As the soaring cost of living bites, it becomes necessary to have a passive income source to support you financially. Extra money coming in enables you to make ends meet even in difficult periods. As long as you are making money to get along, you do not have to be reliant on loans and credit cards. Small emergency loans and credit cards should be employed only when there is an emergency. For instance, if you lose your job, you can take out loans for disability benefits to meet an unforeseen expense.
Unfortunately, many times, you lack sufficient emergency cushion, making it impossible to tide over during emergencies. Budgeting is essential to stashing away money, but the size of your savings depends on multiple factors, ranging from how much you earn to your lifestyle. Fortunately, there are several ways to increase your income.
For instance, you can start freelancing or a part-time job. Side gigs such as babysitting, pet sitting or walking a dog are also some useful ways to earn extra money. However, it is not easy to maintain a side gig along with a full-time job. But there are still some ways to make extra income without burning the midnight oil. You can utilize your house to earn extra money.
- Rent out a room
If you have a spare room that you do not need very often, you can choose to rent it out. A lodger could let you earn a significant amount of money, probably up to £7,000 annually tax-free. If privacy concerns are holding you back, you can install a partition. However, it is worth noting that the rent depends on the size of the room, the facilities you offer, and the location.
Of course, the rent for a spare room will be high if you are in the centre of the city or much low if you are at outskirts. You might have an idea of rental charges by doing some online research. Make sure you do not quote more than the standard marketing rental. Doing so will dissuade users. However, at the same time, you should not charge lower than the market rate as it will affect your profits.
- Airbnb
It is likely that you do not like the idea of a full-time lodger for some reasons. In that case, you might rent your house for a couple of days to vacationers. It is up to you whether you want to let out your entire house or only a room. Airbnb is the most popular platform where you can upload pictures of your property write a description and the rental cost.
Try to make it as appealing as possible, so prospects show interest in renting out your property. Some people rent out only for a few days while others rent it out for months. Consult a tax-advisor how you can reduce the burden of rental income on your taxes.
- Host international college students
Hosting an international student is another way to earn some money. Various students need a room to rent out. If you have a spare room and a bathroom facility, you may consider this option. You might also provide food to your tenant and charge for it. Providing food becomes necessary when your tenant does not have access to the kitchen. Students generally prefer a room with a kitchen and bathroom facility, but in the absence of a kitchen, you will be responsible for providing them with meals.
Make sure that the meals you provide are of high-quality because it increases the chances of a tenant to stay at your house for a longer period, which means long-term cash-generating opportunity. This kind of alternative is mainly successful when your house is located near the vicinity of universities.
There are some websites that allow you list your house for this purpose. With an accurate description, facilities offered, and attractive images of your property will increase prospects.
- Camping in the garden
Many people camp in the gardens of other people. It is becoming a popular way to spend a vacation without breaking the bank. Campspace is a website that provides details of houses where gardens are available for camping. If your house is in the best location and you have a large beautiful garden, you might list your house on Campspace. If somebody feels inclined to camp in your garden, you will be able to make extra money. You can earn between £12 and £100 per person depending on the tent and other facilities you offer.
You do not have to be limited to camping because you can also rent your garden as an allotment. This is possible only when you have a large garden. Allotting a piece of your garden will not only reduce the maintenance cost but will also help you make extra money. The money you will be able to make allotment depends on the size of your garden. Of course, the greater the size, the higher the income will be.
Based on the location you are living in the UK, you may be able to earn at least £100 per allotment annually. As far as it is about advertising and marketing, you will have to rely on word-of-mouth marketing and social media sites. the rigorous marketing you do, the sooner you will receive the outcome.
- Rent out the parking space
Another way to make money from your house is to rent out a driveway or a parking space. You can earn money on an hourly basis by renting out a driveway. If you have a garage, you can also rent it out to your neighbours. This will help you earn much more money if your garage is rented out for a longer period.
You will have to market about the availability of your parking space. Word-of-mouth marketing is enough to inform your neighbours, but it is always suggested that you use social media platforms to ensure that people outside your neighbourhood also get to know about your service. Some people who go on a long journey may want to park their vehicle in your garage. This increases your prospects of earning money.
The bottom line
You can make money from your house through various techniques. Consider renting out a driveway or a garage and a spare room. You can also list your house on Airbnb to attract vacationers. It will help earn you a lot of money. If you have a large garden, you can rent it out for camping or as an allotment. While these amazing and unique ways help you make extra money, you should never compromise on your budget to stay on top of your expenses.
