Be the Queen (or King) of your Castle: How to Make Money from your Home

Happy New Year, Skint pals!

Wishing you a healthy, successful 2014, whatever that means for you. After a great break over Christmas I’m slowly cranking back up to speed. Very slowly. The whole Skint family slept in on the first day back at work and school – cue panic stations at 8.25. Sign of a good holiday that, and it showed me how fast we can all get ready in the morning if we need to, so perhaps I’ll make it my New Year’s resolution to get up an hour later this year!

I can feel it in my blood, Skint pals, 2014 is going to be an exciting year. I’ve got lots of new goodies planned for the site here – lots more competitions, guest posts and new sections on how to live well on an even tighter budget. And I’ll be road testing some new ways to make money this year too. I figure that by now we all know the basics about taking your own lunches to work and using cashback sites for your shopping etc. I’ll still feature those sorts of tips sometimes but I’m also going to explore new ideas for making money that you might not have thought of before – starting today with some thoughts on how to make money from your home.

how to make money from your home

  1. Cash in on local events: As regular readers know, I’m based in Glasgow, and this summer the Commonwealth Games come to town. For two or three weeks Glasgow will be swarming with thousands of tourists, athletes, coaches etc, bringing a massive cash boost to the city. It’s the biggest sporting event in the UK since the 2012 London Olympics, and I know someone who rented out her flat in London for the whole Olympics for an eye-watering amount of money. I’m seriously considering doing the same with Chez Skint during the Commonwealth Games and have just made an appointment for an agent to come and take a look at the house, advising us whether or not it’s suitable for renting out. According to website, a three-bedroom house can fetch £2000-£3000 a week during the Games. Tempting, huh? But there’s lots to consider – not just the financials such as the tax implications, but also the upheaval of getting the house ready, locking away valuables etc. I’ll let you know what the agent says.
  2. Treat it like a star: A few years ago there was much excitement in our street when one of the houses was used for filming an episode of cop drama, Taggart. It wasn’t just the kids in the street who were hanging around the crew: we all were, desperate for a glimpse of the stars and to see whether they really talk like that in real life. (They do.) Later, I quizzed the house’s owners as to how they’d got the filming gig. Turns out that a TV production company had chapped their door! Our street’s on a hill with good views of Glasgow out the back and the TV folks wanted a window that gave just such a view. But rather than wait for the telly to come knocking, sign up with an agency and bag yourself a couple of thousand pounds easily, plus a stay in a hotel whilst the cameras are in your home. Your house or flat needn’t be posh either – film and TV companies need all sorts of places. In the UK, locations in London are most popular, since that’s where most UK films and TV programmes are shot, but there are still plenty of opportunities throughout the UK. I have one friend, living in Edinburgh, who is registered with an agency and she got £3000 for allowing a bank to film a TV commercial in her home. OK, so she was in a hotel for a few days, but to me, that sort of money’s worth a bit of hassle. One  company to check out is shoot factory, though a quick Google search will throw up the closest ones in your area.
  3. Rent your driveway: One for city-dweller this. If moving out of your house is too much work, how about renting your driveway? Lots of people’s are lying empty anyway during the day, and could be lucratively put to use by renting them on a monthly basis to out-of-town commuters. It saves those savvy commuters money and hassle too, as renting a driveway is cheaper than using a car park every day. A quick search of my postcode, using the parkatmyhouse  site, shows loads of people are doing it, with prices averaging roughly £50 per week. Parklet is another site recommended by Martin Lewis, whom I always I trust. So £200 for letting people park outside your house? If you’ve got a driveway (I don’t), and you’re a city dweller, what are you waiting for?

With all of the above, be sure to check the financial implications, particularly insurance cover. If you’re using an agent, they’ll know the score and advise you accordingly.

 What about you, Skint pals? Have you ever let out your home whilst you’ve been away on holiday? Or rented someone else’s? Do you have any tips on other ways to make money from your home? Let’s share them all and make some serious dosh from our homes this year!

Skint x

 

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About Skint in the City

Skint in the City provides stylish, practical tips and advice on how to live the high life on a shoestring budget.

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