Let your home 'work' for YOU - read our money saving ideas below and see how it can be done.
Whether your home is a three bedroom property or a mansion, when cash is short, the need is the same.
You must learn how to make money from your house.
Here are some tips to set you off on the right trail.
Have a look, see what you think.
Maybe adapt an idea to suit your own circumstances and your own house.
First and foremost, whichever course you take, always, always, always make sure you have a smoke alarm(s) installed and that it/they are in good working order.
These are proven life savers. Some are available with a ten year life span - at around £12. It is certainly a good investment. Your future course of action and your life could depend upon it!
All houses need a smoke alarm!
MONEY MAKING HOUSES ARE ESSENTIAL
1. Have you thought of taking in lodgers? Or to be more up-market, paying guests?
This will help your house make money for you. In many towns a spare room will rent for £60/80 per week.
Under the UK Government ‘rent-a-room’ scheme you are allowed to earn up to £4,250 a year in this way – free of tax. Not to be sniffed at. This is a quick and easy way to turn your home into one of the money making houses.
Also, if you live alone the company may be welcome. Don't forget to run the usual security checks to make sure the person you are admitting to your home is really who she/he says they are.
2. Have you considered an off-set mortgage? This combines current account, savings account and a mortgage – resulting in every penny you are able to save coming off your mortgage balance. A mortgage of this type can help you shave years off the total time period.
The flip side is that it would be easy to avoid paying off your debt indefinitely. Not a good move!
3. There are several Internet sites that are like gigantic advertising boards with news of people wanting to share, exchange a flat, house etc.
Because of the possible doubtful nature of some of the adverts we are not recommending any specific site. Just be careful – make sure you stay secure and safe while you try to save money and make it as well. You do need to have one of the money making houses - but just take care.
4. Film and TV location sets can be grand or just everyday. Film companies will even look at derelict buildings, semi's etc.
See if you can make money this way. If these companies need to change the decor for their filming, this can be a bonus because they will redecorate the particular room they use to the colour scheme etc., that existed before their arrival. This is an excellent way of turning your house into one of the money making houses.
Your Home as a Film Location
5. Alternatively, if you live near the site of a major entertainment event such as Glastonbury, Henley, Edinburgh, Silverstone, or Wimbledon it may be possible to rent your home to the event organisers. For instance, Wimbledon Tennis Lettings and Eventful Stays may well be a source of more information for you.
6. You will probably not endear yourself to your neighbours, but if your home has a large garden it is always possible to sell off this land for building purposes. This is a sure way of turning your home into one of the money making houses.
The Government are now about to make a change in the planning regulations here, so check with your local Planning Officer before you start.
7. If you have moved to your new property within the last six months, you can challenge your local authority on your property banding for Council Tax.
Another ‘be warned situation’ – one person noticed that his neighbours had a lower banding and challenged the Council. Result, they increased the banding for all his neighbours. Ouch! Some serious research is needed here before starting down this road, but it can be done. Just take care you get one of the money making houses and not a money losing house.
8. Are you using your garage? Is it full of junk instead of a car? With parking spaces at a premium, why not consider letting it to someone with a car.
Alternatively, collectors or hobbyists may well welcome your free space and will pay to rent. Again run a few checks here – you do not want to be ‘done’ for storing stolen goods. No matter how good the rent you would not want to be raided by the police or Inland Revenue in the wee small hours! You are supposed to save money and make money here, not gather a criminal record. So be careful - you need one of the money making houses not a criminal record!
9. An alternative idea is to let your drive-way. Sounds far fetched? Apparently parking is so difficult in some large cities that people are now letting their drives to drivers who have neither space nor garage. Up to £5,000 per annum is being made in this way. Food for thought particularly if you live near an airport and can accomodate cars from people who are going away on holiday?
There are now several companies cashing in on this idea and this idea may well be worth investigating if you live near a large airport. A quick spot of Googling may find the solution. An ideal way of turning your home into one of the money making houses that everyone is seeking.
Do you know of a good 'alternative' tip for making money from your house?