Consumer Corner: Nine ways make money from (and in) your home this year
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Finding ways to make money from your home can be a handy way to bring in some extra cash. It is also worthwhile taking a look around your house to see where you can save money from the shower to the kitchen to the driveway. There are opportunities at every turn. If you are struggling however to figure out ways to do this then look no further than our guide on the top ways to make money from and in your home this year.
There is a new trend sweeping through the cool circles and that is swapping your home with someone for a few months and getting to live in a new city or country. With remote working now so popular people are able to do this without it impacting on work. So if you have ever fancied living in a French village for a while or upstate New York may be taking your fancy. Instead of seeing this as a pipedream that could cost a fortune you could partake in a house swap. There are lots of websites that can facilitate this and as with anything research is key.
Have a look at the hidden gems in your house to see if any qualify for an upcycle project for yourself. A lick of paint or a bit of imagination could go a long way to adding value to items already in your house. People are always on the lookout too for unique pieces so selling them on could bag you some cash too.
Is there a spare room sitting there not getting up to much? Or do you have a ‘good room’ or a dumping ground that you could transform into a room that you could rent out. This is such a handy way to make money as you do not have to pay tax on the money you make from rental. Revenue rules state that homeowners are entitled to rent out a room in their homes and make up to €14,000 per year tax free. There are some conditions to consider and all those details are on Revenue’s website.
The Central Bank of Ireland found that anyone who didn’t move home insurance for nine years or more are overpaying by 32%. This is a lot of money to be overpaying by and just goes to show that those who do shop around will save money. According to online home insurance broker, Insuremyhouse.ie found that they could get quotes for the same policy ranging from €585 to €285.08. You can also get discounts for things like house alarms and driveways and heating systems that are recently upgraded.
Like many homeowners you may have thought about this but said - maybe someday. Well why not make 2024 that day? You can make money from your home while you are away through Airbnb. According to the Airbnb website a house in Cork city could make around €1,338 on average for rent. According to the Airbnb they generally collect a flat service fee of 3% of the reservation subtotal when you get paid. For anyone wondering if their place is suitable the website also states “airbnb guests are interested in all kinds of places. We have listings for tiny homes, cabins, tree houses and more. Even a spare room can be a great place to stay.”
You could use your home to mind dogs while their owners are away. This would be especially handy if you have a garden of course. There are apps and websites too that can facilitate this.
You know that birthday cake you made that everyone said was wonderful? Why not turn your talents into cash. You don’t have to bake on mass scale but even for family and friends as a starting point. You could even gift your cakes as presents instead of spending money on gifts. With social media so popular now that could also be a great platform to sell cakes on.
A handy way to make some money is renting out your driveway to people working locally or students who might be in need of a place to park their car.
Everyone is keeping an eye on their energy bills these days but there are ways you can help bring down your bill. If you are in a contract longer than a year the chances are you can switch and save money. It is so easy to do it and websites like Bonkers.ie have comparisons that you can use to get the best deal. Other things to watch out for is your water usage, can you take a shorter shower, don’t put on a half laid in the dishwasher, turn down your washing machine temperature and watch your oven use. Don’t have the oven on unnecessarily. There are supports available too from the Department of Social Protection and MABS and Saint Vincent De Paul are also available should you need extra help.