Home may be where the heart is, but for many it could also be a great earner. To help battle the rising cost of living, Metro Bank is offering some top tips about how your home and garden can do more than just cost you money.
“By following our top tips, you can make your home work for you and start earning extra income to help make those ever increasing bills more manageable,” explains Metro Bank’s consumer guru Mona Patel. “Inside or outside, there are lots of options that could make a significant difference to your income and lifestyle. None of these options are meant to be permanent, but instead could help you temporarily bolster your finances.”
Metro Bank Home Side Hustle Tips:
- Room to Let
If you have a spare room that has become a bit of a dumping ground (and most of us do) then why not embrace Marie Kondo, sell or donate the clutter and consider letting out the room on a short-term basis? Government rules mean you can earn up to £7,500 per year – that is an additional £625 a month - completely tax free. Sites such as co.uk allow you to post a free ad. Alternatively, with over 600,000 international students in the UK, why not host a foreign student during term time – again there are sites where you can register your interest.
- Driveway Dollars
Space on your drive whilst you are at work or even on holiday? Or do you live near a school, hospital, or concert venue? Why not turn your driveway into a steady, passive source of income? Sites like JustPark not only have over ten million customers and manage two million bookings per year, but also allow you to set your own conditions meaning your driveway does not have to be available 24/7.
If you have plans to be away from home this summer, or perhaps live near a major tourist attraction, why not airbnb your own property or again just a spare room? airbnb verify guests, offers insurance protection and can connect you with a Superhost to guide you through the process. However, check that your mortgage provider has no objections. Metro Bank, for example, lets its residential mortgage customers rent out their properties on airbnb or similar sites for 90 days without impacting the terms and conditions of their mortgage.
- Green is Golden
Sites like BorrowMyGarden will pay to use your garden for special events. This is not for everyone, but if you have a large or picturesque garden, it could be a lucrative option. On average the site has 15,000 people a month looking for the right outdoor space in which to celebrate.
- Lights, Camera, Action
Want to see your house on TV? Consider registering your property with location agencies like Locations Direct which could open your front door to extra income by using your home as a backdrop to everything from a simple magazine shoot to a blockbuster feature film!