How to make money renting out your home

Owning a home can take a large percentage of your money. That's why the intelligent homeowner figures out ways to use their house or flat to make some money, so they can offset that enormous cash loss.

One way to make money is by renting out your home. With several ways to do that, it can actually be a lot easier than you might think.

Four Ways to Rent Out Your Home

Rent out rooms in your home - If you still live in your house or flat, you can't really rent it out. Not unless you have somewhere else to go. You can, however, rent out rooms in your home, to a student, to an overseas holidaymaker, or even to business people wanting an inexpensive alternative to corporate housing. Look online for websites where you can advertise a room. They're easy to find, and listings are cheap or sometimes free.

Get a Monday to Friday lodger - If you don't want to share your home with a lodger during the weekend, advertise for a 'Monday to Friday' lodger. Tens of thousands of people live away from their main residence during the week for business reasons, and many would be delighted to find an inexpensive place to stay just during the week.

Rent out your entire house or apartment - If you have a second house or flat, can live with friends or family, or will be away for a while, a great way to make some extra money is by renting out your home. Again, put ads online or in your local newspaper. Just make sure you ask for references from any prospective tenants.

Rent out your home as a movie location - You don't even have to own an unusual home as movie production companies are often looking for your average house or flat. Take some photos around your property, and then register with a location scouting company. There are several online to choose from.

Just remember, if you decide to do any of these home rental ideas, you must check what the tax implications are as, above a certain amount, you will usually have to pay tax on the rental income.

Don't Forget About a Holiday Exchange with Your Home

Renting out your home isn't the only way you can make money. If you love to travel but hate paying expensive hotel bills, do a home exchange online. You could end up staying in a flat or house in Paris or Barcelona, while the people who own those places are living in yours.

There are hundreds of home exchange websites online and, if you go with one that allows ratings of people who participate in holiday exchanges, you can get trustworthy people staying in your home who will take care of it just like it's their own.

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