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How to monetise space on your property

Making money while you sleep is the dream and it’s entirely possible if you are business-minded and prepared to be a little bit creative with all the ways available to you to make some extra cash. One of the easiest and quickest money-making ventures to get up and running is generating income from your property. Here are 21 ideas for this and advice on how to get started with each. 

Checklist: How to start monetising space on your property

In the last decade, we’ve seen a huge shift in the way that we purchase and consume goods and services. Companies like Airbnb and Zipcar have helped shape the sharing economy and bring collaborative consumption to the mainstream. This is opening up endless opportunities to create your own side income. 

Amenities that people can’t afford to have for themselves like cars, parking spaces and gardens are sought after in the sharing economy. And in a world that is now led by social media, so are unique and shareable experiences like staying with a local person instead of in a hotel.  

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Different ways to rent out your space for others to stay

 

1. Get a roommate 

Where do I start? 
If you have a spare bedroom in your house then getting a roommate would mean a chunky monthly additional income. Take a look at SpareRoom.co.uk for an idea of what’s already on the market and for somewhere to advertise your spare room.  

How much could I make? 
You are probably looking at between £300 and £800 a month depending on the room, house amenities and the location of your place. You might be eligible for the Rent a Room Scheme which lets you earn £7,500 tax-free every year (although you still need to declare the earnings even if it’s below that). 

 

2. Rent out your room on Airbnb 

Where do I start? 
If you’re not keen on having a permanent roommate but you have some space then Airbnb could be a good option for you to host guests as and when it suits you. This could even make more financial sense if you are in an area of high demand for business or leisure travellers.

Read our guide on how to start an Airbnb business.

How much could I make? 
Use this Airbnb calculator to work it out. It depends on the room and how frequently you rent it, but a room for one person in Bristol could make approximately £500 a month.

 

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3. Rent out an entire place on Airbnb

Where do I start? 
Do you love your holidays, frequently go away with business or perhaps you spend most of your time at your partner’s place? You could rent out your entire home on Airbnb. Some people are even buying additional homes on buy-to-let mortgages solely for the purpose to set them up as an Airbnb short-term rental business.

Read our guide on how to start an Airbnb business.

How much could I make? 
Use this Airbnb calculator to work it out. It depends on the place and how frequently you rent it, but an entire place for up to four people in Slough could make approximately £1,500 a month. 

 

4. Rent out your couch 

Where do I start? 
If you don’t have an entire place or even a spare room it’s still possible to rent out your floor or sofa bed in your lounge on Airbnb.

How much could I make? 
At present, you could charge around £60 a night for a stay in central Edinburgh for the festival, or £10 a night for a floor in Putney, south-west London. 

Ways to make money from your small spaces

 

5. Create an office or desk space to rent 

Where do I start? 
If you have office space at home that you don’t use or that could fit an extra desk, you could rent it out. Or turn an empty space like a spare room or shed into an office. Advertise locally or on Gumtree
 
How much could I make? 
Depending on the size, facilities and location you could make around £300 a month. 

 

6. Rent out your driveway 

Where do I start? 
Make money by letting people use your driveway for parking or renting out a parking space you own but don’t use on Justpark.com. You can even rent out your car when you’re not using it on Drivy.co.uk

How much could I make? 
You might make a few hundred pounds a year – more if you’re in a city or near an airport.

 

7. Rent out your garage 

Where do I start? 
Rent your empty garage out hourly, daily or monthly. Yourparkingspace.co.uk offers this step-by-step guide to renting out your garage from preparing and advertising it to meeting the tenant and negotiating the price. 

How much could I make? 
Understandably garages near airports, train stations, stadiums and in big cities are the most popular. You can earn anything between £40 and £400 a month. 

 

8. Rent out storage space

Where do I start? 
Space in your cellar, loft or elsewhere that’s dry and secure could be rented out for storage with Stashbee.com

How much could I make? 
A garden shed outside of London could make up to £70 a month. 

Ways to monetise your outdoor space

 

9. Turn your garden into a campsite 

Where do I start? 
Glamping and shepherds huts are all the rage right now. If you don’t have space indoors you could rent out a campervan, build a lodge outside, stick up a tent in your garden (and still let people use your kitchen and bathroom) or simply rent out a pitch space. See what people are offering on Airbnb and Campinmygarden.com.

