ANYONE in need of some extra cash can make thousands in easy money by renting out various items in their home.
From household appliances to your spare parking space, you'd be surprised at what could give your bank balance a nice boost.
There are websites and apps available to list pretty much anything and everything.
One fashionista revealed how she managed to make a whopping £9,000 just by renting her unused clothing.
Another tech geek increases his income by £3,000 every month just by renting out his gadgets online.
Of course the exact amount you could make depends on how often you rent out your bits and pieces, as well as how much people are willing to pay.
READ MORE IN MONEY
KERCHING!
9 easy side hustles & cost-cutting hacks to earn extra cash -with no effort
QUICK CASH
Woman claims to make £500 a day with easy side hustle 'great for beginners'
Below we've rounded up all of the items in and around your home that could be earning you money.
Your wardrobe – £9,000
We all have unworn items lurking in our wardrobes, but you could be sitting on a goldmine.
The Sun previously spoke to 27-year-old stylist Lana Nalepa who earns around £200 to £300 a month renting out her wardrobe.
At Christmas or during wedding season it can be even more.
Most read in Money
FRIGHT MOVE
‘Britain’s scruffiest house’ looks unrecognisable after mammoth makeover
CHOC SHOCK
Cadbury axes popular chocolate from shelves for good – and fans are gutted
CASH BACK
Thousands of letters about benefit errors hitting doormats – are you owed £5,000?
XMAS CHOC SHOCK
Quality Street is making a change to two iconic flavours – will you notice?
She uses the platform ByRotation to list her clothes which others then borrow.
You can list a whole host of items from dresses to shoes on the app, which takes a 15% fee on the rental cost.
Lana charges around £10 to £12 a day, depending on the item, and you can also specify a minimum number of days to ensure a set income.
But how much you charge is up to you.
For example one user has listed an H&M dress for £35 a day with a minimal rental period of three days, so that's £105 in one transaction.
Pricier and designer items get more as well, such a Gucci holiday bag up for £311 a day.
The minimum you can list an item for a day is £2 and the highest is £1,500.
There are other apps which offer similar services that you can use like HURR, Rotaro and The Devout.
Each will have different rules to check them carefully before you sign up, including how much they charge and when you get paid.
You'll also want to check how you're covered if anything goes wrong, for example if the item is damaged upon return.
Remember to include any costs like postage or cleaning, though with some this can be added on to the costs of the borrower.
Your parking space – £69,000
An empty parking space or driveway could be worth some serious cash.
We previously spoke to one woman who has made £69,000 since 2016 by renting out several spaces in a paddock outside her home.
Thanks to her prime location by Bristol Airport, she brings hundreds of drivers a year.
Another savvy homeowner rents out the single space in front of her home in Cambridge making between £30 and £50 a month.
You can use apps like YourParkingSpace and JustPark rather than advertising yourself.
They match people who have room for a car with those looking for a space.
You could make anything between £30 and £5,000 a month, depending on where your space is located and how much you charge.
All you have to do is list the space with your set pricing per hour, day, and month.
Whether you want to lease your space 24/7 or set specific availability, the site's calendar allows you to adjust your availability to suit you.
You'll likely make more cash if you live in a pricey city, particularly where public parking can be expensive or hard to find.
Or, if you are located near prime travel spots like airports or train stations – which usually charge high prices.
It means visitors, holidaymakers or commuters are eager to find cheaper places to leave their cars.
How each app works varies, so check the terms and conditions carefully first so you know what you're signing up for, like when you get paid and the fees charged.
For example YourParkingSpace doesn't charge any listing or maintenance fees, but adds 20% on to the price you charge that's paid by the driver.
JustPark is free to use but charges owners a 3% fee for each booking they receive.
You'll also need to make sure that you are authorised to lease the space.
For example if you have a space in a shared parking area, this may not be part of your lease.
You should also check your insurance or you could invalidate your policy.
Your car – £1,600
You also make £1,600 without having to leave the house, by remotely renting out your car on a car rental app.
Tim Kay previously told The Sun how made £400 a year in extra income.
The father-of-one lives in Coventry and has a work car through his job so was able to lease out his personal car for cash.
Essentially, the app allows the owner lists their vehicle for a set price.
Holidaymakers or visitors to the area will then search for available cars in the area and book in yours, it's then up to you to accept the booking.
Turo, a similar car sharing app, allows its users keep 65-75% of the booking price.
Once the booking is confirmed all you need to do is meet the renter to hand over your key, plus your car will be covered under its insurance.
Another app, Hiyacar has keyless technology so you won't need to meet the renter.
It's important to note though that the platform takes a 30% cut of the rental fee so you won't see the full amount you charge.
Each allows you to set your own daily price and other preferences such as where you meet the renter and how long you want your car to be leased for.
Of course with any car sharing app the owner needs to be aware than damage could be done to your vehicle, make sure you read the insurance policy carefully before signing up.
If you have any questions about how the app works then it's always worth getting in touch or reading reviews online.
Your household appliances and spare gadgets – from £300to £3,000
Rarely used household appliances could be making you money instead of sitting in a cupboard.
We spoke to a mum-of-two Jenny Reynolds who has made nearly £300 renting out a carpet cleaner
Since 2021 it's been borrowed 30 times and she earns £10 for every 24-hours it's loaned out.
Jenny used Pa-rent, which takes a 20% fee on the rental amount, and there are other platforms like Fat Llama and RentMy too.
We spoke to one savvy entrepreneur who started off renting his own camera equipment or just £3 a day and earning around £150 a month.
Now, after three years Ed Guida is making a profit and rakes in upwards from £3,000 a month from renting out a range of items on Fat Llama, which takes a 25% cut of the rental price.
You can usually set your own price, how long it's available for, and block out any days they might not want the item on loan if you need it yourself.
You can loan out almost anything, for example we've seen two sofas listed for £150 a month, a birthing pool for £50 and single bed for £5.
Of course how much you make will depend on local demand in your area, and the going rate.
You can arrange a place for collection if you live close to the renter, or arrange delivery.
Who covers the cost of delivery varies from platform to platform so make sure to check the small print.
It's worth checking the terms and conditions carefully, especially if you're lending out pricier equipment.
For example, Fat Llama has a guarantee that covers items up to £25,000.
Be aware of tax
It's worth remembering that anything you earn with a side hustle can be taxed.
You can earn up to £1,000 without paying tax thanks to the trading allowance.
According to HMRC, the odd jobs you can claim tax-free include money made at car boot sales, online selling or auction.
It could also include money made from food delivery or by charging other people for using your equipment or tools.
Read More on The Sun
FAG END
Smoking will be BANNED under Rishi Sunak plan to stop next generation buying fags
DRY & FLY
The 'burrito method' is genius way to dry clothes without tumble dryer in 5 mins
Once you earn more than £1,000 a year, you need to complete a self-assessment tax return and start paying tax on your extra earnings.
How much that is will depend on how much you already earn.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
You can also join our new Sun Money Facebook group to share stories and tips and engage with the consumer team and other group members.
Source: Read Full Article
