Easy ways to make money from your spare space

'Space to let' sign in a green window

If money’s tight, it can be very worrying. Fortunately, it’s possible for you to use spare space in your home to make a bit of extra cash. As you’ll see if you read on, doing so is not hard. In most cases, you can do it quickly without having to spend too much money to get things up and running.

Audi with headlights on in a garage

Rent out your garage space

Perhaps the fastest way to make a little cash is to let people store stuff in your garage. If yours is currently full of junk, why not clean it out and swap it for someone else’s unwanted items. You can potentially make some money by selling your unwanted gear, and get some rent from somebody else.

If you do decide to do this, vet your clients well and draw up some sort of written contract. Include what happens to the person’s stuff if they don’t pay the bill. Always take a deposit that covers at least a month’s rent in advance, and don’t accept anything that will be difficult to dispose of should the owner not pay the rent.

Looking up a driveway through a

Rent out a parking space

If you have a driveway, consider renting it out as parking spaces. You can find out more about doing this here. It is a very quick and easy way to make some extra cash, and there’s huge demand for this service. You can do this even if you don’t live within walking distance of an airport, railway station or shopping centre. Some people own classic cars or sports cars that they need to park up somewhere safe.

Single bedroom

Rent out a room

For those who don’t mind sharing their home, renting out a room is a good option. Of course, you may need to redecorate your room to bring it up to a standard that will allow you to get a good rent.

Paint doesn’t cost much and you can easily pick up cheap soft furnishings. This approach, combined with using laminate flooring, makes it easy to spruce up your spare room. All you need now is some good quality furniture. There are several ways to get your hands on what you need. You can renovate what you already have, pick some up from your local re-cycling network, or buy some second-hand items.

All of these approaches work, but if you want the best finish possible, it is well worth using a service like like rent furniture UK. Doing so will allow you to lease what you need. The furniture will be new, so will look great, and be sure to be a draw for prospective tenants.

A few things of which to be aware

If you like the sound of any of these ideas, we suggest that you do a bit more research online. You’ll need to understand what your legal responsibilities are and understand how much of what you earn will be liable for tax. It’s important to go into this with your eyes open, and do the maths to make sure that it’s going to be profitable for you.

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Why cities like York offer a great investment opportunity

'Why cities like York offer a great investment opportunity' blog post banner

City of York plaque on a gate in the citycredit

Our post about investing in property outside of London generated a huge amount of interest. It seems that many of our readers were interested in the idea of avoiding the extraordinarily high property prices of the capital and wanted to look into investing in other places. This prompted us to do a bit more research and expand on the subject.

Here we’re going to look at investing in other city locations using York as an example. We’re in regular contact with several letting agencies in York, so know already that the city is a good place to invest. In addition, the latest statistics indicate that rental rates in the city have recently risen by over 20%. It’s a great example of somewhere outside of the capital where property investments have really paid off.

Several cities in the UK have the potential to take off in the same way as York. Below we take a closer look at why York has become such a good place for people to invest in property.

York Universitycredit

York is a university city

Demand for student accommodation is definitely growing in the UK. Up until this year, the number of students each university could take was capped. This limited the number of people who could study in the UK, but despite this cap demand for student accommodation outstripped availability everywhere. Now that the cap on student numbers no longer exists, demand for accommodation in university cities can only increase even more.

Red York CitySightseeing bus in front of York Castlecredit

York is a tourist city

The city of York is a big tourist destination that is becoming more & more popular. This year visitor numbers are up by 10% and that’s the 5th year tourist numbers have gone up.

Increasingly, visitors to the UK are rejecting hotel & bed and breakfast accommodation. Many are opting instead to rent houses or flats and tourists are now renting individual rooms in people’s homes.

This has created another pool of potential renters for both home-owners and landlords in the city. Tourists visit the city of York all year round and they pay well for accommodation, so it easy to make a profit leasing out holiday properties in the city and the surrounding area.

Street scene in York city centrecredit

York has a growing population

Property prices and rent have risen so much in the South East that many people can no longer afford to live there. People are increasingly moving further north and York is proving to be one of the most popular destinations for people looking for a new place to live.

York Train Stationcredit

York has fantastic amenities

York has great links with the rest of the UK. London is just a two-hour train journey away and Manchester is just an hour and a quarter away.

The fact that it is a student city and a tourist destination means that there is no shortage of things for people to do and see in the area. This makes it very attractive as a place to live for young people who cannot afford to set up home in the South East.

Several other cities in the UK tick the same boxes as York. Edinburgh, Oxford and Coventry are just three of them and all of them offer great value for money when it comes to investment property.

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