Renting out a room or taking in a student can be a big earner
Renting out a room, driveway or taking in a student could be a big earner
IT WAS supposed to be the ‘Housing’ budget, but for many desperately seeking accommodation or struggling to pay their mortgage, there were precious few measures to help.
But there are ways you can make some extra money from your home, without having to sell it, so this week I’m looking at how to put your house to better use and supplement your income at the same time. The panel shows how an investment of insulation and solar panels using grants can boost its value.
Rent a room:
Primarily designed to help students find accommodation, a generous tax relief from Revenue could net you up to €14,000 a year tax free by letting out a spare room. To claim it, it must be a long term arrangement, where you live in the house yourself. If you’re in a university town, it’s a great way to have extra company and is popular with cashstrapped pensioners. Just bear in mind that for the relief to be claimed, you must register the income, but you do not have to pay income tax on it. You don’t need to become a landlord or register with the Residential Tenancies Board either.
Airbnb:
If you only want occasional guests, this is the better option. All income is subject to tax however and the average Irish host earns €3,500 a year. The organisation has over 8,000 ‘active’ listings, mainly in cities. There is a Government review under way to decide if Airbnb needs to be curtailed as it’s perceived as hampering the rental market, but for the moment, it’s fine to do so.
Driveway:
Live near the Luas, Dart station or a major arena but take your car to work? Then renting out your driveway is a great way of using the spare space. There are websites who host driveway lettings, including www.parkingmotel.com, www. donedeal.ie and www.justpark. com. You can earn from €4 to €30 per day depending on location and it must be off-road. Even better is secure underground parking, but check with your management company if you’re in an apartment.
Foreign student:
Although families with children are preferred for teenage summer students, there are lots of language schools around who need to place adult students in Ireland for a week, term or academic year. Your local school (www.educationireland.com has a full listing), or specific sites such as Leitrim-based www.homestayireland.com will match hosts to students and you can earn a few hundred euro a month. Providing meals and laundry is usually a requirement.
Holiday swap:
Fancy a foreign trip but can’t afford it? Consider swapping your home and you’ll only need to pay for flights. Yes, there’s cleaning (and locking away personal effects) but users swear by it. Sites like www. homeexchange.com and www. homelink.ie are popular with lots of positive testimonials.
Elder au pair:
Elder care is extremely expensive and carer agencies charge up to €30 an hour. A cheaper option is to engage an adult au pair who wants to learn English. Suitable for companion-type care, they will do light housework (not offer medical care), around 10-15 hours help a week in exchange for somewhere to live. Try www.homeshareireland.com or www. granny-aupair.com
Movie rental:
Have a fabulous kitchen, cosy lounge or great garden? Consider renting it out to a movie or ad agency for filming. Fees are generous – up to €1,500 per day – although you may have your furniture moved around and a wall repainted! Sign up with www.iftn.ie’s location directory or www.locationsguildofireland.com.