8 minute read
How to earn an income from
from Dgdd
You can make money if you have a driveway that you can rent out
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Bespoke Rondo garage door in Iroko, price on application, Urban Front
A parking space is valuable in cities, so rent yours out when you’re not using it, with an agency such as JustPark
Invest in a summer house to create a private retreat for paying guests
Inspiration Garden Room 4 x 2.5m, £18,800, Green Retreats
A traditional shepherd’s hut makes an ideal Airbnb
The Cabin, from £35,000, Plankbridge
‘A s the cost of living crisis bite s, pe ople are look ing for new way s to boost their income.
A irbnb was born during an e conomic crisis to help pe ople Ourexp er tsay s . . . af ford their home s and, 15 year s later, more familie s across the UK are doing the s ame.’ A manda Cupples, General Manager for the UK and Nor thern Europe, A irbnb
B ECOME AN AIRBNB HOST
Let out some space in your home on a short-term basis by posting it on Airbnb. By doing so, you could earn around £6,000 per year. If you live in an area that people want to visit – for example by the coast, in a city, near a popular tourist destination or a sporting venue, such as Wimbledon – you can earn more. Go to airbnb.co.uk and click on the ‘Become a host’ link. It will take you to a page that tells you how much other hosts in your area make and let you check out Airbnb’s free aircover, which includes liability insurance, damage protection, deep-cleaning protection and more. Hosts must be able to offer a minimum of 30 days availability over the next 12 months. Also bear in mind that Airbnb charges a service fee of 3-5 per cent for every booking confirmed.
R ENT YOU R DRIVEWAY
Make money by renting out your driveway or parking space, through the JustPark parking app. The first £1,000 you earn is tax-free and with just a few clicks, your driveway can be set up online and available to rent. Drivers who use JustPark are registered and verified, so you’ll know whose vehicle is in your space and you don’t have to do a thing. The price you charge is up to you, and you can check comparable listings to get an idea of the going rate. JustPark will charge a 3-per-cent fee for each booking you receive. You don’t need to be at home when the driver arrives; just provide the address and any other details the person parking in your spot may need. You can also set it up so that the spot is only available on certain days, adding and removing availability when it suits you.
I NS TALL SOL AR PANELS
Generating your own electricity is an especially timely idea, given that the energy price cap is expected to increase again in October. By installing solar panels, you can not only save money, but earn it too. Generating your own electricity means you’ll be using less from the grid and, therefore, reducing your energy bill. But, under the Smart Export Guarantee scheme, you can also sell some of your electricity back to the grid. The initial purchase and installation of the panels is expensive (around £6,500 on average), but can result in quite a saving on bills, if nothing else. The amount you can earn will depend on the company but, on average, the Energy Saving Trust estimates a typical household can make between £80 and £110 per year.
Rent your garage out as a storeroom
SmartStore by Orthex stackable water resistant boxes, from £26.50, John Lewis & Partners
If you have room in a converted outbuilding, consider letting it out to a local yoga class
Monogrammed Om yoga mat, £45, Initially London
Earn money by generating your own energy from solar panels. Otovo can install panels that make the most of the sunlight hitting your home
USE YOU R G AR AG E FOR STOR AG E
Instead of leaving your garage lying empty, make money from it by hiring it out as a storage space. Companies such as Stashbee connect people with stuff to store, to people with spare space where they can store it, whether short- or longterm. Simply create your listing for free and publish it on the site (stashbee.com). Potential renters can then make an enquir y or book directly, and you benefit from the ex tra cash, as well as £1,000 insurance for the items while they’re in your care. Check the earnings calculator to see how much you could generate – an average is around £1,488 per year and the first £1,000 is taxfree (and Stashbee charges a 5 per cent fee for each booking). Renters use the spaces for storing boxes, bulk y household items, furniture or sports equipment.
CONVERT AN OUTBU I LDI NG
By converting an unused outbuilding or annexe you could lease it out to a local business. You could turn it into an office space, complete with an electricity supply, plumbing and wi-fi, or a more simple area for Pilates or yoga classes. There may be certain planning implications on your property, however, so check with the local council to see if you need permission for a change of use. You may also need to let your mortgage lender know, so be sure to do your research before you make any commitments. Leasing spare space like this will help bring in more income for you and may also create some economic activity in your area, which can be especially useful in rural communities. Visit simplybusiness. co.uk for information on the permissions and insurance cover you may need.
U S E F U L C O N TAC T S
•There’s plenty of advice about taking in a lodger at citizensadvice.org.uk. • For the tax implications on earning money from your home, head to gov.uk/run-businessfrom-home. • Visit airbnb.co.uk to find out how to become a host. • Rent out your parking space or garage with justpark.com or stashbee.com. • Find the latest Smart Export Guarantee information at ofgem.gov.uk.
Creating a one-bed studio at the bottom of her garden in Portmore, New Forest, allowed Lisa to generate ex tra income through Airbnb
Lisa, who was recently given ‘super host’ status, finds her Airbnb business both manageable and enjoyable, as well as providing her with an income
Lisa Weidner has had a variety of jobs during her career, including a stint as a jazz singer. ‘Unfortunately, lockdown put paid to that and, as I was approaching my fifties, I decided to find something I could do to earn an income on my own terms,’ she says.
The answer lay at the bottom of her garden, where an old recording studio, built by her ex-husband, had fallen into disrepair following a flood. ‘It had become an eyesore and was only ever used as a party pad by my two daughters,’ says Lisa. ‘Lockdown gave us the opportunity to give it a new lease of life.’ Together with her partner, Robbie Munro, who has a background in construction, along with an architect friend, she came up with a design for a one-bedroom, open-plan studio, which Lisa would turn into a shortterm holiday rental.
Though the original footprint is the same, everything else has been transformed, from the curved internal walls to the rooflights, raised floor with underfloor heating, external cladding, new front door and covered veranda at the back. Lisa’s especially pleased with her bold décor scheme as she was determined ‘not to turn it into a cutesy country cottage’. She’s also gone the extra mile to provide everything for her guests’ comfort: a super-king-size bed; a large, wall-mounted smart T V; a dishwasher and wine fridge in the kitchen; and even an outdoor hot tub with its own heated shower.
Despite the appearance of luxury, the interior was completed on a budget, with Lisa and Robbie sourcing fixtures and fittings online. Lisa found some greatvalue pieces at VonHaus and the kitchen units are from Howdens. ‘The worktop is the cheapest they sell and I didn’t like it at first. But when the walls were painted, it seemed to blend in and looked perfect,’ says Lisa.
Having decided to market ‘The Hideaway’ through Airbnb, Lisa was lucky to get lots of advice from friends who were already using it. ‘They helped set me up, gave me pointers and then it was up to me,’ she says. ‘The website is quite selfexplanatory and there’s always someone to answer any queries. It’s a great income stream and I can’t recommend it enough.’
Visit bit.ly/TheHideawayAirbnb
With its own access along the side of Lisa’s garden and an attractive paved area leading to the glazed front door, the newly restored building is perfectly private
The old, purpose-built recording studio had been left in a sorry state following a flood
Lisa has created a luxurious space for her guests to enjoy with comfortable seating, a well-equipped mini kitchen and a spacious bedroom and shower room
