When we think about making money using our houses one thing usually comes to mind : AirBnB…But there are many more ways to earn money from your home space than when just listing it on AirBnB.
Sharing economy is on the rise and as per PwC analysis UK’s key sharing economy sectors could deliver £140 billion by 2025. Whatever you decide to use your house for ensure you still pay the taxes on your earnings if they are over £1000 (when renting out space in your house you are allowed to a tax relief of £7,500 a year or £3,750 if you’re letting it jointly but then the room but the room needs to be furnished). That means that the below mentioned won’t be included in the scheme. Ah ensure you have some suitable business insurance in place, usually, professional indemnity cover or public liability policy should be enough to protect you from the consequences of all sorts of catastrophes.
So how can you earn money from your house?
- Would you let strangers work at your kitchen table? If so then download an app called – Kitchin Table. It aims to build a network of self-employed women hosting and attending female-only co-working groups in their homes. Users can search based on location, skill or industry, and time, and there is also a review system for rating hosts. It is hosts who set their own prices and most will charge between £10-£15 per day, putting it in line with many mid-price co-working spaces. Currently, Kitchin Table deducts 10% of that as a fee.
- Tool Sheed. If your shed is full of tools why not to earn money when renting them out to someone who lives nearby yet does not have such a great toolset? For that use a website Fat Lama – it is the fastest growing peer-to-peer marketplace for ‘stuff’ in the world (as featured in The Times and TechCrunch). The website/app allows people to rent out their belongings to others nearby(fully-insured) for cash; anything from film gear, projectors, and PA systems to road bikes and campervans! It’s available throughout the UK and US and they are reporting some of the London-based lenders are earning £3,700 ($4960) per month.
- Driveway – if you live in a busy spot or near a train station renting out your driveway may be a great idea. JustPark offers driveways for rent and has 20,000 active homeowners. It is a really nice app which allows you to deal with the service seamlessly as you don’t even need to be in contact with the driveway renter as all booking and payments are managed via the app. Its believed that depending on the location the app users earn from a few ££ to as much as £5000 per year.
- Storage Space – Sites/app such as StashBee will allow you to earn money for storing someone else’s belongings. Have you bought a huge house or have your kids left the home for uni and you are simply left with way too much space? Rent it out! Most users of the site earn more than £1000 per year.
- Whole House- is your house standing out? If so you can try to rent it out as a location for filming, however, you need to be prepared that your home will be ‘taken over’ and typical filming day may last up to 12 hours…Be also prepared for some scrapes here and there to accommodate the filming crew..Any damage is covered by the production company though. Check lavishlocations.com and expect to earn anything from £600 to £2000 per day.