4 ways to use your home to make money

If the COVID-19 pandemic has had an impact on your wallet, you’re probably wondering how you can make some extra cash. Here, Peter Watton from OddsMonkey shares four ways you can use your home to make more money.

COVID-19 has impacted many aspects of our lives, including our finances. In fact, one in four UK adults have incurred debt as a result of the pandemic, with a total 78% of people starting the new year with some form of personal debt, according to new research by Money.

If your bank balance has taken a hit due to coronavirus, then you’ll be glad to know that there are some ways you can pick up a bit of extra cash — and all from your own home! At OddsMonkey, we did our own research to find out how Brits are making ends meet. We discovered that one in four people have taken up an extra job and are earning an average of £230 per month.

These side hustles don’t have to be anything too time consuming, either. From renting out your driveway to selling your old belongings, I’ll be going through the ways you can use your home (and the things in it) to make a bit of extra cash.

Rent your driveway

Over the last year, people have been ditching public transport for the safety of their cars, which means finding a place to park can be a little more difficult. If you’ve got some empty space on your driveway, you could earn up to £200 by renting it out (provided it won’t cause any nuisance to your neighbours). There are a number of apps and websites that will let you register your driveway for hire, such as JustPark and ParkLet.

The amount you’ll earn can depend entirely on where you live, with parking spaces in city centres and near transport lines being the most profitable. You can find out how much you could earn from your parking space by heading over to ParkLet’s pricing tool and typing in your postcode.

Although the government says you don’t need planning permission to rent out one parking space, there are a few things you’ll need to look into before renting out your driveway. For one, it might be a wise to speak to your home insurance provider to check renting out a parking space won’t affect your policy. It might also be a good idea to get in touch with your mortgage lender or landlord to make sure you have permission to rent out your driveway.

You’ll also need to be aware that you may need to pay tax on any money you make if the amount exceeds £1,000. You can take a look at the government’s guidance for more information on tax-free allowances on property and trading income.

Sell your old items

While you’re spending more time at home, now is the perfect time to declutter and get rid of your old belongings. Instead of just throwing them away, why not make some money off them instead? Second-hand sites like eBay, Shpock, Gumtree, and even Facebook marketplace are great platforms to sell your unwanted stuff on.

Of course, the amount you make from selling online can vary, but those who responded to our OddsMonkey survey said they made an average of £143 per month on second-hand selling sites.

When selling online, you’ll need to check the platform’s community guidelines, which will state any laws and limitations you’ll need to adhere to. You’ll also need to remember that you may need to pay tax on what you earn. However, the first £1,000 you earn per year is tax-free, meaning you’ll only need to pay if you earn more. Again, you can take a look at the government’s guidance for more information on this.

Make and sell some crafts

If you’ve been developing a hobby during lockdown, why not make some money from it? Respondents to our survey said they made an average of £220 per year making and selling crafts, while selling baked goods could fetch you £266 a year.

Platforms like Etsy and Facebook marketplace are perfect places for selling your handmade items on. Again, you’ll need to check the site’s community guidelines to see if there are any rules you need to adhere to. You’ll also need to pay tax on anything you earn after your initial £1,000.

Rent out your car

With more of us working from home these days, it’s likely you’re using your car a lot less than usual. Instead of having it sitting on your driveway doing nothing, it could be earning you money if you rent it out. There are various car hiring companies out there that will let you list your vehicle and set a price-point. You can even decide what times your car is available to rent, so it’s entirely flexible around your day.

You won’t need to worry about insurance either, as your car will be covered by the company’s insurance while it’s being rented out. Most rental agreements also state that the car must be returned in the same condition with the same amount of fuel as there was before the car was rented out.

The amount you could earn from renting your car depends on a lot of factors, like the make and model of your car, its age, and the commission you’ll need to pay to the rental company. However, car rental site Turo have said their customers can earn an average of £574 per month.

Depending on the rental site, your vehicle may need to meet specific requirements. For example, some won’t accept cars older than 6 years, while others only ask for your car to be younger than 15-years-old. Some rental companies also won’t accept cars with high mileage, so it’s worth browsing a few options to see which site your vehicle would be the best fit for.

Whether you’re a keen crafter or have an empty parking space, your home and belongings could make you a nice profit. If the coronavirus has impacted your finances, why not give one of these side hustles a go?