While your home may well be your castle, have you ever considered that it could also make you money?
Recently, several of you here on Which? Conversation shared your money-saving tips on the cost of running your home last year. It would seem that there are plenty of ways to save your money – however, many tips honed in on the point of not spending too much in the first place.
But if you do spend too much, how can you recover your losses? Is it possible to make money from your own home?
Provided you’ve got the space and the flexibility, one of the obvious ways to make some extra cash is to take in a lodger. If you travel frequently and have a pet, somebody staying in your house might even be to your advantage for reasons other than financial.
In fact, you can earn up to £7,500 a year tax-free, which means you could receive £625 a month in rent without having to declare it to HMRC.
But, bear in mind that renting out a room may affect any claims you make on your existing contents insurance policy, or the premium of your next, so you should check with your insurer.
Or, if you don’t want to share your home on such a full-time basis and live in a touristy area, what about renting out your spare room to holidaymakers on sites like AirBnB?
Perhaps you have some extra space, such as a garage or a shed, which someone would happily rent out as storage space, earning you up to £40 a month? Or, if you live near a stadium, airport or train station, why not rent out your driveway, which could earn you up to £10 per day.
Rags to riches
Most of us have splurged on items that we’ve barely used. According to a study commissioned by Oxfam, each household typically has 143 of unused CDs, books and toys.
The same study found that the average person has a staggering 53 items of unworn clothing.
Good-quality clothes and shoes, especially designer labels, can be sold in second-hand boutiques, usually known as ‘dress agencies’, which either buy the item from you, or give you a percentage of the sale (sometimes on the condition of it selling).
You can sell unwanted goods with little hassle via apps on your phone, or online. The companies usually cover the cost of postage and pay the money into your account (or however you’ve specified) meaning a trip to the Post Office or even your nearest Collect Plus outlet is all you’ll need to do.
Or, if you’d rather keep hold of your underused belongings, you could consider charging other people to borrow them! Sites like Rentmyitems put local people in touch with those who have items they need but don’t want to buy.
Are you a serial unused item hoarder? Will you be spring cleaning and cashing in on these items? Have you made extra cash from your home or unwanted belongings?