Why It Could Pay to Let Strangers into Your Home

We are often a bit possessive of our homes – they are our safe place, our sanctuary and we don’t want strangers just wandering around. And while there’s nothing wrong with this idea, it could mean you are missing out on new ways to let your home make you some extra money. So can letting strangers into your home actually make you a profit?

Become a hotel

If you have a spare bedroom, then there is no reason you can’t transform this into a tiny hotel through companies such as Airbnb. The idea is simple – the website matches up people wanting to stay in a place with people who have space for them to stay. It has grown massively in the last couple of years and is now used by everyone from students on a gap-year to business people who don’t want to stay in a hotel. It is also a fun way to make some extra money and meet different people from around the world as well as giving them your special knowledge of your local area to make the most of their stay.

Become a film set

An increasing number of film and TV studios are turning to real homes to use as set rather than constructing them from scratch. This means you have the chance to make your home into a film set and even (in the tiniest number of cases) have a big film star in your home. There are plenty of companies that work to pair up homeowners with studios, like 1st Option – London Location Agency. Their job is to find homes for studios and if you approach them, they can look at your property and perhaps add you to their database for consideration. It does involve you moving out during the filming but think of the bragging rights – and the extra cash!

Take in a lodger

For something a little more settled and long term, you could look to use that spare bedroom to house a lodger and receive rent that way. Students are a popular option for this kind of idea, looking for a home away from home rather than staying in dormitories or sharing with other students. Also, business people working away from home for a long time might seek somewhere a little more homely than a hotel.

Rent out your drive

Should having strangers in your house not sit well with you, what about using your driveway? If you have a drive and either don’t use it or don’t use all of it, there might be someone willing to rent that space from you. Local businesses whose staff need car parking space are one group to consider along with neighbours who have more cars than driveway space.

Conclusion

Whatever you do to make some extra money from your home, always remember to declare it to HMRC to avoid another, far less pleasant stranger visiting your door. And always remember the repercussions for your home life to these changes to be sure they are right for you and your family.