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Need a quick cash injection? Want to clear a credit card debt? Or just eager to live mortgage free as soon as possible. From renting out your space to selling your items, there are plenty of super simple ways to make money from your home.
For more ways to finance your home, visit our property advice pages
We’ve rounded up some of our favourites – taking into consideration any tax implications and other key things you might want to think about before taking the plunge!
1. Rent out your spare room
Make the most out of your home by renting out a spare bedroom. If you live in a city like London or Edinburgh, the shortage in housing will make it fairly easy to find a tenant.
Before you start check all the electrics and plumbing are in good working order. Remember it is your responsibility to make sure your home is safe.
Is renting a room taxable income?
If you rent your spare room, you may need to pay tax on your earnings. However, if you sign up to the Government’s Rent a Room scheme, you can earn up to £7,500 a year tax-free from renting a furnished room. Or £3,750 if you’re letting jointly.
However, you won’t then be able to claim expenses such as wear and tear in relation to letting your room.
For more information on the Rent a Room scheme, visit The Money Advice Service.
2. Consider a holiday let
The rise of Airbnb shows that holiday makers are keen to stay in real homes, packed with amenities and full of personality. If you live in a desirable location it’s worth considering Airbnb if you want to rent out part or all of your home.
It’s good for an occasional source of extra income rather than have the hassle of living with lodgers full-time. If you love the idea of hosting guests, what about opening your own Bed & Breakfast?
If you rent part of your home through AirBnb, the same Rent a Room tax rules apply. However, if you are renting out a property that you don’t live in, you will have to declare your earnings as income.
Simple Tax offers easy-to-understand guidance on the tax implications of renting property through AirBnb
3. Rent your driveway
Live in the town centre or near a busy station? Chances are it will be easy to rent out your drive. Obviously, this is only worth doing if you’re not using it. Check out websites like Just Park or YourParkingSpace.co.uk.
How much should I rent my driveway for?
Top parking spaces can fetch anything up to £200 a month, according to website Parklet, although £50 or thereabouts is more typical.
4. Rent out some space
Got far too many bedrooms? Rent some space for people to store their belongings. Do a bit of research. Most dedicated storage facilities charge around £50-100 a month. If you just need an extra cash injection this could be for you.
5. Hire out your home as a film location
Rent out your a room in your home to a production company, and you could potentially earn around £500 a day.
On average, properties can receive up to one to five bookings a year by signing up to an agency. Most agencies will usually charge £5 a month or £50 a year as a subscription fee.
6. Sell your items
First things first, you need to deal with all the clutter. Once you’ve gone through all your possessions you can decide what is worth selling and what’s worth getting rid of.
New items or expensive clothes can be sold on sites like eBay, while older items can be shifted at a car boot sale, which will charge around £7-10 for sellers.
Go on, it’s about time you were making money from your home.