Tight budgets and economic instability have tightened the purse strings of most homes around the UK, but savvy consumers are coming up with increasingly unique ways of making extra cash to see out the depression. And when it comes to making money, the American’s are way ahead of us Brits, with the novel idea of renting anything and everything they own becoming a huge trend across the country. For them, spare stuff means spare income, and because it’s so easy to do, it’s a wonder we haven’t caught on earlier.
Of course, the beauty about renting things to other people is that there’s generally no outlay involved, and the vast majority of stuff we have available will be lying in a garage somewhere gathering dust. Putting it all to good use is not only financially worthwhile, but it means that we’ll be able to justify all that extra junk that we’ve been hoarding for years. So, if you’ve got plenty of useful tools and equipment, or even a spare room or two, and you want to give it a go yourself, here are some great ideas about rentable items and services to get you on the right track.
Renting out a spare room is certainly one of the most obvious sources of income, and while there are plenty of householders who really don’t like the idea of sharing their home with a complete stranger, this is still one of the most profitable and long term rentable items you’re likely to have. Finding a lodger is all about where you stay; if you’re close to a university or college, then students might be tempted to apply; near a hospital then try trainee nurses or foreign doctors, and so on. Appeal to the right market and you’ll find a great lodger to bring in the cash.
Modern houses aren’t exactly accommodating when it comes to storage capacity, and if you’re in a flat then you can forget a loft. What this means for someone who does have space to spare is an extra monthly income for looking after bulkier items that people have no room for. Anything from boxes of personal items up to sofas and pianos can be looked after for a set fee. The only requirements you’ll need are the space and the security. Don’t forget to make sure that any large or valuable item is listed on your insurance policy in case of unforeseen problems. Of course, you can add that to the owner’s bill as well!
Tools and Equipment
If you’ve got a special piece of kit that someone else could make use of, then you’re into a cash making situation. Some of the most popular items are:
- · Extending Ladders
- · Jet Washers
- · Lawnmowers
- · Power Tools
- · Bouncy Castles
And so on. In reality, the list is endless. Imagine this – your next door neighbour is hosting a party in their garden and they have nothing to use. Instead of buying all the things they need, they rent your BBQ, your patio set and your parasol for £60, and you throw in the kids paddling pool to keep the little ones occupied. They’d probably pay twice as much for all that if they getting it new, and they don’t even need to build it all first. You both win.
Don’t Limit Yourself
When we say that everything has a price, we mean a rental price too. Don’t assume things won’t rent just because you wouldn’t normally find them offered for hire. Fishing rods, golf clubs, electric cool boxes…literally anything that’s in a good condition will have a price tag to match.
Not Enough Cash?
If you’ve tried all this but you still haven’t raked in enough extra income, then have a look at other ways of recouping your hard earned money. Switching electricity providers, changing credit cards and signing up to money saving websites all help ease the strain. Take the time to look for any overpayments you may have made to companies over the years, and hunt through old statements to find evidence of PPI (Payment Protection Insurance) payments that you may have made to creditors. In Ireland results of a Central bank investigation has just been released and banks in Ireland have started to make provisions for the 340,000 claims that are about to unravel. Thousands of people have been mis-sold schemes like this and are getting healthy cheques back in return. If you think you’ve got a claim there and you’d like some help checking it out.