For most people, their home is sure to be their biggest investment, but what could make it even better is remembering that it’s not always just got to be a place to live – it could be something that gives you a nice extra stream of steady income as well, and with the cost of living rising all the time, it could be exactly what you need. You don’t have to start a new business right away, but it’s certainly worth having a look at your property and seeing if there are any new ways you might be able to use it to make money. With that in mind, keep reading to find out more about how to make your home work for you.
Rent Out What You’re Not Using
One of the easiest and potentially most lucrative ways to make money out of your home is to rent at least part of it out – after all, you already own it, and if it’s space you’re not using, it’s basically profit. We’re talking about spaces like a spare bedroom, a converted garage, or even a garden studio, for example – they could all be turned into something that makes you a decent amount of money. And you could just have them for short-term rentals as well, which means higher turnover and you can generally charge more for them – ideal if you’re near a city centre, train station, or business hub, for example.
If you’re new to the idea, platforms that let you post a rental listing make the whole process a lot easier, and it’s safer too – you can set your own rates (within reason), specify availability, and even screen guests before they book anything, and even if you only rent the space out occasionally, it’s still going to be a useful boost in income.
Create A Home Office For Freelance Or Remote Work
If you’ve got some unused space, turning it into a home office can mean you can have more earning potential as well. After all, more people than ever before are freelancing or running small businesses from home, and you could rent yours out to them like we mentioned above – sometimes it’s good to work outside the house if you want some peace and quiet.
However, on top of that, you could use the space yourself, and start your own business or, rather, a side hustle to begin with. If you’ve got a dedicated space to use, you’ll be a lot more likely to stay motivated, and you’ll feel (and look and come across as) more professional. And don’t forget, you can claim some money back on your taxes if you work from home, including money on electricity bills and internet costs (although that’s going to depend on your local tax rules, so it’s good to know in advance).
Try Storage Or Parking Rentals
Not everyone’s going to need extra living space, and sometimes it’s the extra stuff that people are looking to store instead. So if you’ve got a secure (that’s very important) garage, loft, outbuilding, and so on, you could rent it as storage for people who don’t have the space and need to clear stuff out.
Also, if you live in an area with limited parking, renting your drive or private parking space can be a fantastic way to make some extra money (assuming you’re not using it yourself, of course). It’s easy to do, with websites dedicated to the idea, and you don’t really have to do anything other than ensure there’s access and collect the money.
Host Workshops Or Experiences
We’ve talked a lot about renting bits and pieces of your home out for various reasons, and that makes sense – it’s an asset you own, and if you can make a profit off it, why not? But if you don’t like that idea, or as an added extra way to make money, what about letting your home be a venue for workshops and talks? If you’ve got a skill to share and like teaching others, it could be the ideal way to make some extra cash – you could teach all kinds of things, from yoga to cooking to craft or perhaps something like bookkeeping, and so on. Whatever you know plenty about someone else is sure to want to know about too.
This idea works best if you’ve got quite a bit of space so you can host groups rather than just one or two people at a time, and of course, you’ll have to remember safety and think about insurance if you’re inviting people into your home. If that doesn’t appeal, you could actually take the idea online – a lot of instructors now host virtual workshops from home using just a camera and an internet connection, which is flexible, inexpensive, and it means you’ll have a bigger audience too.
Rent Out For Filming Or Photoshoots
You’d probably be surprised at just how many homes are used for filming, photography, advertising shoots, and so on, but the fact is that agencies and brands are often looking for properties that feel like real places people would live, and what’s better than a real home for that?
If your home fits the bill and has something a bit different about it that’s going to make it stand out, you can register it with location agencies that connect owners with production teams. And it’s pretty flexible because you can control availability, plus fees can be very high, even into the thousands depending on the project.
Final Thoughts
When you think about it properly, you’ll see that your home really could be more than just a roof over your head, and of course, the ideas above are just a start – there are lots more potential ideas to help you make a bit more money from your biggest asset and investment.
So could it be time to make your home work a little harder for you? You never know what a difference it could make in your life if you start the process sooner rather than later.
