Renting out your home
You don’t have to share your property for months at a time to make a significant amount from rentals. If you regularly work away from home, or want to make some additional income while you’re away on holiday, you could consider renting the entire space.
This can be lucrative if you live in a popular holiday destination. Or if there are big local sport events, festivals, or other attractions. And you could use it as a chance to visit family or friends, meaning that you earn even more from the rental.
Plenty of services exist to help you temporarily let your home, and potentially earn £1,000 per week or more. The most well-known is Airbnb, but others include Vrbo, Plum Guide, and Flipkey.
The risks include theft or damage, so it’s important to check the contracts and terms for any service you use along with your insurance cover, to make sure any accidents don’t leave you out of pocket.
Before offering your home as a temporary rental, you may need to notify your local authority, or obtain licensing and permits for a short term let. Plus, check your mortgage, loan, and any contracts covering leases, building regulations or community rules.
As well as the extra income, letting out your home while you’re away will make it less of a target for burglars than a property that’s obviously empty.
If you want to save on holidays, you can also consider house swaps to cut the cost of accommodation.
Rent out your garage, driveway, or parking space
You don’t have to let strangers into your home to earn an additional income. If you have an empty garage, driveway or parking space, then you can earn money for nothing by listing it on sites including JustPark, Your Parking Space, or Park on my Drive.
There will be more demand if you’re in a big city, near a commuter train station, or if big sports or entertainment events are taking place nearby. And you may be able to get more for an EV Charger, if you have one installed.
You’ll need to inform your home insurance provider, and take any booking commission or listing fees into account. But with typical prices ranging from £6 to £13 per day, you could potentially earn a significant amount for relatively little effort.
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