5 Ways to Earn Extra Money from Your Property

Monday, 15th March 2010

stack of pound coins (c)FreeFoto.com During the recent economic downturn many of us could do with a way of earning some extra money. A great way of doing this is to tap into the money-making potential of your property. Read on to find out more about 5 of the best ways to earn some extra money from your property.

Rent a Room

When people think of earning extra money from their home they instantly think of renting out a room. You can earn over £600 a month from a single room rental, and with the government's Rent a Room scheme in place, it means that the first £4,250 of that income each year will be tax free. One of the major downsides that people see in renting out a room is that they don't want strangers in their house at the weekends. One way around this is simply to rent out a room from Monday to Fridays. Many city commuters are more than happy to rent a room just during the week, returning to their homes in the countryside at weekends. Monday To Friday is the specialist site for those types of rentals.

Create a Home Office

An alternative to renting out a room is to rent out office space during the day. There are hundreds of thousands of people who are self-employed, many looking for desk space to hire during the day. A well-kitted out home office with competitive rental rates is very attractive to many self-employed people, plus there's the added advantage that you won't be disturbed in the evenings when you're relaxing back at home. Renting a room or creating a home office are two excellent ways to help to fund a loft conversion. Within a few years the cost of loft conversion can be recouped and you can then stop renting it out and use the space for yourself.

De-Clutter Your Home

Almost everyone has a huge amount of stuff that they no longer use. You could go along to a car boot sale and sell old clothes, jewellery and toys. Alternatively, Ebay is a good place to sell just about anything and you can also find Facebook groups where you can advertise items for sale.

Rent Out Your Driveway

Private parking space rentals have become a rapidly growing market over recent years. You can rent a parking space, driveway or garage and regularly earn over £100 a month. Spaces from properties located in town centres, near railway stations or stadiums tend to be in the highest demand. If you're not keen on accepting a long term rental then you can always rent out your space daily. Private driveways near Wembley Stadium can often be rented out for in excess in £20 for each event.

Become a Movie Location

Finally, the most unusual way to earn extra money from your property has to be turning it into a movie location. It also tends to be the most disruptive, with film crews putting you up in a hotel and completely taking over your house for a few days. However, it can very profitable, with homeowners earning up to £1,000 a day for giving up their home. As expected, older and larger properties tend to be in the highest demand but smaller properties are sometimes required. You can find out more about renting out your house as a film location over at this Money Saving Expert forum discussion.

About the author

This post was written by Charles Cridland from YourParkingSpace, a site where you can rent out your driveway or garage.