THERE are an abundance of side hustles to bag yourself extra cash – but you might not know you can rent out your free space for money.
Ashish Jain, 45, who works as a business consultant, lets out his garage in Harrow as storage space in exchange for cash.
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He first started in April last year and has earned over £2,300 since them with little effort.
“It was very easy and quick to rent out my garage,” he said.
It took him just minutes to set up a profile and he received his first booking in just days.
The extra money has been spent wisely – on a holiday to Turkey with his wife and two children, as well as donations to charity.
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All in all, Ashish said the side hustle had been a no-brainer and an easy way of making the most of extra free space.
“I hadn’t used the garage for around five to six years,” he said.
“So if you have a space which is not useful, you might as well use it to help pay for extras like holidays.
“Or, you can put it towards charity and do some good.”
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How to make cash from your spare space
Ashish charges £205 a month for the 120sqft space on Stashbee – a website where you can also rent out empty rooms, loft space, basements and sheds for storage.
You can even rent out smaller spaces like empty wardrobes or cupboards.
The website connects those who have empty spaces, like Ashish, with other people who are looking for storage space.
There are similar sites like storemates.co.uk and you can advertise on the likes of Gumtree or Facebook Marketplace, though how they work will vary.
For example with Stashbee you’ll be asked to share information like a passport or driving licence to verify who you are, but on Gumtree there’s no requirement to do this, you just need to set up an account.
As Stashbee is designed for renting out space, you’ll be asked for specific information like pictures, size of the space, any features and if they have their own access or not for areas not in your main home.
A Gumtree listing doesn’t require this, but the more detail you include the more likely you are to find someone.
With any platform, it can also be worth arranging viewings with any potential renters first to make sure it suits both of you.
Once you agree a rental, dedicated platforms like Stashbee and Storemates will take care of the payments and billing too, whereas with Gumtree you’ll have to arrange this yourself.
You’ll usually pay a fee too, so you should factor those costs into any money you make from renting out any areas in your home.
How much that is will depend on the site you use.
Stashbee doesn’t charge to list your space, but there’s a 5% fee on any bookings you get via the platform.
Meanwhile Storemates deducts 16.5% and 20p from each payment.
With Gumtree, ads are usually free, but there is a surcharge if you’re renting out your garage for storage space or a car parking space – £8.79.
There’s also a charge of £6.59 for linking to your own website.
How much can you make?
As for how much you can make, this depends on a combination of factors like the size of the space, the going rate in your area and demand.
You might make more if you’re in or near a city where space is more limited, for example.
On the other hand in rural areas there may be fewer self-storage facilities, meaning there’s more demand and you can charge more.
While you can set whatever price you want, it’s worth checking other listings for similar spaces in your area for how much they are charging so you can set yours to be competitive.
Current listings in Edinburgh on Stashbee show a 70sqft basement for £132 per month.
Meanwhile in Littlehampton a spare room for storage is going for £100 per month.
It’s also worth checking out self-storage companies nearby and how much they charge.
Someone may opt for you over the company if you charge less.
You can choose the times and length you want to rent out the space for, which can affect how much you make.
You could specify a minimum rental period so you don’t have to deal with multiple people, or only certain time periods, for example if you know you’ll need the space for guests visiting instead of storage.
What to look out for when renting your space
Although you could make a tidy sum off your empty space, there are some things to look out for and risks to be aware of.
You may need to tell your mortgage lender if you want to rent out your garage or spare room space.
The requirements can vary from one lender to another so it’s worth checking your terms and conditions or asking directly.
If you’re renting then check with your landlord first.
One key difference between specific platforms and more general websites is how you’re protected.
With Stashbee, there’s an item guarantee for those renting out space ranging from £1,000 to £3,000 depending on the plan they choose.
Theft and some water damage is covered.
Storemates Protection Guarantee means belongings stored are covered for any losses from theft or damage up to £10,000.
Whichever platform you use, be sure to check the terms and conditions carefully so you’re not left out of pocket.
With Gumtree, there’s no automatic protection like this.
It’s also worth checking with your own home insurance provider how storing someone else’s items might affect your own policy.
Any money you earn can be subject to income tax too.
You can earn up to £1,000 without paying tax thanks to the trading allowance.
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Once you earn over this on top of your regular income, you’ll need to complete a self-assessment tax return and tax on your extra earnings.
How much that is will depend on how much you earn in total and your tax rate.
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