Renting out your belongings

As long as it is legal, you can rent out pretty much ANYTHING for cash!

You could make HUNDREDS of pounds and you'd be surprised what people want to borrow

It is FREE to register and EASY to do and the rewards can be MASSIVE!

 

Need to know

  • With people not wanting to spend money on new stuff, there is a real market to rent out pretty much ANYTHING you own (so long as it is legal!). You can make money renting out pushchairs, lawnmowers, clothes, handbags, BBQs and DVDs. The possibilities are endless!
  • There is the potential to make A LOT of cash from renting out your stuff. For example, you could earn £15 a day renting out your acoustic guitar, £40 a day renting out your old dinner jacket, £20 a day renting out a Playstation and even £15 a day renting out your designer handbag!
  • There are a number of these sites popping up and they are usually FREE to register. Some of them allow you access through Facebook too
  • Some of these sites are quite new, with only a small number of users so it could take a while for someone to contact you. However, you have nothing to lose so it is worth doing!
  • You can register on as many of these sites as you like.  In most cases you’ll be able to use the same photographs so it will minimise the amount of time and admin you have to do
  • CALL your home insurers to make sure that you are insured if something happens to your belongings. 
 

How does it work

Each site is slightly different but in general, the process works like this:

  • You register on the site for free
  • You advertise your stuff 
  • You are then contacted by the person who wants to rent out your stuff
  • You swap contact details and decide on your personal rental terms (ie you decide whether you want the payment completey upfront or when the goods are returned. Youl also decide what deposit you want
  • You arrange a written contract
  • You meet the renter and hand over your stuff
  • At the end of the rental term, you meet again and have your stuff returned
  • You then evaluate the renter and they evaluate you
  • Most sites give you lots of tips to help you understand how it all works and hold your hand through the process so it is actually VERY EASY!
 

Where to rent out your belongings

Zilok


Why we like it:

  • FREE to register
  • you can rent out ANYTHING!
  • you can register via Facebook
  • provides a lot of information to help you understand the site
  • ability to rate renters within a community
  • you set your own rules
  • one of the bigger sites

Watch out:

  • there are a lot of rules to read
  • need to provide documents to confirm your ID and address
  • commission ranges from 5-10%

RentNotBuy


Why we like it:

  • FREE to register
  • you can rent out ANYTHING!
  • NO LISTING FEES!
  • sticks to the basics without bombarding you with information
  • easy to sign up

Watch out:

  • despite being a UK version there are a lot of references to US dollars
  • less information about rules and protection

rent my items


Why we like it:

  • FREE to register
  • Takes less than 1 minute to register
  • Can link to your Facebook account
  • Easy to search

Watch out:

  • Listing fees start from £1 a month
  • Only limited user numbers currently

The inside track

  • A good way to learn more about the process is to try renting something out yourself first. It is a GREAT way to research something you want to buy without spending LOADS of money first
  • You don't need to use a website to rent out your stuff though. As well as these rental sites you can advertise in local shops, supermarkets, the Post Office and on community noticeboards in your local area too
  • Remember, although there are some security checks, you need to use common sense. Never agree to meet with anyone on your own and check with your insurer to make sure that you would be covered if something got lost or stolen

The tax bit

  • Regardless of the amount you think you’ll earn from renting out your belongings, the first thing you should do is register with HMRC as self-employed. This will mean that you will have to start filling in a self-assessment tax return each year. This is not as official or scary as it might sound!
  • Registration is REALLY easy so don't be put off by this hurdle. Call 0300 200 3300 and someone will talk you through the process (it can take a while to get through!! but they are very helpful so worth the wait) or register online. Lines are open 8am-8pm Monday to Friday and 8am-4pm on Saturdays and you should have your National Insurance number handy
  • If you have no other income at all then you can earn up to £9,440 tax free. Make sure you keep a record of all of your earnings and all of your expenses. You can offset any expenses exclusively related to this work. For example, things like buying a scanner or printer are tax free. If in doubt call the number above. They are really helpful and will talk you through ANYTHING
  • You should also be aware of your National Insurance contributions. Earning anything over £5725, you’ll need to pay £2.70 a week and over £7755 you’ll pay 9% of your income (capped at £41,450). Registration is SO simple. You can set up your payments when you register for self-assessment or you can call the NI hotline on 0300 200 3505. Lines are open Monday to Friday 8.30am to 5pm
 

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