Are you in debt and need to raise some money? Maybe you’re trying to save up, or you might just want more money in your budget to live life the way you want. Whatever the circumstances, chances are you could be sitting on cash right in your own home without even realising. Here are a few of the ways you can aquire money using your property.
Rent out a room
An obvious option to gaining money from your home is to rent out a room. This could be on a short or longer term basis, but if you get the right tenant you’ll barely see them and it’s extra money in the bank. A student or working professional for example will be out most of the day, and will only really use the property to shower and sleep. You need to own your home to do this, or speak to the landlord first or you could be illegally subletting.
Rent out your garage or driveway
Another thing you could consider is renting out your garage or driveway. If you don’t own a car yourself, but live in an area where people struggle to park then it’s an obvious solution. This will gain you money each month with absolutely no work required by you. You don’t even need to be at home, they can simply use your garage or driveway as they please and pay directly to your bank. You could install lockable parking bollards onto your drive and give whoever is renting it the key, that way no one else can park there. A smart move if you’re in a busy area- did you know anyone can legally park on your drive and there’s nothing you can do about it?
Run a bed and breakfast
Do you live in a desirable area that’s close to tourist hotspots? Perhaps you live close to an airport, train station or other amenity that brings in visitors to the place where you live. If so, utilising a spare room and turning your home into a bed and breakfast could earn you a good chunk of money during busy times without too much hassle to you.
Release equity
This isn’t earning money, rather releasing the equity you already have tied up in your home. However, if you’re in need of cash, this is an option to consider. Companies like Key can help if you’re over fifty five, but there are lots of other finance companies that can advise you and walk you through the process if you need to release some of the funds from your home.
Start a home based business
There are loads of ways you can earn money from home these days. You could start a baking business, a gardening business, you could write a blog, freelance, buy and sell items and much more. If you have a spare room, why not turn it into a home office and set up a side hustle that you don’t even need to leave the house to earn from.