TEN WAYS TO MAKE YOUR HOME A MONEY SPINNER
Get the most out of your biggest asset
BECOME A HOME HOTELIER
Airbnb (airbnb.co.uk) is one of the easiest ways to make money from your spare space or entire house. Listing your room is free, and you decide the price and set the dates when it’s available; then Airbnb takes 3% of what you charge. Rates vary depending on what you offer and where you live, but there’s the potential for earning over £900 a month, for example, for a spare room in London. Go to airbnb.co.uk/host/ homes to work out what you could get for a room or your whole house.
Worried about who’ll be staying in your home? Although guests aren’t vetted, you can read reviews posted about them by previous hosts. It’s worth noting you’ll need to be contactable for any guests’ problems, but if that sounds like too much hard work, try a co-hosting company that takes care of the ad, keys and guests. Airbnb now works with Air Agents (who take 17-22% commission),
Pass the Keys (fees from 12%) and BNB Buddy (15% commission).
GET A LODGER
Thanks to the Government’s Rent a Room Scheme, you can let out your spare room for up to £7,500 a year without having to pay any income tax on your earnings. Advertise on websites like justrentaroom.co.uk, spareroom. co.uk or mondaytofriday.com for part-time lets. Contact Experian for a background check on a potential tenant for £15.
TURN YOUR LIVING ROOM INTO A BOARDROOM
You can let out your rooms for company away days, freelancers looking for an office or as a space for business owners to meet clients – open-plan homes or properties with interesting features are the most popular. If you live in London, visit vrumi.com, which rents out rooms to workers looking for office space from £60 a day, with the company taking up to 15% commission. Or spacehop.com runs across the UK, with users able to charge anywhere between £50-£400 a day plus a 10% host service charge.
RENT OUT YOUR CUPBOARD SPACE
If your cupboards are empty, someone might be willing to rent them. The UK’S self-storage industry is the biggest in Europe, and storenextdoor.com (where it’s free to list) and storemates.co.uk (which takes 15% commission to cover admin and insurance) can find you a tenant who could pay over £75 a month to keep their stuff in your cabinets, garage or loft.
EARN MONEY FROM YOUR DRIVEWAY
Parking space is in demand, especially if you live in a city centre or near an airport. Register with justpark.co.uk or parkonmydrive.com and you could earn an easy £200 a month. It’s free to list on justpark.com but it takes about 3% of anything you make. Parkonmydrive.com charges a £15 annual fee but neither owners or renters pay any extra commission.
KICK-START A MATCH DAY BONUS
If you live near a sporting or festival venue, you could score big by letting out a room or parking space to fans or even participants. Events like the Edinburgh Festival, Wimbledon Tennis Championships and the Rugby World Cup are great money-makers. You can make anything from £45 a night on edinburghfestivalrentals.com, or try wimbledontennislettings.co.uk, who provide accommodation for players, officials and corporate clients.
MAKE YOUR HOUSE FAMOUS
You don’t have to live in a stately home to rent out your house as a location – magazines, TV and film companies use ordinary homes, too. As long as you don’t mind people taking over your home, you can earn more than £400 for a photo shoot and over £1,000 per day for filming. Register for free with a location agency like goodspaces.co.uk, 1st-option.com or lightlocations.com. They’ll take a percentage of your fee as commission but organise contracts and public liability insurance.
BE A MARKETPLACE MOGUL
According to research, we have an average of 53 items of unworn clothing and seven pairs of unwanted shoes. Sell unloved items on a site like depop.com.
SHARE YOUR WHEELS
Don’t leave your car on the drive – let drivers hire it via whipcar.com. An Audi A3 can earn around £40 a day (Whipcar takes 15% of the rental fee plus VAT).
TRY A HOME-SELLING PARTY
Parties where products are sold at someone’s house are back in fashion. A popular company is Stella & Dot, which sells jewellery. Sign up to host a party and you’ll get freebies and discounts. Become a stylist, and you can sell at other people’s parties and online, earning 25-35% commission. In just five hours a week, you can earn £374! You’ll need a £169 starter kit, but you’ll receive online training.
SAFE AS HOUSES
CONTACT your home and contents insurer to verify policies are still valid before you sign up to any of the above. WHERE NECESSARY, check your home insurance includes public liability cover, especially if letting. INFORM YOUR MORTGAGE LENDER
about any new ventures to make sure you don’t breach the terms of your mortgage agreement. NOT THE HOMEOWNER? Ask your landlord for permission before listing your property on a rental site. IF YOU ALREADY receive an income over the £11,850 tax-free threshold, you have to pay income tax on any extra money you make – except if it’s through the Rent a Room Scheme.