Money Savvy series: Renting it out!

Last week we gave you some tips on how to be money savvy, declutter your life and boost your income by selling the items that you longer want/need. 

This week we will be giving you tips on how to make money by renting out things that you already own for cash. You’ll be surprised at what you can rent out!

Renting out a room

Live in a larger property? Have your kids moved out so you have spare rooms? 

If you don’t mind living with a stranger, then renting out a room in your house could really boost your income! 

The Government runs the Rent a Room scheme for short term lodgers whereby you could earn up to £7,500 per year tax free. There is also the alternative option of deducting expenses whereby landlords can knock off certain costs before tax.

Also check out your local college, especially if they teach international students. Occasionally, colleges have a scheme whereby they pay for you to rent out your spare rooms to one of their students. Check with your own local college to see if this is something that they offer. 

Renting out your house

This is a fantastic idea over the summer months. Take Covid and the issues with international travel out of the equation for now – ordinarily, if you were going away for a couple of weeks over the summer, you could rent out your house whilst it is empty to other holiday makers. 

Try social media as the first port of call – some place ads on Facebook Marketplace, or local Facebook pages. Others use sites such as Gumtree.

Spare car parking space?

If you live near a city, sports ground or travel hub AND you have a spare parking space or your parking space is vacant during the day, why not consider renting it out? A quick Google will show you the best sites and forums to advertise your space and give you an idea just how much you could be earning. 

Have a location house?

Film and production companies are always on the lookout for location spots that they can shoot in. Your home does not need to be “insta-worthy” either – these companies are looking for anything from the ordinary to the spectacular.

Companies such as Lifestyle Locations place your home on their books and then take a commission if your home is chosen as a location. It’s not always reliable income but can be a nice boost if your house is chosen!

There you have it – a few things to consider renting out if you want to boost your income that way. 

Make sure you check back next week when we will have more money savvy tips for you!