Using your home to make money
Last Modified 16th of February 2021
There are many people out there who’d like to earn a little extra pocket money, but have you ever thought of using your home to generate a cash injection? From home businesses to the property itself, there are many ways in which you can make money from the comfort of your sofa…
Turn your spare space into a side income
It’s surprising how much money you can make from your property itself. For starters, if you have a spare room, why not think about taking on a tenant? You don’t necessarily have to commit to someone living full-time in your house: there are lots of people that commute for work and require a room for a few nights during the week.
Specialist websites such as Five Nights and Spare Room are dedicated to part-time rental opportunities. You can stipulate up front if there are any types of conditions e.g. female homeowners might prefer women tenants, you might not want anyone to stay on Sunday nights and such like. This will match you up with an ideal renter with whom you can agree a nightly or weekly rental price. There is also the option of short-term contracts in case you’re looking for a quick solution to some financial troubles – the government allows you to claim up to £7,500 for spare room rental tax free each year.
Rent out your parking space
If you don’t feel comfortable with someone staying in your house, you can make money from the outside of your home by renting out your parking space. This is particularly useful for anyone living near a town centre or train station where parking is at a premium, and it could earn you as much as £5,000 per year – or more especially if you live in or around London.
One final, slightly alternative, suggestion is to put your home forward for use as a television drama or film set. There are agents through which you can advertise – such as Lavish Locations – although they will take a cut of the profit. Be warned, though: if your house plays a starring role in the next big drama it could be very disruptive to your routine!
Make your home your office
Even if you’re not keen to use your property to make money, there are lots of ways that you can generate a side income from home. For instance, have you ever thought of holding themed parties for your friends? From Tupperware, chocolate and makeup to cleaning products, beauty creams and underwear, there are lots of companies who look for home-based representatives to showcase their products in return for commission payments on any items sold. It’s worth looking into the small print before you sign up, however, as some firms require you to hold a certain amount of parties per month or require you to purchase stock from them up front. You will also need to feel confident about asking friends to help you out by attending your first party and being willing to open their wallets!
If you don’t want to be tied into a contract then there are still ways you can earn money from home. Advertising your services for laundry and ironing in the local paper or filling out surveys online for cash payment are just two of the options available. If you’re a dab hand with crafts, you could create your own paintings or handmade jewellery and sell them online through an auction website or visit local boutique stores and see if they’re willing to stock a few pieces.
Even if you’re not particularly crafty you can still inject some cash into your monthly finances by having a clear out and selling unwanted goods online or attending a local car boot sale. More valuable items can be sold to an antiques dealer in order to get the best deal.
Those of you who don’t mind venturing out of the house can also earn money from your neighbourhood: take on a paper round, deliver catalogues, walk dogs for local residents or offer your gardening/odd job services. It’s a great way to keep fit as well as making a few extra quid!
One final thing…
Please be aware that any money you earn could be liable to tax, and the onus is on you to make sure you’re paying the correct amount.
You will need to complete a self-assessment tax return with HM Revenue & Customs at the end of each financial year in order to correctly declare your income and pay any tax on money earned through self employed business ventures.