Top tips on how to boost your income without incurring any extra costs
With the economy struggling and unemployment rising, finding ways to make money has never been more important to the thousands of homeowners with mortgage payments to make each month.
But there are ways for you to make money without even leaving your home.
Rent a room to a lodger
Under the government’s rent-a-room scheme, you can earn up to £7,500 (2020/21 figure) a year tax-free if you get a lodger, as long as you provide them with a furnished room.
However, if you do not want a long-term lodger, consider a short-term homestay instead. Language schools, for example, are often looking for places for exchange students to reside.
Use Lawpack’s Lodger Agreement to get everything in writing
Rent out your drive or parking space
A Parking Space Let Agreement could be a great money-spinning tool. Renting out space on your driveway is a great way to make use of the extra space.
Rent out your garage
Research consistently shows that most people do not use their garage for housing a vehicle. Instead, homeowners use their garage as a dumping ground for junk. Clear out this rubbish, get a Garage Let Agreement and find someone who needs the space.
- Lodgers: useful tips for beginner landlords
- Top tips for taking in a lodger
- How to rent out a parking space
- How to rent our your garage