Make Money From Using Your Home
Homeowners, who are short of money, have come up with clever ways to make extra money during these hard times. With just willingness to compromise and a bit of creative thinking they can turn their money draining homes into a money making asset. There are various options which depend on your property, your circumstances and how much effort and time you are able to put in.
You can hire your home out for as much as 5000 pounds a week. Your home could be used for locations for films, TV or advertisements. Because of this, the agencies phones are ringing a lot more at the moment, as cash strapped homeowners try to register their properties.
A ‘rate card’ will be agreed for your home by the agency. This is a price list for different types of work, from which the agency takes commission. A basic shoot for a magazine may bring in 500 pounds a day, while film work pays even more.
The Founder of location agency Amazing Space in Farringdon, London, says: ‘There is a credit crunch effect. We’re getting some very nice properties coming through as owners look to enhance their income.’
‘Rates for TV commercials or TV dramas will start from 1,000 pounds a day and will go up from there,’ says Amazing Space. ‘It can be a fantastic income if you have the right house.’ Houses need to have a visually interesting interior and/or stunning character features. However, it is exceptionally important that the property must have large rooms so all the cast and crew can be accommodated. Parking is a major issue too as a television drama may need five or six trucks during filming.
A 48 year old furniture maker and designer from south London, has hired out her Georgian home. Her home is a firm favourite with filmmakers and has earned about 20,000 pounds a year over the past two years. She has hosted the crews for a Haagen-Dazs ice cream advert, TV show Britain’s Next Top Model and the QVC home shopping channel as well as photography shoots.
After her divorce ten years ago, she began to look for ways to profit from her home. ‘I started out letting the attic to a lodger and then as I refurbished
the house further, a friend suggested location shooting,’ she says.
But she is keen to point out that it is not a question of simply taking a booking and waiting for the money to roll in. ‘You cannot be too precious about the house and must have a great deal of tolerance because sometimes people are pretty badly behaved,’ ‘I have to repaint the hallways and staircases twice a year because of all the furniture, cameras and lights that get carted up the stairs.’
You home also needs to be in the right location, even if it is amazing. The majority of TV and advertising companies are still located down south in London.
The founder of Amazing Space says: ‘Proximity to the capital is a factor. Production companies are saying to us that they want to be closer to London because their fuel budgets are running out halfway through shooting.’ Amazing Space will take on properties only within the M25. Agencies such as locationpartnership, lavishlocations or 1st-option, will list properties from further away.
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