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.
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.
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; request a free guide on NISAs from Hargreaves Lansdown
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...
£20000 - £25000 per annum + OTE £35000: SThree: SThree are a global FTSE 250 b...
£20000 - £25000 per annum + OTE £35K - £45K: SThree: SThree Group have been we...
Day In a Page
A three-bedroom villa with self-contained flat, minutes from Lake Windermere
A deceptively spacious, beautifully presented Georgian home with 3000sq ft of living space and five reception rooms
A five-bedroom Victorian home with four receptions, superb gardens and paddock in Pembury
An eight-bedroom house on the south side of the The Green with cinema, wine cellars and summer house
This 17th century beauty is full of rustic cosiness, while the detached home office means you can also run a business
This five-bedroom red-brick beauty overlooks the village green and sits in just under two acres of land
Four exclusive apartments in a Grade II-listed former medical school with 2,275 sq ft of living space and 18ft ceilings
A five-bedroom terraced house on the popular Peterborough Estate, ideally located for both Eel Brook Common and South Park
A state-of-the-art farm-building conversion on the former Cliveden Estate, with 11,420sq ft of internal space, cinema and wine cellar
A three-bedroom, 15th-century cottage with original features in the picturesque village of Sissinghurst
A six-bedroom terraced house with large south-facing roof terrace, cinema room and wine cellar
A new seven-bedroom home built in Queen Anne-style with swimming pool and parkland views in Mortimer
A listed, four-bedroom farmhouse in the rural hamlet of Rushall with detached barn, four acres of gardens and paddocks
A first-floor flat with two bedrooms, a spacious reception room and communal grounds in a leafy part of London
A three-bedroom flat with a spacious rootop terrace and balcony, accessed from a private gated courtyard
A Grade II-listed pile with six bedrooms, stables and 39 acres of grounds in Standlake
A two-bedroom flat with boutique hotel-style interiors, close to the foodie haunt of West End Lane
A two-bedroom flat in a beautiful old vicarage, with many original features, close to the city centre
A three-bedroom 16th-century home with an aga kitchen, private gardens and heated outdoor pool, in Hadleigh
A three-bedrom home in sought-after Queen's Gate Mews, with Italian marble-finished bathrooms
Surrounded by glorious countryside in the village of Udimore, sits this impressive four-kiln oast and barn conversion
A five-bedroom house in the picturesque village of Kettlewell, north Yorkshire
An 18th-century former coaching inn with original staircase, open fireplaces and beams throughout
A Grade II-listed Georgian town house with three bedrooms and a south-facing courtyard, near Arundel Castle
Feel on top of the world at this über chic penthouse on the 37th floor of one of Europe’s tallest blocks.
A Grade II-listed Victorian villa with six bedrooms and two further cottages, all with spectacular sea views
A grade II-listed, Georgian cottage with mature 50ft garden, perfect for summer entertaining
A magnificent Georgian pile with turrets, seven bedrooms, a heated pool and four acres of gardens
Fairoak Farm has five bedroom suites, gym, outdoor swimming pool and golf course
Chic two-bedroom river-fronted flat with a private lift that delivers you directly to your home
A spectacular seven-bedroom Tudor pile, once owned by Henry VIII, with 18 acres of land
A seven-bedroom Georgian property previously used as a picturesque wedding venue
A split-level flat in a church conversion with two en suite bedrooms and 1,200sq ft of living space
A three-bedroom bungalow situated behind an impressive stone wall, £645,000
Windsor Castle overlooks this three-bedroom Victorian cottage located on one of Windsor's smartest roads
Chapel House is a former vicarage with nine bedrooms in the beautiful Upper Wye Valley
A five-bedroom B&B and separate owner's accomodation with potential for conversion
Enjoy summer by the Thames in this two double-bedroom converted warehouse in Rotherhithe village
A one-bedroom, luxury apartment with private gym and concierge service in Moorgate
A four-bedroom house in Hermitage Gardens with three reception rooms and landscaped gardens