New ideas to make your home work for you

Your home is most likely your biggest asset. If you have a mortgage you can look at ways to make your bricks and motor help you earn extra money.

Apart from Airbnb or conventional rental, you can also look into getting a lodger into a spare room to let you make steady income. There are a number of websites that pair would be lodgers with suitable locations, just make sure you have a face to face interview before agreeing to take someone in. You’ll of course need to declare this income in your tax return but it should lead to some deductions for expenses or insurance changes.

If you have the luxury of owning a large garden but aren’t much of green thumb, consider renting space out to others as an allotment. This works particularly well in city areas where the desire to reap the benefits of a vegetable garden often outstrips the reality of owning one. Many people love to garden and will happily pay a fee to have their own piece of soil in your garden. Make sure you get the proper legal documents and insurance sorted out to ensure your rights are upheld and people understand the terms on which they may use the allotment.

If you want to go one step further with your garden space or have a larger bock of land, you could consider letting people camp on it. It sounds strange, but garden camping is actually in quite high demand for people looking at low cost city accommodation. Plan your space and think about how much you will charge and what facilities you will offer guests. To get started visit one of the many garden camping websites and register your plot.

If you happen to have a huge loft space, empty lock up or large spare room that you don’t use, storing someone else’s things is another way to add a little coin to your piggy bank. Make sure you prepare the area before hand to ensure there is none of your personal possessions in the space and get assurance on the type of stuff being stored.