Make money from your home
- Which? explores four ways to make money from your home during the recession
- Advice on turning your home into a B&B, renting a room to foreign students, using your home for photo shoots and house swapping
- Discover the pros and cons of each, find out how much money you could earn and get insider tips
Make your home earn its keep
Using your home to make more money sounds tempting at any time – especially so during a recession. But some ways of earning money from your home are easier than others, so we set out to investigate the pitfalls and the benefits.
House swapping
House swapping is a great way to save money on holidays
The idea behind house swapping is that two households who have never met stay in each other's homes at the same time – free of charge. You’ll only pay the airfare and home exchange agency fee.
House swapping: in brief
- Pros You can holiday in desirable locations for the cost of an airfare.
- Cons You have no claim to compensation if things go wrong.
- How much saved £6,600 (approximate cost of hiring a four-bedroom house in the Florida Keys for a month in January 2010 with car hire).
- Suitable for Independently minded travellers who own a desirable property.
- How do I do it? Thoroughly research house swapping websites and read the Which? guide to house swapping.
Insider tip
Graham and Joyce Young from Buckinghamshire, both 60, have been house swapping since the late 1980s. Their advice is that, while house swapping may help with that common requirement of home insurance policies – to not leave your property unoccupied for more than 30 days – you won't be covered for ordinary theft by your visitors, as you have invited them into your home.
Running a B&B
You could earn £23 to £32 per person per night from running a B&B
Turning your home into a B&B can earn you £23 to £32 per person per night from guests, but you'll need to make costly alterations to your property (upwards of £20,000 in some cases) and the payback period on your initial investment can be lengthy. You'll also need to check with your local planning office regarding planning permission, and you must comply with hotel-level fire regulations.
B&Bs: in brief
- Pros The interaction with guests, the freedom to take a holiday by putting up the ‘no vacancies’ sign.
- Cons The start-up cost and regulations.
- How much earned £23 to £32 per person per night.
- Suitable for Sociable people with spare rooms and the ability to work from home.
- How do I do it? Research tax and regulations. Get advice from your local tourism association and visit Business Link.
Insider tip
Yoland Brown and her husband Roger, both 68, turned their Shropshire home into a B&B in 1979. Their insider tip is that online booking takes a lot of the fuss away, but be aware that some affiliate booking sites take much more commission than others.
Renting a room to foreign students
Make money by renting your spare room to foreign students
If you have a spare room, renting it out to foreign students could be a great way to earn some extra cash. There are no upfront costs, so you can earn from day one.
Renting a room: in brief
- Pros No adjustments to your home and few adjustments to your home life; bookings often made well in advance.
- Cons Income is not huge, and though academy staff are on call at any hour, you may be 'in loco parentis'.
- How much earned £140 a week per student for full board.
- Suitable for Those who want their home empty of guests during the day.
- How do I do it? Get in touch with local educational institutions as a first step.
Insider tip
Alison Hood, 41, and her husband Adrian, 40, rent out their spare room in outer London to continental school students. Their tip is that, while language schools are a large market, classes tend to last for only half a day. Students may wish to return to your home during the other half.
Using your home for photo shoots
Using your home for photo shoots can be a lucrative option
If you’ve got the right kind of home, you could consider using it as a photo shoot location for adverts or magazines.
Photo shoot location: in brief
- Pros Can be a lucrative and long-term option if you have the right kind of property.
- Cons Need to vacate your property at short notice.
- How much earned £400-550 per day for magazine shoots; £700-900 per day for adverts.
- Suitable for Those with the right property and lifestyle.
- How do I do it? Scour photo shoots in magazines. Contact photo location agencies and choose one that seems to be most closely aligned with your needs and property.
Insider tip
Sarah King, 43, rents out her family home for photoshoots. Her tip is that, if you're using an agency, remember that there can be a significant lag between the shoot and the agency passing payment on to you.
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