We cannot ignore the fact that we are in a bit of a pickle right now. It’s only February, and the cost of living crisis is taking a toll on many Britons.
Petrol prices are spiralling out of control and inflation is at its highest level in three decades. Only days ago, Ofgem announced that the energy price cap will go up by a whopping 54% in April. It’s a decision that will likely affect more than 22 million UK households.
A new YouGov survey found that only 5% of Brits feel ‘very comfortable’ when it comes to their financial circumstances. Two in five (42%) are not as fortunate and expect their household finances to get worse in 2022.
So, it is not really a surprise that people are looking for ways to offset these challenges. Here, I take a look at five ways that you could use your home to supplement your income.
1. Put your home under the spotlight
Did you know that you could rent your home for films or photoshoots? The best thing is that it could turn into a profitable venture. You may also get the added bonus of an acting celebrity visiting your crib, even though on a less personal note.
You could get your home or even your garden rented out for a shoot by location agencies such as AmazingSpace. This could earn you the whooping £1,500 just for a day-long shoot. You just need to make sure you have somewhere to stay in the meantime.
2. Rent out a room – or your entire home
The most obvious option on the list is to rent out a room – or the entire property if you are away. If you rent out a room, you could benefit from the Rent a Room Scheme, which allows you to earn up to £7,500 tax-free. For earnings over this threshold, you will need to fill out a tax return and pay tax on it.
With platforms like AirBnb, you have the freedom to set your own prices. Typically reported earnings in London are around £3,000 a year, but that is in no way the limit. Just remember that if you are a tenant rather than a homeowner, you must make sure your landlord permits you to sub-let part of the property.
3. Rent out your driveway
For example, if you take your car to work, then you can advertise your driveway as available between 9-5. Or if you have a completely free space, you might make it available for more permanent storage for the likes of a caravan. Again, you are free to set the time and price you want for your space and get payment straight to your bank or through PayPal. Just be mindful that platforms take a cut from your payment.
4. Rent stuff you don’t use
Do you tend to buy a lot of stuff that quickly begins gathering dust on a shelf? Well, with sites such as Fat Lama, you can earn some easy money by renting out anything from toys to professional equipment.
You can set the price based on what you decide to rent out. If someone is happy to pay it, the platform will take a 15% cut. Rest assured that if you decide to join the tribe, they will offer lenders protection against loss, damage or stolen property.
5. Utilise that empty storage space
This is basically the opposite of renting out your property. Instead of gathering dust and cobwebs, all that empty space in your loft or shed could be put to good use. You can advertise space for free on platforms like StoreMates and earn up to £40 a month. The renter must also cover the 15% service charge for the platform.
However, if you decide to go down this route, make sure your home insurance covers whatever you are storing. This way, there won’t be any unpleasant surprises if something unforeseen happens.
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About the author
Nas is a freelance writer who is passionate about all things personal finance. He’s an accredited MRS researcher, aiming to bring content that allows readers to make better financial decisions.
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