private-partyGetting your home to where it is now likely took a lot of time, work and money. You have a beautiful luxury home and you are justifiable proud of it. You enjoy spending time in it and having friends around or guests to stay. But what if there was a way to make a little extra money from your luxury home?

Earning its upkeep

If you like the idea of your home earning its own upkeep, then there are plenty of ways to do this. Gone are the days of Tupperware parties or taking in long term lodgers. In today’s ‘sharing economy’ as it is termed, there are lots of ways for us to use our private spaces to make some money without handing them over long term to someone else.

One way to make some extra money without needing to lose your house for long periods of time is to rent it out for high end parties. Sure, people who attend these parties often have luxury homes of their own. But no-one wants to attend a party in the same place every time so they are often looking for somewhere different.

One word of caution about the private party idea – things can occasionally get a little out of control so it is always best to use a professional party planning company to handle the event. That way all you need to do is sit back and let them make all the arrangements and handle the aftermath as well!

Short term lets

There are also a variety of short term let ideas that may suit a number of homes. One novel idea that has surfaced in recent years involves renting your home to a film or TV crew to use as a location. If you have watched TV at all in recent years, you will likely have seen someone’s house without realising it. Many production companies rent real homes rather than build costly sets and when you have a luxury house, you could get into this. Again, use the services of a leading London location agency to handle the whole deal for you.

Maybe you have heard of Airbnb? Founded back in 2007, the company has taken off and the website now includes over 2 million homes over 190 countries. The idea is simple – you can list your spare bedroom on the site and receive a short term renter. When you have a luxury home, you will often be looking at businessmen or people who want a holiday but want to stay in a high quality house rather than a hotel.

The concept of renting all or part of your house out for a variety of reasons is one that continues to grow. Using that unused space to generate some extra income is ideal, using a professional company to manage the rent takes the stress out of it and all you need to do is remember to register the extra income with the tax man to avoid any problems down the line.