How much could I make?     
Around £5-£10 per person per night. 

 

10. Become a wedding venue 

Where do I start? 
If you own a barn, field or big enough lawn you could have your own rustic wedding venue in the making. 

How much could I make? 
Website Hireafield.com says you can make up to £2,500 a weekend. 

 

11. Sell produce from your garden

Where do I start? 
It’s possible to sell all manner of home-produced goods like fruit, vegetables, jam, flowers, eggs, honey and plant seedlings. Contact local shops, markets, go to local car boot sales or have an honesty box outside your house. 

How much could I make? 
People will pay a premium for home-grown, organic goods but it really depends on how much you can produce. 

 

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12. Turn your garden into an allotment 

Where do I start? 
If you’re not green fingered but you do have a garden then you could rent it out as an allotment space for someone else to use. 

How much could I make? 
You could make around £200 a year but better still you can exchange for produce and you’ll be getting a free gardener. 

 

13. Rent your roof for the installation of solar panels 

Where do I start? 
It’s possible to rent your roof for the installation of solar panels but the expert advice is to be wary about these schemes

How much could I make? 
Check with the Energy Saving Trust for advice. 

Super creative ways to make money from your home

 

14. Make your home famous 

Where do I start? 
Supermodels and actors could be draped over your furniture and your home could be the next TV, film or photo shoot set. Interesting spaces are most likely to be used so if you’re due a redecoration you might want to bear it in mind. Agents like Location Works, amazingspace.co.uk and film-locations.co.uk help match owners with film and photo crews. 

How much could I make? 
Anything from £350 a day for a small crew to £3,000 for a feature film. The agent will take a 15-25% commission.  

 

15. Host a pop-up supper club 

Where do I start? 
If you’re a host with the most or a wannabe master chef, consider coming up with and putting on your own events. Check out Eventbrite’s 10 do’s and don’ts to sell out your supper club

How much could I make? 
People generally charge £30-£50 per head. You’ll need to deduct all your costs and work out how many covers (people) you can fit in your place for dinner. 

 

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16. Put on or rent space for classes

Where do I start? 
Put your talent to its best use by teaching it to others. You could host classes or one-to-one sessions in cooking, exercise, language, art and so on. Or rent your space to someone else to do the same.  

How much could I make? 
Depending on the classes you could make £15-£50 per person per hour. 

 

17. Turn your home into your studio 

Where do I start? 
Embrace your creative side by using part of your home as your studio to create and display your art and invite the public in to browse and buy. 

How much could I make? 
It totally depends what you’re charging for your items – don’t sell yourself short. 

Ways to monetise your home even if you have no extra space

 

18. Look after animals in your home 

Where do I start? 
If you tend to bond with animals better than humans then turning your home into a pet hotel could be an ideal business idea. If you have the time, space and expertise for some furry friends to come and stay then check out DogBuddy, Tailster and Care.com which help match owners with pet sitters and walkers.

How much could I make? 
It depends on where you live and what you offer. Also, the more experience and reviews that you get, the more you will be able to charge. DogBuddy says it’s possible to earn up to £1,500 a month. 

 

19. Host selling parties 

Where do I start? 
Selling parties can be a sociable way to sell products to friends and other customers in the comfortable setting of your own home. You could pretty much sell anything but popular items include jewellery and cosmetics with brands like The Body Shop

How much could I make? 
Opportunities to earn anything from £50 to £1000 a month but it’s worth considering direct selling carefully before you sign up. 

 

20. Rent or sell your items

Where do I start? 
Scour your property for things you don’t use (or not all of the time) and consider renting them or selling them to make money and potentially generate space which you could then, in turn, rent out. ‘Rent almost anything’ on Fat Llama

How much could I make?  
Current listings on Fat Llama include DJ mixers for £40 a day and road bikes for £20 a day. 

 

21. Manage someone else’s property 

Where do I start? 
Got the know-how but not the space? Offer to manage other people’s properties. Our Airbnb guide gives six ideas for Airbnb related businesses that you can start even if you don’t have your own place to rent out. 

How much could I make?
The potential is endless for growing your management business. 

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