare bedroom to speak of, there are countless ways you can start making money at home.
Blogging, for example. It’s a popular choice among people who work full time – you can either start your own blog and write about whatever interests you or get paid to contribute articles on other websites.
You could also use the skills you might have from previous jobs like teaching English online through Skype, writing, editing, or research.
Here are just a few more ideas of ways to make money from your home:
- childminding (you’ll need to be registered)
- take in ironing
- selling crafts, such as greetings cards or jewellery
- pet boarding
- online jobs, such as working as a chat operator
See this post for even more ideas: 54+ Sure-Fire Ways to Make Money From Home in the UK
For many people, a home business is the best option for combining entrepreneurship with work-life balance.
How to make money with your house in the UK: conclusion
There are so many ways to make money with your house. From taking a lodger, to renting out your shed as storage space. No matter what you have in terms of living space, there’s bound to be something that can generate revenue for you.
Now that you know how to make your house pay, it’s time for you to take action! What are some of the ways you’re going to start making money with your house?