How your home can make you ￡1,000 a month: Rent out your spare room, driveway or even your living room
- Earn up to ￡3,000 a year by renting out your driveway
- Magazine or TV production companies pay for 'locations' too
- You can even make ￡450 a month tax-free just by renting out a spare bedroom
If you're strapped for cash, but own a property, there are several potential money-spinning solutions right on your doorstep.
From renting out your driveway to a commuter, to letting a production company take over your living room for a photo shoot, there are a host of different ways that your home can generate some extra cash.
A host of websites now give you direct access to a wide audience of potential customers who are willing to pay to use almost every square foot of your home.
Rent out your living room to a production company and you could potentially earn between ￡500 and ￡1,000 a day
Here, MailOnline Property reveals three easy ways your property can make you money.
Indeed, you could be earn as much as ￡1,000 a month if you follow these steps…
Rent out your driveway
Earn up to ￡3,000 a year
Rent out your driveway and you could earn several hundred pounds a month, according to the website JustPark.
The average amount netted by homeowners already taking part across the country is ￡1,000, but this increases to ￡3,000 per space per year for higher demand areas - such as those in city centres, or near train stations and sports grounds. ?
Collectively, those who own a parking space and rent it out earned more than ￡10million in total through the website last year.?
Anthony Eskinazi, chief executive of JustPark, says: 'It's an easy extra income, as we process all the bookings for them - plus it's free to list your space, and takes just a couple of minutes.
'Driveway rental also has big benefits for the local area and economy. Unlocking these underused spaces provides much-needed spots for visiting drivers to park in, while also putting money back into the pockets of local people at the same time. It's a win-win arrangement.'
Hire out your living room?
Earn up to ￡1,000 a day
Rent out your living room - or any other room in your house for that matter - to a production company, and you could potentially earn between ￡500 and ￡1,000 a day, according to JJ Connect.
The location company operates throughout the country, although it admits demand is greatest in London, where production and magazine companies tend to be based.
The common perception is that such location companies only deal with big stately homes for magazine and TV shoots. But the company's chief executive Josh Jones explains this simply isn't the case.
'We have one-bedroom apartments as well as stately homes on our site. A magazine may be looking to do a shoot about a typical family and so a large estate simply wouldn't work for that.'
On average, properties receive one to five bookings a year, with JJ Connect providing contract templates and advice as part of its ￡5 a month or ￡50 a year subscription fee.
Demand for homes for production shoots is greatest in London where TV and magazine companies tend to be based
Rent out a bedroom (tax-free)
Earn ￡450 a month
Rent out a bedroom in your house and you could typically get ￡456 a month, according to SpareRoom.com.
|Average monthly rent (￡)? |
|Annual % change ||Annual % change |
|Q3 2017||Q3 2017 vs Q3 2016||Q3 2016 vs Q3 2015|
|UK (excluding London)||￡456||3% (￡445)||4% (￡429)|
|London||￡725||-2% (￡741)||2% (￡729)|
|East Midlands/Anglia||￡411||3% (￡400)||3% (￡388)|
|North East||￡376||3% (￡365)||3%( ￡354)|
|North West||￡398||4% (￡385)||4% (￡371)|
|Northern Ireland||￡287||4% (￡276)||6% (￡261)|
|Scotland||￡447||4% (￡431)||-3% (￡445)|
|South East||￡505||2% (￡494)||5% (￡472)|
|South West||￡453||3% (￡440)||4% (￡422)|
|Wales||￡379||5% (￡361)||3%( ￡352)|
|West Midlands||￡412||2% (￡403)||-1% (￡408)|
Prices obviously vary according to a number of factors, perhaps most importantly location, with the average rent in London reaching ￡741 a month - although this represents a drop in value of 2 per cent during the past year.
It's actually outside the capital where rents have risen the most - with average values up 5 per cent in Wales, to ￡361 a month.
Matt Hutchinson, director of SpareRoom, provides advice to those looking to rent out a bedroom in their home, saying: 'With UK rents at a three-year-high, people want to know they're getting something for their money. That means finding somewhere they can feel at home, not just a place to sleep and store their stuff. So don't just sell the flat - sell the area. Is there a good gym nearby or a fantastic bar? What are the transport links like?
'Crucially, when it comes to sharing, that also means letting them know who they'll be living with. Ultimately people are looking for somewhere to spend large chunks of their time, so what's the dynamic like? Do you spend time together socially? Are you looking for someone with similar interests? Do you watch a lot of TV together? It's this kind of information that will give potential flatmates a real sense of what it would be like to move in.'
There is the added bonus that renting out a room can be tax-free, with the Government's Rent-a-room tax-free allowance recently raised to ￡7,500 a year. The bedroom needs to be furnished to qualify for the scheme.
If rent out a spare bedroom like this at your property, you could earn ￡456 a month on average
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