Making Money From Your London Home: Our Top Tips

July 1, 2022

London is an incredible city, full of amazing architecture, historical monuments and close-knit communities.

As such, it’s no wonder that many residents cope with the high prices that come with living in this majestic yet expensive city.

While London is expensive to live in, there are ways you can make money in the city, particularly if you own your home.

Here are some of the ways you can capitalise on your London property and earn extra money to spend doing the things you love in the capital.

Rent It Out When You’re Away From Home

If you go away regularly or have a spare room to rent, then you could list your home on short-term rental sites like Airbnb. London is a popular destination for tourists and visitors looking for cost-effective alternatives to hotels, so you may find that your property is popular. Managing the admin for an Airbnb account and making sure that your guests get the support and service they expect can be time-consuming. Thankfully, the experts at GuestReady offer Airbnb management in London that’s tailored to meet your unique needs. So, you’ll be able to rent your property out and save yourself time and effort.

Host International Students

If you don’t want to rent out your home to a strange while you’re not there, but would like to have some company, then you could consider hosting an international student. Many programs offer host families money in exchange for food and board, and your guest will mostly be out and about exploring the capital or studying. So, you’ll barely see them, but you will still get extra income from hosting them. Unlike taking on a normal lodger, if you host an international student, then you know when they will be leaving and when they will be in and out of your home. You might have to help teach them English or show them some sights, but this will be an exciting opportunity for you to have fun and make fun memories.

Offer Your Home As A Film Location

Another way to make money from your London property is to rent it out to the film and TV industries. Many London properties have classic period features that make them useful as film locations, particularly for content that’s set in the past. Modern properties are also in high demand, so whatever type of home you have, you could find some success renting it out as a location for filming. In some cases, you might have to move out while they film. However, for smaller productions or if they only need exterior shots, then you might find that you can earn money and get your home seen on screen with minimal inconvenience. Property demand is high in film and TV right now, so you should take advantage of this and find ways to make the most of your London home. Often you can get good fees for renting out your home as a set, and it’s hardly an inconvenience, so this is a fun way to generate some more income and make the most of your home’s location.

Post Parking Spaces On Airport Apps

Finding airport parking at an affordable price can be a challenge for many holidaymakers and frequent flyers. As such, many individuals have moved away from using airport parking services and choose to use apps that allow them to rent a parking space from homeowners who live near the airport they’re flying from. So, if you live near an airport and have a private parking space, then you could make some extra cash by renting it out to travellers. There are many apps that will allow you to rent out your parking space directly to tourists, so you can cut out the middle man and earn some extra money, while the travellers get the chance to save money on airport parking. If you don’t own a car yourself, then this could be the ideal way to make the most of an unused space on your property and use it to earn some extra cash. If you do have a car yourself, you should make sure that you’re careful to only rent the space out when you’re not going to be home or when the car is stored elsewhere, such as at the garage.

To Sum Up

With prices rising everywhere, it’s understandable that we all need to think about ways to earn extra cash. If you own a home in London, then you’ll probably be even more squeezed than most. There are lots of expenses to factor in, and London is already an incredibly pricey city. Thankfully, there are simple ways you can make extra money without putting in too much effort. These tips should help you to find innovative ways to make money from your London home, which you can spend living your best life in this thriving city.

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