How to make money from your home

Our experts solve your most-asked home dilemmas. This month, we find out how to make your house work harder by earning you a little extra income

- 

What should I know about renting before getting a lodger?
Phil Spencer, property expert and founder of the property advice website, Move iQ, says...

'Long before Airbnb, people generated money from their home more simply - by renting out a room to a lodger. If you've got a spare bedroom and are happy to share your living space, this can still be a low-stress way to earn extra income. The first £7,500 you make is tax-free too, thanks to the Rent a Room Scheme. However, there are some important things to do before you welcome your first lodger. If you have a mortgage, check with your lender. Some mortgage providers prohibit lodgers, while others allow it under certain conditions. Likewise, if you're renting, you must check whether your tenancy agreement allows it.

If you currently live alone, taking in a lodger could mean you lose the 25% single person discount on your Council Tax. Your property will also need to meet certain safety standards, including getting gas appliances checked every year by a Gas Safe engineer.

My golden rules are: advertise the room in suitable places and screen potential lodgers to find a good match; establish clear boundaries and expectations before your lodger moves in; ensure your home is safe and in good repair; consider the financial implications, including tax on the income you receive and adjustments you have to make to your home; check your buildings and contents insurance, as taking in a lodger may affect your premium; if your property is a leasehold, check your lease, as you may need the freeholder's permission.'

How do I get set up as an Airbnb host?
Amanda Cupples is general manager for UK and Northern Europe at Airbnb. She suggests...