Renting out space
There’s more to rental income than letting strangers into your home. You could let a space for storage, in or outside your property. You'd be surprised at what you can rent out - from lofts and garages to spare rooms and parking spaces.
Are there any other ways to make money from my property?
Yes, quite possibly. Not everyone likes the idea of a lodger, but there are other ways to make money from your home. If you have a loft or garage sitting empty or a spare room you don’t use much, you could rent this space out to generate income.
It’s quite common for people to need extra storage – in and outside a property. It might be a caravan that has to be stored for winter, or some old heirlooms that have to be held onto. Whatever it is, you could provide the answer.
Storenextdoor.com helps people rent out spare space to those who want to store things at a reasonable price compared with commercial options. For example, you could let out your garage. If you hire out a loft, garage and a spare room, then it will soon add up to a sizeable income (so do bear in mind the impact this could have on your tax position).
Can I also rent out a car space?
If this sounds like easy money to you, then we’re in agreement. Whether you live in a house with a big driveway or an apartment with allocated parking spaces - this could be a great way to make some extra cash.
If you no longer drive, or don’t mind giving up a space and sharing, then take a look at websites like Justpark.com. They can advertise your parking to people who are looking in your area and then collect the payments for you too.
It’s good to think creatively about ways you can generate income from your property. If you get started sooner rather than later, you could make a big difference to your retirement savings. Find out more about boosting your pension here.
Will I be taxed on any income I receive?
This will entirely depend on your current personal tax circumstances, but any income you receive might be subject to taxation.
Is there anything else I need to know?
If your home is still mortgaged, you will also need to speak to your mortgage lender as some impose restrictions on letting or renting out property. If renting, you should also check with your landlord as some don’t allow you to sub-let rented property. Finally you should also check with your household insurer as you will need to be clear that any liability for theft or damage of property you don't own in your home, won’t be covered under your current insurance and it will be the responsibility of the tenant to ensure they are adequately protected.
Alternatively, HUB Financial Solutions - part of the Just Group - offers an equity release advice service that could help if equity release is right for you.