Most of us are not aware that we have an opportunity to make money from the home that we live in. There will be some restrictions, especially if we do not own the house and our insurance may restrict us with certain things too. However, there are things that we can do and it is worth thinking about these things to decide whether we might like to try some of them.
Get a Lodger
If you rent a house, then it is unlikely that you will be able to sublet a room in your home, but do check with the landlord if it is something that you are considering. If you have a mortgage then you will need to check with the mortgage company that they will be happy for you to rent a room. You will also have to check with your insurer and you may need to change your insurance policy and perhaps pay a bit more. Having a lodger will bring in a regular income. However, you will have to live with that person and you will have to decide whether that is something you are prepared to do. You may enjoy the company but it depends on your personality and it could be the case that you like living alone or just with people you really know well.
Set up a B&B
If you have a spare room with a bathroom nearby or en-suite then you could set up as a bed and breakfast. This could work better if you live in a place where there is lots to do and see in the area or fairly close by. You will have to be prepared for lots of washing and cleaning, having to get up early to cook breakfast and things like this. You will need to make sure that you charge enough to cover the costs of doing all of these things as well as the costs of advertising and your time. You will also have to check with your landlord, mortgage company and insurer to make sure that they are happy with you doing this.
Rent an Attic or Garage
It can be easier to rent out a room for someone to use as storage. You will again need to check with your landlord, mortgage company and insurer to make sure that they are happy with you doing this. You may need to pay a little more insurance but it should be cheaper and easier than the above two suggestions but you will not get so much income from it. However, it can be a great way to make a bit of money from a space that you are not using and you will be able to just ignore the things that are in there.
Rent a Driveway
If you live near to a town centre or a company without much parking, you could make money by renting out your driveway. You may find that you can make quite a bit each week by allowing someone to park there. There are websites that you can advertise on and so it should be pretty easy to do this. It will mean that you will not be able to use the driveway yourself so you may need to only do this if you do not have a car yourself or have an alternative parking space that you know will always be available. Often, you will just rent it out in working hours and so if you drive to work, then the driveway might be free while you take your car to work each day. However, if you have a day off, you will still need to leave the driveway clear.
