THE cost of living crisis is set to push tens of millions of people into debt.
Rocketing energy prices, rising shopping bills and eye-watering hikes at the petrol-pumps mean many people will be ditching nights out and staying indoors instead.
But according to one property expert the solution to the financial crisis could lie very close to home.
Jonathan Rolande, from House Buy Fast, says homeowners can earn up to £20,000 without lifting a finger.
The home-side hustles – which see property owners earning cash by renting out different parts of their property – could prove a lifeline to many fearing how they will get through the Winter.
Jonathan says: “Right now you’d forgive people for pulling their curtains closed and hiding indoors for months on end until this cost of living crisis passes. But what many might not realise is that your property itself can be an absolute goldmine. From renting out your spare room, to turning an unused area into a storage facility, to putting a car-parking space up for rent, you could literally earn thousands a year and transform your finances. It’s not just property owners who can benefit. Those in rental property could too. Try pointing out the side-hustles that could be open to your landlord in exchange for a reduction in your rent. If they’ve got any sense they’ll bite your hand off.”
Here Jonathan shares his advice on how to make money on your property.
1. Rent out your spare room
The most obvious idea but this is still something that many people struggling for cash often fail to benefit from. Right now there’s never a better time to rent out your spare room. Rents are sky high and those looking to get their foot on the property ladder are finding it harder and harder to find an affordable home. You can earn up to £7,500 per year tax free by renting out a spare room. If it’s full of junk, clear it. Your bank balance will thank you.
Yearly earnings: Up to £7,500
2. Rent office space in your home.
The pandemic has changed the way we work with more and more employers now allowing staff to work from home. But not everyone has the space in their home to effectively set up a home office. If you have a spare room doing nothing you could earn between £50 and £250 a day renting it to a homeworker.
Yearly earnings: Up to £3,000
3. Rent storage space in your home
Turn junk into cash by renting out storage space. You could rent a room, unused garage or loft space to someone desperate for a place to stash items they can’…….