Spare space

If you have ANY spare space at home you can make money from it.

You could rent out your driveway, parking space, loft or even garden and the rewards can be HUGE!

If you're lucky, you could add £5,000 a year to your income with very little effort!

Over 6 million people a year are looking for affordable parking. 

 

Need to know

  • It is REALLY easy to register and rent out your spare space on a number of different websites, who will either charge an annual fee or commission
  • One of the EASIEST ways to earn extra cash is to rent out your driveway or parking space. The most popular parking spaces are in city centres, close to major transport links or near large music or sporting venues - where public car parks can be VERY EXPENSIVE. If you can undercut these, then your space will become extremely popular and you'll still make good money - £200 or more a month!
  • If you live near an airport then you can expect to make up to £25 a day from renting out your parking space or driveway. 
  • If you live near a big concert venue or airport then allowing people to camp in your back garden is a nice earner too, sometimes up to £25 a night for NO EFFORT on your part. However, you can make most money if you have a big garden in the country and can compete with local campsites
  • One of the latest moneyspinners for you is to rent out your spare loft, cellar or even shed space as storage. You can make up to £25 a week if you let someone store their stuff in your house.
  • If you decide to rent out your spare space then you should tell your insurance company to make sure that it doesn’t affect your cover. If you are storing something valuable then it might increase your premium so check first
  • Don't be afraid to ask lots of questions when renting out your space to a stranger and don't go ahead if you are worried about anything. There is always some risk when you let strangers into your home so PLEASE use common sense
 

Where to rent out your space


Just Park


Why we like it:

  • site for renting out your parking space
  • can make up to £25 a day
  • free to register your parking space or garage

Watch out:

  • will charge drivers 20-25% commission when bookings are confirmed

Your Parking Space


Why we like it:

  • site where you can rent out your parking space
  • can make up to £25 a day

Watch out:

  • A service fee of roughly 20% of the overall price is added on top of the rental price

Storemates


Why we like it:

  • rent out your extra space as storage
  • free to advertise
  • easy to list
  • you decide the term of the agreement
  • can make up to £25 a week

Watch out:

  • A service fee of roughly 15% of the overall price is added on top of the rental price

Spareground


Why we like it:

  • rent out any spare space for accommodation, parking or storage completely free site

Watch out:

  • takes no responsibility for what happens post contact with a tenant

Campinmygarden.com


Why we like it:

  • free to register your garden for people to camp in
  • can make from £2 to £25 a night

Watch out:

  • you need good photographs of the garden
  • will take 15 mins to register
  • will charge commission when bookings are confirmed

The inside track

  • If you are keen to rent out your spare space but still a bit nervous about how the process works, do it in reverse and rent someone else's space first! You can learn loads and it won't cost you too much to do
  • To earn the most money from renting out your space, you should register on as many of these sites as you like.  You only need to write your descriptions once and just copy and paste for each different site and you can use the same photographs for each site too
  • Have a look at the feedback that other people get as this will help you see what renters are looking for and you can make your listing stand out
  • For a bit more effort, don't forget you can rent out a spare room too on sites like airbnb and spareroom.co.uk.  The Government’s Rent a Room scheme allows you to earn up to £4,250 of rental income tax free (around £350 a month) without having to register with the tax authorities. For more information you can read our guide to renting out a room

The tax bit

  • Regardless of the amount you think you’ll earn from renting out your space, 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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