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Jun 05

Ways to earn extra money: putting your home to work

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Using Your Home

While only 1pc of Which? members are renting a room to make extra cash, there are other innovative ways to put your home to work.

Rent Your Space

If you have a spare room, garage or storage space that you are not using, you might be able to rent it to someone who needs it. Spareground.com carries adverts for all sorts of spare space.

If you rent out a room, any income you make up to £4,250 is tax-free. Average monthly rent is £289. If you don’t want to commit to a full-time lodger, consider renting a room out during term times to foreign students.

Parking Places

If you live in a place where people need to park (for example, near a key station, sporting venue or airport), you can make money by renting out your parking space. The amount you can make varies depending on the area. You can make around £30 per week for a parking space (more in central London). Try Cheap and Easy Parking to rent out your parking space

Location, Location

You can consider renting out your whole house, either as a location for filming or as accommodation if you live near a sports or festival venue.

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