Make Your House Earn Its Keep

Did you realise that there is a lot you can do get an income from what is probably your most valuable asset? Not only is your property a great (long-term) investment, your home could also bring you an income while you are still living in it. Here are some ideas to make your property really earn its keep.

Does your property have a spare room? Firstly, in the UK did you realise that you can rent out a room in your house and not be liable for Income Tax on the rental income up to Ł4,250 per year? The scheme is called Rent a Room and applies to someone who lives as a lodger in your house. The lodger would be someone who shares your facilities and would have meals provided.

The scheme was set up by the government to help alleviate the huge shortage of affordable housing in the UK.

As well as advertising your room in your local newspaper or newsagent's window make sure that you ask around where you work and play! This scheme is particularly suited to people who live a long way from their place of work and only need rent somewhere to stay during the week. You would have a lodger that you knew and you would also get your weekends back for some privacy.

A fun way to make some money from your home is to hire it out as a film location. It does not need to be a mansion or stately home of the type seen in costume dramas. For example, the house of Harry Potter's cruel Aunt and Uncle used for the films is on an ordinary housing estate in Bracknell, Berkshire, UK, and trust me it doesn't get much less glamorous than that! Think of all the shots in TV shows that are filmed in ordinary streets - only long running soaps have their own sets built for constant use.

Recently we saw the staff of a local estate agent packing up their files and moving out. Thinking that the local housing market wasn't that bad, we asked what was going on. A film company has seen their shop front and decided it was perfect for a few scenes in the film they were making nearby!

The easiest way to get your home on TV is to register your home with an agency which specialises in finding properties for TV and films, most will add you to their database for free, only taking a fee where your property is actually used for filming. It may not be a regular form of income but you could have the cream of Hollywood sitting in your living room!

Jacqui O'Brien is the editor of http://www.ahomeofmyown.co.uk, the directory of UK Private Seller property websites where you can also list your FSBO property for sale free.

MORE RESOURCES:

RELATED ARTICLES

Why You Should Rent To Live And Buy To Invest
Why you should Rent a place to live in and Buy a place for Investment - Did you know that in your Bank's Accounts "Your House" is placed in "Their Asset Book." That means that the house you own and live in, is a "Liability.

The Irish Property Market - Expensive But Worth It?
Lying on the edge of Europe facing out to the Atlantic Ocean sits Ireland, one of Europe's smallest countries and often described as 'The Emerald Isle". A beautiful country characterised by vibrant, colourful cities and towns set amidst endless unspoilt green fields, Ireland is now officially the best place in the world to live.

Refinance Rental Property - Dont Sell It
You own a rental property for years, and never see the "big pay-off." Is it time to cash in on your investment, now that you've paid down the mortgage, and values are up? Maybe not.

Do Bankers, Bubble, Discounters, & Justice Department Cloud Real Estate Industry?
Once relegated to the classified advertising section of the local paper, real estate has jumped to front-page headlines and covers of national magazines. Leaders in the real estate industry are weary from interview requests for their perspectives on market conditions, the ongoing battle with the banking industry looking for entry into residential real estate brokerage, online brokerage commission discounters and investigations into their business practices from the U.

Housing Froth Creating Imbalance for Consumers and Investors
Home buyers and sellers should think twice before jumping into over-heated real estate markets. Fed chief Alan Greenspan feels the housing boom is economically imbalanced or uneven.

Real Estate Appraisal - Rental Properties
Real estate appraisal for rental properties isn't the same as for single family homes. If you were looking at a 24-unit building, it would be difficult to find similar ones nearby that have recently sold.

For Sale in Ridgefield
Ridgefield Connecticut, located near the New York border, is a small, quiet town, and a great place to live. There are many types of homes that are for sale in Ridgefield, including luxury homes.

Making Money In Real Estate - 10 Ways
Making money in real estate is an endless topic that includes all the various types of real estate investments. There is land, apartment buildings, homes, commercial buildings and more.

Dramatic Profits From Preconstruction Real Estate Investing
The preconstruction process is an innovative real estate investment opportunity in which you buy tomorrow's property at today's price. Preconstruction investing is a boon for the investor or buyer as well as the developer or builder.

Real Estate Problem Solver
IntroductionThere are many areas one can invest in. Since I was 15 years old I have looked for the fastest, most effective way to accumulate a lot of wealth, with the least amount of risk.

Real Estate Financing - Ten Ways
Do you remember when real estate financing meant you saved up enough to put 20% down on a house, and then you got a mortgage loan for the other 80%? Well, you can still do that, but there are many more options now. Here are ten of them.

Choosing Your REALTOR ®
With so many realtors competing for your business, how do you know which one to choose? Here are a few things to consider when choosing a realtor.The most important decision you will make in the sale of your home is the Realtor you choose.

Home Equity Loans - Beware of Appraisal Fraud
A new report by the independent Demos group has revealed what may not be a surprise to many people - corruption is rampant in the home appraisal industry. The bust in the dot-com market of some five years ago has left would-be lenders with a surplus of cash to lend.

How to Price Your Property?
A house properly priced is half sold. But there are plenty of ways to price it improperly.

Selling Houses: Cutting Edge Design Tips for Selling
In this article, you're going to discover new techniques for marketing houses, and you'll find that these fresh, new interior design ideas will help sell your home faster, and for a higher price than the competition!Buyers' physical senses respond to a home's design, and what a buyer feels is based upon their psychological reactions to sight, hearing, smell, touch, and even taste. Design Psychology employs new strategies in interior design to entice buyers.

Give Your Home A Timeless Feel
In the world of real estate, there is a huge difference between an old home, and a classic home. It's comparable to the idea of used clothing versus vintage clothing; only on a much grander scale.

Legal Information About the Real Estate Contract
The conclusion of final agreement between a seller and a buyer is the Agreement of Purchase and Sale. We know it as the real estate contract.

What to Look Out For When Buying Off Plan
Buying Off PlanIt can be difficult to decide when every deal seems to be not to be missed!There are some key things I look for when buying off plan, whether it's in the UK or abroad it makes no difference.The property must be good value now ie it compares favourably with similar properties today, and is not based on properties going up in value 10% each of next 2-3 years.

Selling Your House Fast!
The physical senses of buyers respond to a home's design, and buyer base their purchase decisions on what the see, hear, smell, touch, and even taste. But what do buyers actually want?All buyers what a home that most closely suits their needs and makes them feel a sense of happiness.

Selling Your Home Quickly, Even if You Have No Money For Repairs
Do you need to sell your home quickly? If so, don't be tempted by the ads you see that say "We Buy Houses" or "Sell Your Ugly House in 9 days for Cash." Those types of ads are placed by real estate investors who are looking for sellers under duress, and they'll only pay up to 70% of the low end market value for your home.