THE cost of living crisis is set to push tens of millions of people into debt.
Rocketing energy prices, rising shopping bills and eye-watering hikes at the petrol-pumps mean many people will be ditching nights out and staying indoors instead.
But according to one property expert the solution to the financial crisis could lie very close to home.
Jonathan Rolande, from House Buy Fast, says homeowners can earn up to £20,000 without lifting a finger.
The home-side hustles – which see property owners earning cash by renting out different parts of their property – could prove a lifeline to many fearing how they will get through the Winter.
Jonathan says: “Right now you’d forgive people for pulling their curtains closed and hiding indoors for months on end until this cost of living crisis passes. But what many might not realise is that your property itself can be an absolute goldmine. From renting out your spare room, to turning an unused area into a storage facility, to putting a car-parking space up for rent, you could literally earn thousands a year and transform your finances. It’s not just property owners who can benefit. Those in rental property could too. Try pointing out the side-hustles that could be open to your landlord in exchange for a reduction in your rent. If they’ve got any sense they’ll bite your hand off.”
Here Jonathan shares his advice on how to make money on your property.
1. Rent out your spare room
The most obvious idea but this is still something that many people struggling for cash often fail to benefit from. Right now there’s never a better time to rent out your spare room. Rents are sky high and those looking to get their foot on the property ladder are finding it harder and harder to find an affordable home. You can earn up to £7,500 per year tax free by renting out a spare room. If it’s full of junk, clear it. Your bank balance will thank you.
Yearly earnings: Up to £7,500
2. Rent office space in your home.
The pandemic has changed the way we work with more and more employers now allowing staff to work from home. But not everyone has the space in their home to effectively set up a home office. If you have a spare room doing nothing you could earn between £50 and £250 a day renting it to a homeworker.
Yearly earnings: Up to £3,000
3. Rent storage space in your home
Turn junk into cash by renting out storage space. You could rent a room, unused garage or loft space to someone desperate for a place to stash items they can’t keep at home.
According to experts at storage company Stashbee you will earn a minimum of £1,000 per year on average.
4. Rent out your spare car space
You could get your finances motoring by renting out your driveway. In London alone you can earn a mammoth £250 a month.
Yearly earnings – depends on the region – but up to £1,500 a year.
5. Rent out your vegetable patch
Grow your income – by renting out a vegetable patch. More and more people are turning their gardens into an allotment. You can earn £40 a year per 16ft of vegetable patch rented out.
Yearly earnings – upwards of £40 a year depending on how much you rent out.
6. Host an international student
Hundreds of thousands of international students arrive in the UK each year – all of them looking for somewhere to stay. Many head to private student accommodation paying eye-watering sums in the process. By hosting an international student you can earn at least £250 a week.
Yearly earnings – around £3,000 a year.
7. Score a hat-trick on matchdays.
Homeowners living near a Premier League football ground can earn a fortune. Rising numbers residing within a mile or so of a stadium are renting out car parking spaces on match-days. Others rent rooms in their home to visiting fans looking to make a weekend visit to a town or city while taking in a match. Many property owners also rent out their front gardens to hot dog and hamburger sellers or those flogging scarves and matchday memorabilia.
Yearly earnings – around £500-a-year
8. Cash in on concerts and festivals.
Now lockdown restrictions have been lifted, stadiums, arenas and parks are welcoming tens of thousands of people to attend gigs and festivals. Research big events near you and consider renting out a room in your home to a visitor.
Yearly earnings – up to £250 a year.
9. Power your finances and help save the planet.
Electric cars are growing increasingly popular – with the numbers on our roads rising each and every month. But many owners struggle to find a free spot to charge their car. As a result homeowners who boast charging points are now renting them out via apps like Co Charging. With one full charge expected to last a few hours, having two bookings a day could rake in an average £12 a day and almost £4,500 a year.
Yearly earnings: up to £4,500 a year.