Making extra cash from your home is easy

That spare room, garden or parking space could be a good little earner

The start of the new tax year today brings joy to the estimated 13,000 millionaires given a £100,000 tax cut by George Osborne, but for millions more times will get harder.

But if you own your own home, there are several ways you can boost your income by making use of what you may think of as spare space, but could be your most valuable under-used asset.

A spare room?

For starters did you know you can rent out a spare room tax-free? Well, as long as you make no more than £4,250 a year that is.

However, taking in a lodger comes at a cost. Chiefly that's the loss of privacy by letting a stranger into your home.

But if you can cope with that – or your need for cash is more important than your need for privacy – finding tenants can be relatively easy, especially if your home is close to rail or bus links. You can use sites such as uk.easyroommate.com or www.spareroom.co.uk to find prospective renters.

However, you should always vet potential lodgers thoroughly, and get a properly-worded tenancy agreement. You'll also need to tell your lender and insurer.

A way to get short-term renters is to accept foreign students into your home. While some are looking for homes for a year, others may just want somewhere for a week or two and you can charge up to £100 a day. You can find out more at www.hosts-international.com.

Tourists or festival goers

You could also aim at the tourist trade by using sites such as www.airbnb.co.uk, where you can rent out a bed, or even your whole house, which can be an idea when you're likely to be away. Renting your home could even cover the cost of your own holiday.

That's especially true if you live near a major sporting arena or festival venue and can rent out your place while demand is particularly high. Traditionally these are events like Wimbledon tennis or the Edinburgh Festival, but other happenings such as Glastonbury or Henley can also prove to be money-spinners for nearby folk. Talk to local letting agents to assess demand and opportunities.

Storage rooms

There are also less-invasive ways to make extra money from your home that don't involve you having to welcome in strangers. Self-storage, for instance, is big business in towns and cities where people have lots of possessions but tighter living spaces. If you have a spare room, renting it out as storage space saves the difficulties of having a stranger in your home, but still gives you extra cash.

There's a relatively new website – storenextdoor.com – that is promoting the idea. It promises, for a small service fee, to put you in touch with people needing additional storage space while organising the necessary insurance you need.

It's free to list at the site, however, and it's an attractive proposition to those needing extra storage space as most homeowners offer rooms 25 per cent to 50 per cent cheaper than commercial operations.

Parking spaces

In a similar vein you could rent out your driveway or spare garage to people who need somewhere to park their car. There are a number of websites that offer to put homeowners in touch with motorists, such as www.yourparkingspace.co.uk or www.parkonmydrive.com.

Using your garden

You could even consider renting out your garden. There are various reasons why people may pay to use it.

For starters it could be for an event, such as a wedding or birthday party. More simply, you could rent out your garden for storage or even to someone who wants to use it to grow vegetables. You can find out more at the website www.rentmygarden.co.uk.

Films and TV

If you're happy to have a film crew crawling all over your home you could let it out for hire as a location. Find out more at the website www.amazingspace.co.uk

Independent Partners; Do you need financial advice on your investments, pension or insurance? Book a free consultation with an independent Financial Adviser at VouchedFor.co.uk

Finacial products from our partners
Property search
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

ES Rentals

    iJobs Job Widget
    iJobs Money & Business

    Recruitment Genius: Collections Agent

    £14000 - £16000 per annum: Recruitment Genius: This company was established in...

    SThree: Trainee Recruitment Consultant

    £20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...

    SThree: Trainee Recruitment Consultant

    £20000 - £25000 per annum + competitive: SThree: SThree are a global FTSE 250 ...

    Reach Volunteering: Trustees with Finance, Fundraising and IT skills

    Voluntary and unpaid, reasonable expenses reimbursable: Reach Volunteering: St...

    Day In a Page

    Isis profits from destruction of antiquities by selling relics to dealers - and then blowing up the buildings they come from to conceal the evidence of looting

    How Isis profits from destruction of antiquities

    Robert Fisk on the terrorist group's manipulation of the market to increase the price of artefacts
    Labour leadership: Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea

    'If we lose touch we’ll end up with two decades of the Tories'

    In an exclusive interview, Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea
    Tunisia fears its Arab Spring could be reversed as the new regime becomes as intolerant of dissent as its predecessor

    The Arab Spring reversed

    Tunisian protesters fear that a new law will whitewash corrupt businessmen and officials, but they are finding that the new regime is becoming as intolerant of dissent as its predecessor
    King Arthur: Legendary figure was real and lived most of his life in Strathclyde, academic claims

    Academic claims King Arthur was real - and reveals where he lived

    Dr Andrew Breeze says the legendary figure did exist – but was a general, not a king
    Who is Oliver Bonas and how has he captured middle-class hearts?

    Who is Oliver Bonas?

    It's the first high-street store to pay its staff the living wage, and it saw out the recession in style
    Earth has 'lost more than half its trees' since humans first started cutting them down

    Axe-wielding Man fells half the world’s trees – leaving us just 422 each

    However, the number of trees may be eight times higher than previously thought
    60 years of Scalextric: Model cars are now stuffed with as much tech as real ones

    60 years of Scalextric

    Model cars are now stuffed with as much tech as real ones
    Theme parks continue to draw in thrill-seekers despite the risks - so why are we so addicted?

    Why are we addicted to theme parks?

    Now that Banksy has unveiled his own dystopian version, Christopher Beanland considers the ups and downs of our endless quest for amusement
    Tourism in Iran: The country will soon be opening up again after years of isolation

    Iran is opening up again to tourists

    After years of isolation, Iran is reopening its embassies abroad. Soon, there'll be the chance for the adventurous to holiday there
    10 best PS4 games

    10 best PS4 games

    Can’t wait for the new round of blockbusters due out this autumn? We played through last year’s offering
    Transfer window: Ten things we learnt

    Ten things we learnt from the transfer window

    Record-breaking spending shows FFP restraint no longer applies
    Migrant crisis: UN official Philippe Douste-Blazy reveals the harrowing sights he encountered among refugees arriving on Lampedusa

    ‘Can we really just turn away?’

    Dead bodies, men drowning, women miscarrying – a senior UN figure on the horrors he has witnessed among migrants arriving on Lampedusa, and urges politicians not to underestimate our caring nature
    Nine of Syria and Iraq's 10 world heritage sites are in danger as Isis ravages centuries of history

    Nine of Syria and Iraq's 10 world heritage sites are in danger...

    ... and not just because of Isis vandalism
    Girl on a Plane: An exclusive extract of the novelisation inspired by the 1970 Palestinian fighters hijack

    Girl on a Plane

    An exclusive extract of the novelisation inspired by the 1970 Palestinian fighters hijack
    Why Frederick Forsyth's spying days could spell disaster for today's journalists

    Why Frederick Forsyth's spying days could spell disaster for today's journalists

    The author of 'The Day of the Jackal' has revealed he spied for MI6 while a foreign correspondent