If you’re looking for some extra income, there are a number of ways you can bolster your bank account. Here are some top ideas on how to generate cash from your home.
Renting out your spare room to a lodger is easily one of the best money making schemes. The rent-a-room scheme that has been introduced by the government allows people who rent out a spare room to receive a £4,250 per annum tax break. This isn’t reserved for homeowners; people who rent already are also able to apply.
Allotments are in high demand, with many people looking to grow their own fruit and veg. However, spaces are limited meaning many are looking to rent out green space where they can, including in peoples back gardens. If you have a garden that is growing wild, why not rent out your space to people to grow their own fruit and veg. Not only will this make your barren garden a pretty sight, it will provide an ample income and maybe some fresh veg if you’re lucky. Not every garden is ideal, so consider if you would be happy with somebody having agreed access to your garden.
Rent out storage space
If you have a spare room in your home that you don’t want to rent out to a lodger you could always consider renting out your space as storage. Your room could be used by people who need temporary storage services or those looking for longer term solutions. There are many websites online that can help you get in contact with people looking for storage. These sites allow you to register for free, meaning you have little to lose. It’s up to you to decide how much you want to charge, but it’s recommended you ask for approximately 60% of the amount usually charged by commercial storage companies. Be sure to check with your home insurance provider about using your room as storage as there may be certain restrictions.
In central locations, parking is always in high demand. If you live in a busy area and have garage space, you could be making thousands of pounds per year renting your space to drivers. There are many websites which will allow you to get in contact with people looking for spaces in your area. There are some useful tools which will also help you calculate how much your space is worth.