Want extra income over the summer? Make your home work for you

Renting our your home or taking in lodgers can make you thousands

(Image credit: Getty)

Wondering if renting out your home on Airbnb is worth it? Or perhaps you're just looking for ways to generate extra income without taking on another job? Recent figures* are in, and they pretty much speak for themselves: you could earn as much as £3,000 a year just by renting out your home for an average of only four nights a month. 

Not that putting up your home on Airbnb isn't without its risks: allowing strangers to stay in your property could invalidate your home insurance, to say nothing of the risk of damage, and breaking the rules of your lease/rental contract. However, with the right precautions in place, it can be a useful income stream that's hard to beat for convenience and low effort levels.

Taking in lodgers is even more lucrative, with potential earnings of over £5,000 a year, or over £7,000 if you live in London. However, there are some costs involved on your part, such as home insurance and landlord permission (if you'll be letting out rooms to three or more unrelated people), and tax implications, of course. 

Finally, if you live in a nice period property and are looking for quick income, you could rent out your home to film studios or TV companies, to the tune of £2,000 a day. This is by far the most cost-effective way to earn money from your property, but then the property will need to be desirable to filmmakers. And you might need to find that you move out when filming is taking place.

All of these forms of extra income are much more achievable if you own your own home, so why not have a look into taking out a mortgage?

*data compiled by CompareTheMarket