If you're looking to make some extra cash, you may not have to look further than your own home. Renting out various items can bring in thousands of pounds a year. From unused clothing to household appliances, there are endless possibilities. Here are five things you can rent out and potentially boost your income by £1,000s.
Your Wardrobe – £9,000
If you have unworn items in your wardrobe, you could be sitting on a goldmine. One stylist manages to make £200 to £300 a month by renting out her clothes. Platforms like ByRotation, HURR, Rotaro, and The Devout allow you to list your items for rent. You can charge around £10 to £12 a day depending on the item, and even specify a minimum rental period.
Your Parking Space – £69,000
An empty parking space or driveway can be worth serious cash. By using apps like YourParkingSpace and JustPark, you can list your space and match it with someone looking for a place to park. Depending on your location and pricing, you could make anywhere between £30 and £5,000 a month.
Your Car – £1,600
If you have a car that you rarely use, consider renting it out on a car sharing app like Turo or Hiyacar. You can set your own price and preferences, and the platform will take a percentage of the rental fee. Just be aware of potential damage and read the insurance policy carefully.
Your Household Appliances and Spare Gadgets – from £300 to £3,000
Rarely used household appliances and gadgets can also bring in some extra cash. Platforms like Pa-rent, Fat Llama, and RentMy allow you to list your items for rent. You can set your own price and availability, and the platform will take a percentage of the rental amount. Just make sure to read the terms and conditions and check who covers the cost of delivery.
Be Aware of Tax
It's important to remember that any income you earn from a side hustle may be subject to taxation. Up to £1,000 can be earned tax-free thanks to the trading allowance, but anything beyond that may require you to complete a self-assessment tax return and pay tax on your extra earnings.
Renting out items in your home can be a lucrative way to boost your income. Whether it's your clothes, parking space, car, or household appliances, there are plenty of opportunities to earn some extra cash. Just be sure to read the terms and conditions of the platforms you use and consider the tax implications. Happy renting!
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