Many of us would like ways to make money from our homes. It is actually a lot easier than we might think. If you are renting your home or have a mortgage, you may find that you need to check with your landlord or bank before you can do these things though.
Many people make money by renting out empty rooms in their homes. They can offer a long term rental agreement or a bed and breakfast type agreement. These are methods which can bring in quite a bit of extra income and are pretty easy to set up and advertise. For long term rental, you would have to be happy with having someone living in your home all of the time. You might be fine with this if you live on your own and want companionship, for example. However, you will have to get used to being around someone else with different habits to you. Keeping on top of chores and making sure you did not get in each other’s way when cooking or entertaining guests could be something that you will need to think about first. If you do a bed and breakfast service you would nee d to be happy to get up each morning and provide breakfast and also to clean the rooms and provide clean sheets and things like that. It would be best if you had an en-suite room or a room very close to a bathroom that guests could use and not share with other residents in the house.
Alternatively people might rent out their driveway if they live near to a business that has limited parking. This can be fantastic if you do not use your driveway, perhaps not owning a car or parking elsewhere. It can also be good if you work full-time and therefore do not need the driveway during the day. You do have to be aware though, that you will not be able to use the driveway when you are on holiday form work as they will still want to use it. This means you will have to find somewhere alternative to park at these times.
There is also a potential for renting out part of your home for storage. Some people have an empty loft or some space in their loft which they can offer to others. They might be prepared to pay a monthly or yearly fee for keeping things in there. You will need to consider the costs of storage facilities and be competitive or else they will just use them instead. You will also need to think about how often they might want to access their items and how you will organise this. Some people rent out their garage instead. This can be better because it is normally self-contained, which means that people can get to their things without you having to be home or them having to disturb you. If they do have their own key though. You will want to be careful what you put in there if you are also storing items.
For all of these options you will need to think about insurance and whether you need extra cover because of the change in use of your home or parts of it.