We’re all looking for ways to boost our income, so why not look to home for creative ways to increase your wealth? By thinking imaginatively, you could turn your brick, mortar, and everyday life into an extra source of income—and you can even add value to your home in the process. Read on to get inspired by our top ten suggestions for boosting your income in 2016.
Rent out your driveway
If you’re lucky enough to have parking on your property, you can really reap the benefits by renting it out. In some parts of the country, parking is at a peak premium, and the costs are only rising. In London, a parking space in a sought after location could cost you the same as a small house elsewhere in the country. So why not rent yours out? If you live centrally, in a business area, or even near an airport, consider leasing out your driveway to earn some extra income. You can rent out by the day, week, month, or long-term: whatever is most convenient for you.
Think strategically: if your driveway is left empty while you’re at work, it’s a great chance to let it out to someone else. You can keep use of your parking when you’re home in the evenings, but earn a significant income from renting it during the working day. If you’re near an airport, offer a shuttle service to transport people to their flights.
Become a boutique hotel—when it suits you!
Monopolise on the big events in your local area by becoming a B&B in the peak season. The 2012 Olympics in London; the 2014 Tour de France in Yorkshire; the yearly Isle of Wight Festival—these are just a few examples of big scale events that have drawn hundreds of tourists and fans to an area. If you’ve got a spare room or two, and a big attraction is coming up, then don’t let your space go to waste.
Decorate neutrally and include breakfast—you’ll be sure to draw the visitors in with some homespun charm. Invest some time in a blog or website to promote your location, and to avoid paying the fees to advertise on another site. It’s a convenient way to earn extra income, and to capitalise on events in your local area.
Get a lodger
If you’re looking for something long-term, and you have a bedroom going spare, think about getting a lodger. If your children are all grown up and off to university but you don’t want to downsize from the family home just yet, it’s a fantastic way to make use of your suddenly empty space—and to earn some money in the process! Under the government’s ‘rent a room’ scheme, you can earn up to £4,250 a year tax-free by letting out furnished accommodation in your home.
If you’re struggling to find a suitable lodger, or want to consider something a little more flexible, consider leasing out a bedroom to an actor. Contact your local theatre to register your interest in being on their ‘digs list’. You’ll house an actor for the weeks in which they’ll be rehearsing and performing. These short-term lets could offer you the flexibility that a lodger might not; and they will guarantee you an interesting houseguest, and maybe even a free ticket!
Pop up a shop in your garden
If you have a prolific garden or a busy pair of creative hands, earn extra income from your productivity by having a pop up shop or café at points throughout the year. For example, many inhabitants of Hay-On-Wye capitalise on the yearly literature festival there, which draws thousands of tourists. On approach to the festival site, you’ll pass dozens of houses with pop-up gazebos in the front gardens, and charming blackboards advertising homemade cakes and tea.
If you have a property with an incidental footfall, grab the chance to boost your income by putting a pop-up shop or café on your lawn. You might be surprised at how much you can earn from a slice of granny’s chocolate cake and a simple cup of tea!
De-clutter your home
Even the most organized among us can be guilty of a little hoarding from time to time. Earn extra income from your forgotten and unused treasures by simply having a clear out. You might be surprised by what certain items can fetch on auction sites such as eBay: used shoes, crockery sets, old prints—the right item can fetch quite a price! Sell your old mobile phones for recycling. If you have the know-how, take apart an old laptop, as its individual components can add up to quite an earning when auctioned off. It’s a worthy endeavor, and it will also result in a clearer and cleaner house, which might add value to your home when the time comes to sell. Win-win!
Get creative with up-cycling
The shabby-chic trend is still in swing, so take advantage of it by up-cycling old items for resale. A coat of chalk paint works wonders, and can add significant value to an old chest of drawers or kitchen dresser. You can make a small sum by up-cycling old items before selling them on.
And creativity doesn’t have to end with furniture. Have a look at the home sellers of Etsy for inspiration, and take note that you can make anything out of anything! For example, frame an illustrated page from a vintage children’s book. You’d be surprised at what can make you money with a little creative flair!
Sell your skills, in your space
Do you have a flair for woodwork? Are you a master baker? Or do you have some family recipes worth knowing? You can host a workshop from your very own home to share the skills you have. Start small and spread the word: start a blog to advertise your classes, and share some tips on social media to draw your audience. If people always say your apple pie is to die for, don’t let it remain a family secret. This way, you can share the joy and boost your income in the process.
Transform your garage into a rehearsal venue
Garages can become more of a hindrance than help when it comes to adding value to your home; they are often filled with junk and may start deteriorating without any use. Initiate a conversion to add value to your home and to give yourself an extra source of income by transforming your garage into a rehearsal space. It won’t take too much DIY to create a decent space to let out to performers, musicians, and other groups. Ensure there’s plenty of lighting, plug sockets, decent flooring, and tea and coffee making facilities. An exciting addition like a rehearsal space could bring in clients by the hour.
Become a film set
Have you ever thought about where the homes on film and TV come from? It isn’t all backlot studio sets in Hollywood: production companies often source their locations from private homes. If you have a TV-worthy home, letting it out to a film crew could bring in significant extra income. Production companies will pay up to thousands of pounds per day for the privilege of filming in your home. Although there will be some hassle involved, they generally tend to film during the hours in which you would be at work.
If you have a quirky property or live in a popular area, such as Edinburgh or certain areas in London, this could become a real earner for you. You never know—your home could become the next iconic film property, like Hugh Grant’s house in Notting Hill—and who could forget that bench?
Make money on holiday
If you live in scenic or tourist-heavy area, and your house lies vacant for part of the year, even if only for a week, make the most of the opportunity by letting it out. There are online options to house-swap for your holidays, or you can sign up to websites such as Airbnb. If you’re looking to boost your income by making the most out of your property, then never let it sit empty! There are plenty of people always looking for short breaks, holidays, or long-term lets: make the most of your home and lease it out when you’re not in residence.
There are plenty ways to add value to your home and bring in an extra income. Think creatively and keep your eye on the ball, and you won’t go far wrong!