Put your house on the payroll . . . it could earn up to £2,500 a DAY!
Using a property as a TV set – like this home in A Very English Scandal – is just one way it can pay
HOME is where the heart is. It can also be used as a way in which to earn you extra cash. Here, The Mail on Sunday shows how you can profit from your property – from turning it into a TV set to swapping it for a holiday.
YOU do not need to live in a Hollywood mansion on Sunset Boulevard to get your house into the movies. A modest suburban home can do.
Homeowners often get paid £2,500 a day for letting out their property to be used for a movie, TV show or advert. If used for a photoshoot in a magazine feature or for marketing purposes it might generate £500.
It is period authenticity that film crews usually most desire. Janie Richardson, of property agency Lavish Locations, says: ‘The biggest appeal is if the property has been untouched by time – and so has a feel of the period in which a film is set.’
She points to the recent TV series A Very English Scandal starring Hugh Grant as Liberal leader Jeremy Thorpe. It used a home in East Dulwich, South East London, found by the agency.
Jean and Alan Shaw have owned the five-bedroom 1917 house featured as the Thorpe family home since they moved there in 1970. The couple, both aged 80, believe the property was chosen because of its particularly special period appeal – having been built using Elizabethan bricks.
Jean says: ‘It was surprisingly easy to cope with the film crew as fortunately we were able to still sleep in our beds at night. Most of the furniture was removed and the interior was wallpapered to give it a dated appeal.
‘Dozens of people were here for a week – but filming was done in just two days. After finishing, everything was put back exactly as it was while the piano was even retuned. They paid for our own decorators to get the house back into shape.’
Richardson says there are practical considerations to be made before giving your home a starring role. This includes having access and space outside for large vehicles that can accommodate at least three dozen crew. You should also not be precious about furniture being moved.
Any breakages or damage will be covered by film crew insurance though you should tell your own home insurer what is going on. Low ceilings and small rooms can be a problem because lighting and sound equipment often needs plenty of out-of-shot space. Agencies such as Lavish Locations can take a 20 per cent cut of any fees paid. Others to consider include Amazing Space and House of Locations. THE taxman is surprisingly generous for those who have a spare room they might consider letting out – allowing up to £7,500 a year to be received tax-free.
This ‘rent-a-room’ allowance is not just for homeowners who share furnished accommodation but also for those who live in rented accommodation and who wish to sub-let.
Income from short-term letting arranged via websites such as Airbnb can also be protected from tax by use of this allowance.
Carlo Bongiovanni rents a two-bedroom apartment on the riverside in Vauxhall, South West London, paying £1,900 a month for his accommodation. The 26-year-old estate agent lets out one of the rooms for £39 to £49 a night depending on the time of year. He markets the flat through Airbnb.
He says: ‘Renting out a room is not easy money. It is important to ensure the property is always kept in immaculate condition and you must be as helpful as you can to visitors to ensure they have the best possible experience.
‘But the extra money comes in really handy as living in London is expensive. Without it I would struggle.’
Airbnb charges a 3 per cent fee to those renting out a property as well as a ‘guest service fee’ for those staying of between 6 and 12 per cent of the rental charge.
Included in this price is a ‘host guarantee’ paying up to £600,000 for damage caused by guests. But also ensure your home and contents insurer is aware that you are renting out.
Payment for those booking via Airbnb is taken directly via PayPal or debit or credit card – with money
released to the host 24 hours after guests book in. Carlo says: ‘I pay a cleaner £20 before each new guest comes in to ensure the property is kept in tip- top condition – a cost that I must factor into my financial sums. It is also vital to make sure the home is always secure.’
Other specialist websites to consider include SpareRoom. This allows you to promote accommodation on its website for free – or from £10.99 for a week if you want your advert to stand out.
Lodgers do not sign short-term leasehold agreements as they would renting an entire home but contracts where details such as the policy on breakages and keeping the house in order are provided. SpareRoom sells lodger agreements for £7.50.
Matt Hutchinson, of SpareRoom, says: ‘We believe there are 19million spare rooms in England alone. The rent they generate can make all the difference between struggling to get by and enjoying a comfortable life.’
For those who do not like the idea of opening up their home to strangers an alternative is to use your property to store other people’s items. Specialist websites include Storemates and Storenextdoor. Storemates takes a 15 per cent cut of the storage charge – this includes insurance damage cover of up to £10,000 on goods being kept.
Storenextdoor offers a similar deal for those that also want a contract and insurance as part of the deal.