4 genius ways to make money from your home
Increasing utility costs, mortgage payments, soaring inflation and stagnating wages… It’s a toxic cocktail of money worries and responsibilities that keeps many of us awake at night. But there’s no need to wait for your house to pay off at some point in the future. With so many creative opportunities to make money from your home floating around, there’s bound to be something that works for you too.
Sign up to Airbnb
You must have heard of the money-making opportunity to rent out a guest room through Airbnb. Don’t think you have to live in the heart of a metropolitan city or some resort area for your guest room to be desirable and sought-after accommodation. Being close to a university, hospital, or a nice countryside spot could be enough to drive people through the door – remember that people travel for all sorts of reasons!
If you have a spare room, try renting it out to make some extra cash without actually leaving your house. Under the government’s “Rent-a-room” scheme you can earn up to £7,500 a year tax-free from hosting people in your home.
Rent Out Your Drive
Don’t want strangers in your home? That’s fine! You can earn money by letting others park on your drive. While a slightly more location-sensitive opportunity, it can be tested by anyone with a spare parking space. This is where you will discover that being close to an airport, hospital or a similar type of busy place (where parking charges are ridiculously high) can turn out to be an extra profitable location. Check out Just Park to list your parking space for free and automatically generate bookings without lifting a finger and earn money from your home.
Turn your home into a pop-up restaurant
This is a dream come true for foodies and party-lovers. If you’ve tried your hand at cooking and think you have what it takes to elevate the usual Friday-night dinner parties to the next level, why not turn your home into a pop-up restaurant? This means you will need to jump through some legal hoops as well as declare your income, but it can be a wonderful opportunity to make extra money while meeting new people and polishing your cooking skills. Check out Eat With for some inspirations and ideas.
Get battery storage to use free energy you generate
Last year, the Secretary of State for Business, Energy and Industrial Strategy, Greg Clark, announced the government’s ambitions to establish the UK as the world leader in battery technology as part of the modern Industrial Strategy. The government is investing £246 million into battery technology to “create the conditions that boost earning power throughout the country”. As the government focuses on streamlining the production of better and more efficient energy-saving batteries, the power to regulate electricity consumption is handed back to homeowners.
What it means for you is that you can start making money right away, by cutting your energy costs, storing free electricity to be used later when you need it most. Solar power has become the go-to solution in recent years, so you may already have solar panels installed on your roof. In that case, the next step would be to get a solar battery to store the unused electricity you generate. When the peak energy tariff kicks in, you can switch to using the solar power stored in your battery, dramatically cutting your electricity costs.
Additionally, you can also participate in a cashback scheme like GridShare. Our solution uses spare battery capacity to support a low-carbon, cost-effective and smart electricity system through AI learning. This enables us to trade spare electricity with National Grid, meaning you can get £50 fixed payments for the first 3 years, after which we will offer a profit share option on any future incomes generated from Battery Grid services, so you can keep on earning money from your home.
Curious how much you could earn by generating your own renewable electricity? Use our free estimator and find out!