In recent years, it has become increasingly common for homes to be viewed not just as an appreciating asset, but also a way to make money whilst still remaining in the property. Whilst sometimes all you need is the property to look stunning, or simply being in the right location, in other cases you may need additional guest rooms or outhouses in order to maximise income potential. Nevertheless, there are a number of new innovative ways that you can make money from your home, Payday Bad Credit takes a look at some of the most popular ways to make cash.
Are you aware of location agencies? This can be an excellent way to gain an additional income without having to do much at all. These agencies look for properties that have a special star quality about them that can then be used for commercials, films and TV programmes as well as photo shoots for magazines, catalogues and homeware companies. Providing the house that you have meets their requirements, you could be set to make a reasonable amount of money, especially if you manage to get the house used for a film. On average, you could end up receiving up to £500 to £2,000 each day the house is used by a client. Signing up and registering your house is easy to do, and many agencies allow you to sign up online.
According to one location agent, these tend to be the most popular features that are sought after when it comes to choosing a property for a TV or film.
- Large detached Thirties property
- Properties with large kitchens
- Parquet flooring
- Plenty of parking available
- Being in a good location (such as within the M25, or in a rural area such as the Cotswolds)
- Plenty of natural light
- Sparsely furnished rooms
- A generous amount of space within the property
- Few distracting features within the building
If you are in a situation where you have an ’empty nest’, with children having left home, or you find that you are regularly away for work, and find yourself with spare rooms in your property, why not look at putting your property (or bedrooms) onto Airbnb? The website has grown exponentially since it started in 2007 as a kitchen startup, with the service now offering a staggering two million homes in 190 countries. The demand in the UK is bigger than ever, with listing in the UK increasing just last year by over 86 per cent.
In case you are not familiar with the concept of Airbnb, the website allows people to upload pictures of their guest rooms (or the entire property) and set a price they are willing to let the property out for. You have the choice of deciding when people could stay in your house, and you can accept or decline people’s bookings, giving you a greater amount of autonomy and control as to who stays in your property. On average, you could expect to earn a whopping £2,000 for letting just one room in your house for an average of 45 nights of the year.
Another bonus of using Airbnb is the commision (i.e. the service fee that the customer pays to rent the property which is the equivalent of 6 to 12 per cent of the room rate) includes a Host Guarantee with insurance cover included too. This is around £600, 000 in total.
Nevertheless, there are some disadvantages. For example, you need to remember that any income you receive from renting out property through Airbnb is taxable, and it can also be extremely time consuming, requiring you to constantly clean and make sure laundry is done.
Working in similarity to Airbnb, you could look at investing in serviced apartments, letting out properties through several property sites for self-catering breaks. You could decide to get a number of properties through buy-to-let mortgages, or you could decide to replicate on a smaller scale a serviced apartment. For example, you could decide to turn an outhouse, attic or a basement into a self-contained apartment. On average, you could expect to earn a potential income of £140 a night, meaning that you may end up receiving far better returns than you would if you had a standard shorthold let. Nevertheless, it is important to note that it can be very time-consuming, which may not be for you if you are looking for an easy way to make additional money with little maintenance involved. There also tends to be higher costs involved with serviced apartments too, even if you do tend to receive better returns. Many people who choose this option can up spending between £1,500 a month in the laundry as well as cleaning bills and repairs.
Become a courier
Whilst there are new ways you can now make money from your home itself, there are also new innovative ways you can make money whilst at home too. Take for example the rise of the gig economy via companies such as UberEats and Deliveroo, which can allow you to work on a flexible basis, and earn money.
Online ESL tutoring
Another way in which you can make money from the comfort of your own home is through teaching English online. One of biggest advantages of doing this is that you can earn a reasonable amount of money for a relatively small amount of time, and you can work flexibly too. Furthermore, you don’t necessarily need to have a teaching degree or teaching certificate in order to become one either.