Tuesday, 21 November 2017

There’s cash in your property, not just in the attic

PROPERTY is likely to be your single largest asset and there are a variety of ways that it can help to bring in some much-needed income. Here are a few ideas:

Rent your drive

Live close to a city/town centre or train station and have a parking space sitting empty during the week? Then you could potentially be making hundreds of pounds a year by renting it out. Top locations could net you up to £200 a month. There are a number of websites that can put you in touch with people interested in renting your drive — the major ones charge commission but some are free.

Rent a room

If you have a spare room sitting empty in your main home, you could be renting it out and making up to £4,250 a year tax-free. There are plenty of websites to help you with advice on finding a flatmate, ground rules, contracts and so on. There are also sites that will help you find exactly the right type of tenant. So for example if you don’t mind having someone staying during the week but want the place to yourself at the weekends then Monday-to-Friday can put you in touch with commuters who are looking for a place to stay during the week.

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