This is a guest post.
With COVID-19 hitting us all hard last year, and still causing upheaval this year, it’s no surprise that so many people are looking to make some extra cash where they can. But did you know you could use your home to your advantage in doing this? Here, Peter Watton from matched betting site, OddsMonkey, shares five ways your house can bring you a new stream of income.
The pandemic was been difficult for us all, with many businesses being affected as a consequence. So, it’s unsurprising that 78% of us have started off the new year with some form of personal debt, according to new research by Money. While you may have found yourself feeling stressed coming into the new year, it’s worth knowing that there are plenty of ways you can make some extra money on the side, whether you’re currently in employment or not.
Our very own research reveals that, on average, you could be earning an extra £389 by having a side hustle. What’s more, in many cases you don’t need much to get started — you can make money from your house and any unwanted belongings inside it! Here, I’ll be talking you through five ways you can use your home to make some extra income.
1. Share your car when you’re not using it
If your employers have closed the office until it’s safe to reopen, it’s likely that you’re not using your car as much as you used to. So, instead of leaving it outside on the driveway, why not look into renting it out to others in need of personal transport?
There are plenty of car hire companies who will sort this on your behalf. All you’ll need to do is sign up to a sharing platform and list your vehicle details, as well as rental price, location, and availability, then wait for interested parties to get in touch. And, you won’t have to worry about sorting cover with your insurers as the company you use will already have this in place. Plus, many contracts have policies that state the car must come back to you in the original state with the same level of fuel as it was given out with.
However, be aware that all car hiring companies will have their own requirements. For example, easyCar Club will only accept cars younger than 15 years old, with less than 120,000 mileage and a maximum value of £40,000. How much you can earn will depend on where you live, the type of car you have, and of course, the commission rates taken by these hiring companies. But you could make around £100 a day living in a travel hotspot like London, with a more expensive brand of car such as an Audi.
2. Rent your driveway
On the other hand, if you’re a key worker working throughout this pandemic, you’ll no doubt have an empty driveway for a good chunk of the week. So, why not utilise it to make money? This can be particularly lucrative if you live in the city centre or near main transport lines, like a train station or airport, as parking can be expensive and limited in these areas.
To rent out your driveway, you can use an online parking marketplace that will list the area, availability, and price of renting your driveway to interested commuters. Depending on where you live, you could make up to £200 per month — just for letting somebody park on your drive when you’re not using it! However, this will vary, and resources like Parklet’s parking price guide tool can help you to find more accurate earnings and show you what you could possibly charge.
While the government state that you don’t need to have planning permission to rent out one parking space in England, there are other aspects to consider. For one, you’ll need to make sure you’re aware of any restrictions from income tax, insurance, or your mortgage that could impact your eligibility to do this. As well as that, you’ll need to make sure both you and the renter are considerate of your neighbours or they could raise a complaint.
3. Create and sell your own crafts
If more time in the house has meant you’ve had extra hours to focus on learning a new hobby or getting more practice in for an existing one, you’ll be pleased to know that this could also be a way to make you some extra cash.
Whether you’ve taken up crocheting and are looking to sell your very own hats, gloves, and accessories, or your talents are best shown on the easel, you can look to sell your crafts online. Online marketplaces like Etsy, Depop, and Facebook Marketplace are perfect for this, and can give you a nice top up on your current income. Just remember to take a look at listings of similar products so you can work out how much you could be charging (including delivery costs), or what you could add to your crafts to raise your asking price.
4. Make money on your unwanted belongings
With extra time on your hands, there’s no better opportunity to go through your belongings and decide what you actually need and use, and what is better off going to another home where it’ll be enjoyed more. I’d recommend going through each room in your house and deciding which things can be sold, and which you’ll keep.
If you decide to sell clothing, shoes, and accessories, platforms like Vinted would be perfect. Gumtree and eBay are all-rounders where you can sell just about anything including furniture, cars, and much more. If you’re experienced in web development or want to give it a go, a simple platform popular with merchants is Shopify.
Before listing your products, it’ll be worth scouring the site to see what other similar items have been priced at, as well as how much delivery (if applicable) will be, or whether you’ll need to offer collection only for bigger goods. Our research on side hustles revealed that selling items on second-hand sites can bag you an extra £143 per month on average, so it’s certainly worth having that clear out sooner rather than later.
5. Offer online tutoring
With more parents having to step up to the role of the teacher during the pandemic, it’s likely there are mums and dads looking for some extra assistance, perhaps out of normal teaching hours. So, if you’ve got qualifications in English, or are a whizz with numbers, you can make some money by offering virtual tutoring to support students who are struggling.
How much you charge will be completely up to you, but according to our research, you could earn over £200 per month depending on how many students you get and how many hours you can dedicate.
With more time on our hands, why not put it to good use and top up your income? By using your home and skills to your advantage, you’ll have some extra cash to put towards your bills or to treat yourself with.