Everyone has their own goals for their personal finance needs. Some people aim for extra pocket money, while others set their sights on making a million dollars in a year. Those looking to make extra on the side have probably tried everything. Advice online ranges hugely, from starting a profitable blog to running workshops at a local community center – with everything in between.
If you are looking for more ways to make a little extra cash maybe you should look to a resource most people overlook – your own home. With the right know-how, your home could make you some serious money.
We’ve produced a list of 5 tactics people are deploying in 2018 to make the most from their own humble abodes – why not give them a try?
Rent Out your Possessions
It’s now possible to make back the money you spend on your possessions, and more, by renting them out to others. In the last ten years, the sharing economy has really kicked off – to refresh you, sharing economy companies allow people to provide others nearby with a service or product for a fee.
One new sharing economy platform, Fat Lama, has as its motto ‘rent almost anything’, and that’s because its users are able to lend anything they have out to other people – people are really listing everything, ranging from drones to bikes. So if you have something that is valuable that you think people will need – check out how you might be able to rent it to them. Some users are already earning up to $10,000 per month – get your spare stuff listed so as not to miss out on an income boost yourself!
Use your house as Storage Space
Making the most of your home as an asset can take a little bit of thinking outside the box. Sometimes, however, it’s worth it to go back to basics – in fact, your home might well be the box! Your home’s primary function is to keep your possessions (as well as you) warm and dry. Essentially, its a large storage unit and you should bank that functionality at every opportunity you get.
This is a principle that is guiding the peer-to-peer storage company Store Mates, and others like it. Another sharing economy company, Storemates allows people to use their homes to let neighbours store their items. If you have spare space in your attic or cellar then this is perfect for boosting your income. For potential customers, its a much cheaper option than commercial storage units as well, so everybody wins.
Make your House a Movie Set
If you’re the sort of person that takes a lot of pride in the maintaining a bright, roomy aesthetic in your house then it may well make a movie set for the next big blockbuster. Agents are constantly looking for new places for their clients – directors are always looking for unique scenes in a movie, and want to avoid sets that people may have seen before – it’s quite an obvious principle, but one which location hunters sweat over on a daily basis.
If you’re willing to put in the work to give your house a movie-friendly aesthetic, then you may be able to attract hollywood to your front door. With agencies like ShootFactory you’ll be able to also pick up some serious fees as well – for example, in the UK, some homes can easily reach numbers like £500 a day for a magazine shoot, and £2,500 for a movie shoot – these are figures that are hard to ignore if all you have to do is tidy your house and send an email to a location studio.
Rent out your Driveway
If you hate looking for parking spaces, it won’t surprise you that you are not alone. And you can use that to lucrative effect!
With sites such as Just Park, you can be contributor to yet another sharing community and add to the growing network of parking spaces owned by homeowners. You may be reinforcing the idea that there is no such thing as free parking, but you’ll certainly be making people’s lives more convenient by lending out your driveway in a time of parking need.
Plus, the rates are cheaper on average than standard car park charges – so once again everyone wins.
Host Foreign Students
Our final suggestion is to host foreign students for extended periods of time in what is known as a Homestay. This is subtly different to letting out your spare rooms a la Airbnb. First, the age ranges tend to be a shifted a lot younger. While Airbnb is aimed at renting out flats briefly for holiday-goers above the age of 18, sites like EF and HFS London have their emphasis on providing a home on a slightly longer term basis to students.
It’s almost like a one sided exchange scheme. Additionally, these programs generally expect your duties as a host to be slightly expanded, including involving the students in family dinners and other parts of the daily family routine – but the rewards in money are well worth it. Depending where you are located, and other details, you could make up to $400 a week acting as a Homestay – all for hosting a student or two and feeding them twice a day!
So there are five tips to make more money from your home – we have suggested using your items, spare rooms and even parkways to rent out to people, as well as using your house as either a glamorous movie set – or a functional storage space. Many of these can be set up in a day or less, so go out there (or rather stay in) and make yourself some money on the side.