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Top tips for making money from your home without selling it

Written by Posted On Wednesday, 27 September 2017 15:09

How to make the most of your biggest asset.

When we think about making money from our home we usually think it means making home improvements to get a good financial return but there are other ways to make money that don't require paying large sums for home improvements. You can, instead rent out your spare room, get paid for the use of your garage or offer your home as a film location. There are lots of ways to make money from your home but it’s not always that easy – if it was, we’d all be rolling in it. If you want to use your home to create genuine value then it has to be done the right way.

Marketing

Marketing is just another word for communication. If you’re hoping to generate cash from your home then you need to communicate its potential to the clients/guests/visitors that you want to reach. There are a number of different ways to do this:

  • Sign up for a service where others are doing the same thing e.g. AirBnB, Unique Home Stays or a location rentals agency
  • Use social media – Facebook has more than 2 billion monthly active users, Instagram 700 million and Twitter 300+ million. That’s a lot of people in a lot of locations who might be looking for what you’re offering
  • Create your own website – it doesn’t take long to get a website up and running these days. All you need is a description of the property, some good images and contact details and you’re good to go.

The practicalities

It can be a challenge to make cash from your home if you’re also living there at the same time. However, this is not impossible to do with a little organisation.

  • Clear it with the neighbours. Keep the communication channels open in terms of what you’re doing there and why.
  • Don’t rely on this as your only income. It’s a good way to make extra cash but shouldn’t be your main source of support.
  • Be wary of restrictions. For example, if you’re planning to rent out a room as a location for more than 90 days this could require permission to change the use of the building.
  • Look closely at your mortgage agreement to see whether there are any restrictions that might prevent you from using your home in this way.
  • Be professional when it comes to administration and logistics. It may be your personal space but any situation in which money is changing hands requires certain standards to be met.
  • Be present in whatever context you’re using your home. If you’re renting it out for a shoot then make sure you’re there to answer questions; if you’re selling it as a B&B be around for check in and on hand to help with queries.

Achieving a life balance

Be open and honest about your schedules and lifestyle. For example, if you’re renting out your home as a location don’t offer to ensure it’s empty 24 hours a day if you’ll struggle to do that.

Make sure there is space for you. Keep a dedicated private area for you, your pets and your family.

Don’t overbook your space. If making money from your home starts to become a burden then it’s no longer worth the effort.

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Lawrence Blackwell

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