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Buying a new house is a costly experience, especially when you happen to go above budget and max out the mortgage.
Of course, repaying such a high mortgage may leave you short of money at the end of the month, forcing you to consider taking up a second job.
While doing so could help alleviate your financial woes to an extent, another job can be stressful and extremely time consuming at the best of times.
However, many people are now taking the less traditional path to make their new home work for them.
You may have already saved an average of £500 on your moving day with Comparemymove.com, and now you can make hundreds – possibly thousands of pounds – from your property while barely lifting a finger.
From renting your roof to accommodating film productions, dedicated companies across the UK and internationally can help you bring in extra cash each month to ease your mortgage repayments.
Families and individuals have been cashing in on a government scheme introduced in 2010 that allows households to “feed in” to the national grid with solar panels.
Not only are solar panels an environmentally friendly source of electricity, installing these green gadgets could pay you up to £750 a year. That’s not to mention an average saving of £592 on your electricity bill.
However, while the prospect of never paying an electricity bill ever again may seem appealing, installation of solar panels may cost around £4,000-£6,000. This is obviously quite a costly amount to fork out in one go, plus it would take about six years for your solar panels to pay for themselves.
If you don’t quite have that amount right now, you could consider renting out your roof to renewable energy companies. You won’t receive any income with this method, but your electricity bill will either be non-existent or cut in half depending on the company you choose to go with.
If solar panels are out of the question, why not rent out a room or attic space for storage. Plenty of people in your local area will be in need of storage, so any space you can offer will be more than welcomed.
Listing an attic, garage or spare room on Storagemates.co.uk could make you around £200 a month, although this depends largely on the size of storage you are offering.
Each party is protected for up to £10,000 when listing through this website which takes a 15% cut on your monthly income.
Make money from your unused parking space by letting it out to commuters and other people needing to park in your area.
Rental website yourparkingspace.co.uk promises cheaper parking to users while offering an easy income for people with empty driveways.
Of course, demand is a lot higher for city centres, so this may not always be a viable option if you live in a contryside town or village.
You can expect to make around £125 and upwards per month if you do own a parking space in a city or near a train station.
Some locations in London even offer spaces for upwards of £2,000 per month due to high demand.
Production companies may be willing to pay around £500 to film at your home for the day. If your property is extra special, you could expect to be offered up to £2,500 a day – not too bad for doing little to no work.
Dozens of websites are dedicated to putting property owners in touch with location scouts, so have a look online to find the right agent for your property.
Some agents will specialise with higher-end properties, while others might look for the more unique and interesting homes. Plenty of agencies will accept your property even if it may seem like a regular house, and getting on their books is almost always free of charge.
For the more unique style of property, consider signing up to Shoot Factory or Air Spaces. Companies such as Locationworks.com or Location Partnership are ideal for the more regular styled properties.
Film crews usually start quite early in the day, around 8am, and will be finished by the time you get home from work. They will also cover for any damages that might occur when filming at your property, meaning there should be nothing to worry about.
In a short space of time, AirBnb has become the household name for renting out your property to tourists and travellers.
The amount you make with AirBnB will depend largely on the location and the room or property you have on offer.
A private room in London could yield an income of around £52 per day. Similarly, you can expect an income of £32 on average for the same room listed in Birmingham.
Of course, you can expect to make more money from listing an entire property for rent, but that may be impractical when renting out your current and only home.
Income may be more sporadic than other methods when renting to travellers on a short-term basis, so it is important not to rely too much on AirBnB for gaining extra cash.
However, if you have enough room to do so, and your location is popular with travellers, you may be able to rent out year round on AirBnB. Plenty of householders are making five-figure incomes from their spare room with AirBnB.
Renting a room to a lodger is the more traditional route to take when finding a way of utilising that spare bedroom.
Income from a lodger should be more regular than renting with AirBnB, but the amount you could earn will potentially be lower for long-term tenancies.
Spareroom.co.uk specialises in helping you occupy that empty room. Location and room size play a big part in your expected income. A double room in a city location could offer around £200 per month, while London based properties would yield a higher return of £400+.
You can always sell your unused possessions as a way of making some extra cash. This can be the perfect excuse to declutter your home and make space in your property.
You could host a garage sale or head on down to a car-boot sale to sell your stuff. Alternatively, you can list items on eBay and Gumtree to sell things you don’t use.
The internet has acted as a springboard for peer-to-peer rental and sale markets to thrive
While some of the methods from this list above may not suit everyone, it is clear that your home can be a treasure trove of potential when it comes to cashing in.
Comparemymove.com may not be able to help you with monthly mortgage costs, but we can save you up to 70% on your moving day costs. Get free quotes from our trusted removal companies to save an average of £500.