How to make up to £20k by better utilising parts of your home

Many of us are feeling the pinch at the moment and with new tax rises expected just around the corner, lots of people are looking at tightening their belts.

Rising energy prices, expensive food and sky high fuel prices at the petrol-pumps mean some people are deciding to ditch the nights out and luxury treats for staying at home and economising.

But according to property expert Klara Painter, another way to navigate through tough economic times is by earning extra money – and the answer to that could lie very close to home.

In fact, Property expert Klara, from HouseBuyFast says you can earn up to £20,000 by making the most of an existing asset.

She said: “Our home is probably our biggest monthly expense – particularly with mortgage rates creeping up again. But many people might not realise that your property can be a great way of generating income by using the space you pay for – but might not use.

“By putting your home – and garden – to work, you could earn literally thousands a year to provide that much welcome boost to your finances. And it’s not just homeowners who can benefit – those in rental properties could too.”

Here, Klara explains how you can do it:

Rent out part of your home to a business 

Small businesses and start-ups need office space, but shared desk services like WeWork and similar desk-sharing services can be too costly for those just starting or working with tight budgets. With many jobs now being hybrid, they only need a meeting room ad hoc, a few times a month.

You can rent part of your house as an office or meeting space for a small fee which can provide a quiet and affordable work environment while allowing you to earn extra income. Before you advertise your space, check with the council to make sure you adhere to all the local regulations.

Total: £2500

Use the spare room

If your children have left home and you find yourself with an empty spare room, there are plenty of ways to make use of that space and even earn some extra income. You can sign up for online services like SpareRoom or the government’s Rent a Room Scheme which allows you to earn up to £7500 per year tax-free – but the room you rent out must be furnished.

If you earn over £7500 from renting out a spare room you will need to fill in a tax return. It’s also important to note that if you use the Rent-a-Room scheme, any expenses you incur such as decorating costs, won’t be deducted from the amount you earn.

Total: £7500

Consider a foreign exchange student

Living with another person full time isn’t for everybody which is why a solution could be for you to consider a foreign exchange student. This can also be a good trial run if you were thinking about renting long term. Hosting foreign exchange students can earn you around £50 a day, depending on where you live. To find out more, check-in with the local student exchange companies as they are always looking for potential hosts. Unlike just renting out your room, if you are hosting a student there will be more requirements including meals and including them in your family activities so they don’t feel isolated in a foreign country.

Total: £250 per student per week

Rent out the driveway 

Since the introduction of the Ultra Low Emission Zone (ULEZ) in London, people have changed their attitudes about parking. According to YourParkingSpace, a platform that allows homeowners to rent out their driveways, the number of people registering their driveways increased by 34% in the first week following the ULEZ expansion.

But it’s not only greater London where people might want to rent your drive: Cities like Bristol, Portsmouth and Sheffield have extra charges for more polluting vehicles and if you live in a town with mainline train stations you can offer an alternative to expensive and unreliable parking.

Renting a garage or a driveway, especially in big cities like London or Brighton is a no-brainer and can pocket you an extra £500 a month.

Total: £6000

Become a pet sitter

If the idea of letting another person into your home doesn’t sound like your cup of tea, what about an animal?

Pet owners are often on the look out for reliable people who can care for their furry friends when they are away at work or on holiday. Instead of hosting a teenager, you can host an animal. Like hosting a student, it does require some work on your part but particularly with dogs, it’s a great way to ensure you get in some fresh air and exercise every day and earn some money while providing reassurance to a pet owner.  It’s a great opportunity for animal lovers with space to spare!

Total £2000

GRAND TOTAL – UP TO £20,000