HOME ECONOMICS
From freelancers to entrepreneurs and trendy tech start-ups, there are a host of workers who will pay good money to rent space in your home
old freelancer – a self-confessed ‘creative’ – rents out the open-plan living room and sitting room in her two-bedroom flat in Stockwell, South-West London.
She says: ‘My flat is part of a converted school, so has a lot of character. I offer space for up to six people to work at my home at a rate of £15 per person a day. I have also had a booking from a production company which wanted to hire my space to film a corporate video. For this I got £120 for two days.’
While Annabella worries about the potential damage people might cause, she leaves strict instructions about keeping everything clean and tidy – and so far has only had positive experiences.
She adds: ‘The money is a real boost and helps me to cover my mortgage. Equally, on the days when I am working from home, I have a coffee and a chat with the people in my living room, and this sometimes sparks a creative idea.’ THIS company started operating in London but is now in cities all round the country.
Spaces currently being advertised include a ‘funky loft apartment’ in North West London from £50 a day, and a Grade II-listed Georgian converted coach house in South-West London from £300 a day. There is even a ‘cosy yurt’ in Bristol from £40 per day – and three workspaces on houseboats.
Founder Roddy Campbell says: ‘We have seen a significant increase in demand from entrepreneurs and freelancers looking for space that is creative, private, functional – and cost-effective.
‘Hosts can offer a sitting room for physiotherapy, a kitchen table for a team brainstorm or an entire townhouse for company off-sites.’ Vrumi manages payments through its secure payments system. All guests are ID-checked, and you can choose to add insurance. There is also a system of reviews and feedback.
USING YOUR HOME AS A LOCATION FOR A SHOOT
ANOTHER way you can make money from your home is by turning it into a film set – or renting it for a photo-shoot.
Useful websites to look at include ShootFactory, Lavish Locations and Amazing Space.
Daniel Garry, from ShootFactory, says: ‘Location fees can range considerably depending on the project. One client might pay £650 for an editorial photographic shoot with a small team, whereas another might pay as much as £3,000 for a more in-depth shoot.’
Getting involved in this kind of work is relatively easy – provided you have the right kind of home.
Garry adds: ‘There is no perfect property that works for every brief. But elements that make for a successful shoot location include large rooms with high ceilings and plenty of daylight.
‘Equally, while period features will never go out of fashion, contemporary properties, quirky spaces, and those with industrial elements can also engender interest.’
Good access and parking can also help you clinch a deal.
Crews usually come early and leave before you get home – and should leave your property as they found it.
POTENTIAL PITFALLS
BEFORE renting out your home as an office, you need to speak to both your mortgage lender and home insurer to let them know the use of the building has changed.
Shaun Church, from mortgage broker Private Finance, says: ‘Anyone considering using their property on a commercial basis should always notify their lender as it may violate the terms of their mortgage. Given there is a risk of damage to the property, you should pay careful attention to the type of work the space will be used for – and be clear on the terms of the rental.’
You should also call your insurer and tell them what you are doing. Kevin Pratt, from MoneySupermarket, says: ‘You may need to pay a higher insurance premium. Without the right cover in place, you may not be covered for losses.’
While some rental websites may offer a ‘guarantee’ to cover losses through damage as well as accidents and third-party claims, you need to check the details. You should not assume that such agreements offer the same cover as a comprehensive insurance policy.
If you rent a room as a workspace, you have to pay tax on all the income you generate.