Your money-making expert. Financial journalist, TV and radio personality.
We live in a time where we are time poor, cash poor and – well, poor. Many are being hit by cuts to salaries and freezes on bonuses while the bills and grocery costs are shooting up. There is less of a balance now than there ever has been between earnings and outgoings, yet the cost of living is massively on the rise. Times are tough, and everyone is feeling the pinch somewhere.
Trying to come up with a bright idea to boost your income has never been more popular than it is right now. Thankfully, those of you that are homeowners have already got the best asset available to make yourself some extra cash. Look around you – you are sitting in a bricks and mortar goldmine. All you need is a little creativity and a lot of grit to make your house work for you. You put in so much money to get that house off the market and make it your own; it’s only fair that you can make a little back, right? Well, we definitely think so. Instead of waiting around for the house prices to recover from a market slump, why not try out any of these simple ways to make your home earn you the cash you need?
The obvious answer to anyone wanting to use their home to earn a second income is taking in a lodger. If you have the spare room, you can rent it out and there is a government ‘Rent A Room’ scheme that you could utilise to earn some cash tax free! It doesn’t even have to be massively difficult to rent a room out and find the right roomies to move in with you. Websites like this one can really get you who you need.
Taking in a permanent lodger may not be appealing to you, which means that you need to work out how you could make cash with that spare room. Why not go short-term? Using your spare room like a bed and breakfast can bring in tourists who are exploring locally and give you that cash boost you desperately want.
You could easily sell your home to a company like National Property Trade, who will buy any home in any condition. Or, you could turn your home into a set! Register your home on this website and you could be chosen to let your home out to big media companies for TV purposes. You’ll get paid a daily rate and you’ll earn a decent chunk of cash that could go to paying off your mortgage or even a holiday!
Okay, so not strictly the house, but you could let out your driveway to commuters. You’ll charge less than the local parking rates and be able to earn a little cash through the year.
Your home could be your cash cow and you’re just sitting there and waiting for the market to recover before you sell. Don’t wait – take some action and earn a little back!