Three Ways to Make Money by Using Your Property Creatively (Part 1)

As the cost of living crisis bites, there are many ways to earn more money, withstand upcoming energy bills and improve your financial situation. 

  1. Host a lodger: 

Household bills have increased dramatically since 2021. Initially, consumers were protected by the energy price cap, however, the price increased by 54% in April 2022. Today, Liz Truss has announced a vast plan to freeze average energy bills for households at £2,500 until the next election as she declared that “extraordinary times call for extraordinary measures” 

Yet, your home could generate some extra income, and you may not have to pay tax on your earnings. The UK government’s rent-a-room scheme enables you to earn up to £7,500 a year completely tax-free by letting out a furnished room in your property. 

Top Tip: advertise your room online on SpareRoom (with the option to download a lodger agreement for £4.99) and live in this property for a short duration, to match the criteria. Don’t forget to notify your insurance provider that you have taken in a lodger.
2. Turn your room into a film set 

Every TV show or movie needs appropriate set locations, where the characters will be brought to life. Frankly, it will be a bit more difficult to qualify for Amazon’s show “Rings of Power”, as you are not very likely to own a hobbit house, but there are plenty of ordinary homes used as unique sets. 

Additionally, your chances increase if you live near/in London and have a parking space. Make sure to keep yourself updated on upcoming titles being filmed locally, so you can participate in the location lottery. For example, Bristol residents were making money for decades from the BBC drama Casualty, while it was filmed there by offering any available space to the film crew. Funnily enough, people even launched a campaign “Keep Casualty in Bristol”, to prevent the TV show’s entire crew relocating to Wales for filming. 

You can also offer short-term rentals for photo shoots, as they pay better than Airbnbs and are less disruptive. On average, hosts can make up to £2,500 a month from one to three bookings by renting out their property. 

Check out the following websites: Scouty, Location Works, Amazing Space and Shootfactory. For expensive homes, take a glimpse at Lavish Locations

3. Rent out your parking space or driveway

You can charge an hourly, weekly, or monthly rental fee for your garage, off-street parking area, or driveway.

Numerous services connect people who have extra parking spaces with drivers who need to park in particular places.

Websites like YourParkingSpace and JustPark, all offer advertising opportunities. A longer-term rental alternative is ParkLet.

You might have to pay a listing fee, and a commission on bookings usually ranges from 5% to 20%. To counter this, however, you could earn a sizable sum of money if you reside close to a crowded train station or a significant tourist destination where parking is expensive. Similarly, if you live close to an airport, you may wish to provide a private drop-off area for tourists.

According to YourParkingSpace, Manchester United's Old Trafford is the most popular football stadium, when it comes to locals renting out their parking space, with average booking fees of £13 when an event is live.