Do you have unused space in your attic, spare room, garage or shed? You could be making up to £2,500 extra cash per year.
There are a number of websites who will connect you with those looking for space. They’ll also manage the whole process.
How does it work?
- Register with websites and list your storage space details and payment account.
- Wait for enquiries and choose the ones you wish to proceed.
- Both parties sign agreements and paperwork is sent to storage company.
- Sit back and wait for the monthly payments.
One of the first websites that offered this service. Over 10,000 registered people in the UK who are making or saving money. StoreMates charges a 15% fee on top of what the storage seeker pays.
Also UK wide StoreNextDoor charges two weeks’ storage fees.
London only serve and like StoreMates charges a fee on top – in this case it is 20% of what the storage seeker pays.
What kind of spaces can I rent?
Whatever space you have in your house! Examples include lofts, basements, spare rooms, built-in cupboards, under-bed storage, out houses, stock rooms, sheds and garages.
How much can I make?
The storage sites recommend you charge 50% of what a commercial storage option would charge.
Storenextdoor says garages can be rented out at £130 a month, lofts for £80 and sheds for as much as £120. That can add up to more than £1000 a year
How does this affect my tax situation?
You need to declare these earnings. However, from April 2017 you can earn up to £1,000 tax–free from your property.
What about insurance?
Many of the companies offer an insurance policy as part of the premium you pay to them each month.
Do also speak to your current insurance company and tell them what’s happening.
Ensure that only your property/contents is insured and make clear that any other 3rd party items are not covered by your insurance.
They may offer a policy that covers both.