No, we don’t mean “make money from home” by filling in dubious internet surveys – we mean ways to turn the place you live into a cash cow. We could all do with a bit of financial help now and then, and one thing homeowners often overlook is that their property could be turning a profit. Here are just a few of the ways you can make your property work for you:
Rent out a parking space
If your home came with a parking space that you don’t need, why let it go to waste? Find out if any of your neighbours needs a place to park during the day, or contact nearby shops or businesses to see if their employees do. This could be particularly lucrative if you live in a major city, where parking spaces are often at a premium, but even in smaller towns you’ll find demand for an unused parking space.
Install solar panels
The government’s feed-in tariff scheme has been through quite a few changes since it was launched, and while it doesn’t offer quite as much cash as it once did, it’s still a reliable way to generate electricity for free and sell it to the National Grid. As long as you can afford the up-front installation costs, this is a green money-spinner that’ll increase the value of your house too.
Rent a room
Did you know that householders can receive up to £4,250 in rent per year completely tax-free by letting out a spare room? You might even want a bit of extra company around the house – so if you’ve got a room you won’t be needing for at least the coming year, put it to good use and make yourself a bit of money. You’ll find no shortage of takers, especially if you’re living in a university town.
Spruce up and sell!
Selling up? You’ll be surprised what a bit of TLC around the home can do to its value – as long as you’re smart about your spending when it comes to renovating and redecorating, you’ll get back more than you put in. This applies whether you’re selling on the open market, or using the services of a specialist property-buying firm – so make sure you’ve got all those little jobs out the way before you accept an offer.
