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Start Making Money from Your Property Now

BY READERS DIGEST

1st Jan 2015 Managing your Money

Start Making Money from Your Property Now

The world is full of moneymaking opportunities, but you don’t necessarily have to look far to find simple ways of making extra cash.
Your own property provides you with plenty of opportunities, and without you having to sell your house. Here’s a quick guide on how to make money from your property.

Rent Out Your Room

Perhaps one of the most obvious ways to make money from your property is by renting out any spare space you have. If you have a spare room and you don’t use it regularly, then you could make quite a bit of money from it.

The government currently runs a Rent-A-Room scheme, which provides you tax relief for renting out a room. You can make up to £4,250 gross income annually from lodgers without having to pay income tax on it. This means that you can charge anything up to £354 a month without having to worry about tax. Which has a guide to the scheme on their website for more information.

Renting out your room isn’t difficult either. You can find websites that help you set up and find lodgers without too much of a hassle. Check out Spareroom.co.uk, or if you only want to rent out your room during the weekdays, you could consider MondayToFriday.com.

Rent Out Your Home for Special Occasions

On top of just renting out your room, you could consider renting out your home occasionally. For example, if you go for a holiday or visit your children living further away, you can rent out your home for the duration.

If you live near an area where a big special occasion is taking place, such as music festival or a big sporting event, you can also rent out your home for travellers coming for the event. Check out websites such as AirBnB.co.uk.

Renting out your home or a spare room for just special occasions typically allows you to charge more for the room and you get to choose when you wish to rent out. A perfect option for those who don’t want to share with a lodger full-time.

Rent Out Your Garage

If you have a garage, but you don’t use it yourself, you should definitely consider renting it out. This is an especially clever option for those that live near a busy airport or a train station, as the fees for official parking in these areas can often cost much more than finding a privately rented garage. People also offer their drives or garages for parking for sporting events, festivals, and concerts, too.

Websites such as JustPark.com allow you to list your garage and find people in no time. Perhaps you even have a car that you don’t use very often and you could rent out that as well!

Turn Your Property Into a Set

Have you ever wondered what it would feel like to be in the middle of a film set? Well, you can find out by turning your own property into a film set. Renting out your home for film and TV crews isn’t as rare as you might think.

According to an article in the Independent, renting your home for film crews and the like can end up being quite profitable as well. Experts in the article say that a simple fashion shoot could provide you with £500 worth of extra cash and allowing a film crew to come to your home can make you up to £1,500 richer.

Visit websites such as Film-Locations.co.uk for more information. Keep in mind that agencies like this often charge a small commission fee.

Remember that the above will count as an additional income for your tax purposes and you might have to file a self-assessment tax form if you earn above the allowed limit. 

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