Cashing in on your spare space


cashing in on your spare space

In this time of economic uncertainty, there’s a lot to be said for making the most of what you have. So when it comes to the home, even the smallest spaces count. Sally Hamilton, financial journalist for newspapers including The Financial Times, Daily Express and Mail on Sunday gives the lowdown on how to boost your income and make money from your spare space. She says…

There’s money to be made by cashing in on the spare space in and around your home. If you have a spare room, an empty drive or even a garden shed that’s not crammed with debris, there are plenty of opportunities to make these dead spaces earn their keep.

When it comes to the spare room, you can find lodgers through gumtree, Weroom, mondaytofriday, SpareRoom and EasyRoommate. The other option is the holidaymaker market, with companies like Wimdu and Aribnb renting out rooms part time.

Meanwhile, if your space is quirky, period or unusual there’s the option to rent it out for film and photography shoots. Location agencies including Amazing Space, Shootfactory and Lavish Locations will pay from £700 a day for the right location house.

With the demise of office spaces, and the increase of homeworking, companies are often on the hunt for spaces to host team bonding sessions or meetings. Vrumi, a London-based company that’s set to expand nationwide, hooks up homeowners with entrepreneurs.

If you dream of a holiday in a far flung location but don’t have the cash to back it up, then Home Base Holidays, HomeLink and Love Home Swap are all options. Get a free holiday virtually anywhere in the world by swapping with other homeowners.

However, if this all sounds a little grand, don’t lose hope. Hamilton says that it’s possible to make even the smallest spaces earn their keep by renting out a loft, cupboard, clear or garden shed. To find a would-be storer check out Spareground or Storemates.

Drives and garages, meanwhile, can also be great moneyspinners. For details go to JustPark or Park On My Drive.

Feeling inspired? It’s time to cash in your spare space…