Rent out your unused space in your loft, cellar or garage for money! (or save money by using a space like this)

Rent out your unused space in your loft, cellar or garage for money! (or save money by using a space like this)

Do you own a cellar, loft, partially empty garage or shed?

Did you know you can could be making £2,500 a year from it?

  • People like you are looking to store things but don’t want to pay the high prices of commercial storage companies.
  • People like you have space available.
  • Middle men companies come in and sort all the boring things out (insurance, admin, moving, packing etc) and one person gets a cheap deal whilst the other makes an easy few quid

Tanith Carey (pictured above) says renting out her 25FT cellar will makes her £2,500 a year and all she has to do is keep her cellar clean and dry

“The inconvenience is low and the admin is done by the company. We only need meet the storers when they deliver the boxes.

How does it work for a renter?

  • List space for free (including photos, description etc) + a personal profile page
  • Setup payment account (so you can get paid securely)
  • Receive enquiries and accept ones that take your fancy
  • Both parties sign storage agreements (including inventory of everything in boxes) and boxes are left to be stored
  • Send paperwork to company (automatically gets insured, double check this)
  • Watch the monthly payments roll in (often around 10-30% of the monthly amounts are kept by the agent/middleman)

Who is likely to rent your space?

  • Large families living in small properties
  • Single parents
  • Students heading home for part of the term
  • Small home business owners
  • Basically anyone tight for space

 

Would you feel comfortable renting out unused space in your loft, cellar, garage etc?

Who is likely to rent out space?

Susie Diamond, 38, a structural engineer from Cricklewood, north-west London said:

‘We have a large attic that we would eventually like to convert into a bedroom,’ says Susie, who lives with husband Neil, a teaching assistant, and their two children, Hugh, 7, and Helen, 4. ‘We can’t afford to do that at present so when I heard about storemates it seemed like a hassle-free way to earn a bit of extra cash.’

Even if we made only £20 or £30 a month, we can put it towards treats,’

‘And it’s nice to feel we are getting to know local people and helping them out.

‘Of course, I would always want to know what was being stored and I will make people sign a contract so I have no liability for their items in the event of fire or flood damage.’

Other examples include:

  • A family home with children that have moved out
  • Someone looking to make a few extra quid each month
  • Someone with excessively large lofts, cellars or garages that doesn’t have the need to convert the space into living space
  • Someone that wants an income without having to do much work
  • Basically anyone with extra space

A few example websites (of agents/middlemen) to try:

storage-spaceStoreMateshttp://10ws.co/2g3UmJN
StoreNextDoorhttp://10ws.co/2g3RDQj
StashBee (London only) > http://10ws.co/2g3RA75

What about Tax / Insurance and Mortgage?

This will entirely depend on your current personal tax circumstances, but any income you receive might be subject to taxation.

Some agents/middlemen companies offer an insurance policy as part of the premium you pay to them each month but it’s best to check this in detail, you may also consider speaking to your current insurance company to explain the matter and ensure that only your property/contents is insured and that it’s clear that any other 3rd party items are not covered by your insurance, they may offer a policy that covers both for extra piece of mind, it’s very important that you get a full inventory before you rent the space out.

If you still have a mortgage or if you rent you will need to speak to your mortgage lender or landlord as some will impose strict rules on renting/letting out parts of the property.

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Important things to remember with everything we post:

  • If you earn over your personal allowance (currently £12,500 a year) HMRC need to get their % cut (even if the money is in cash or from another country)
  • If you’re working for yourself / earning an income on the side you need to let HMRC know – There are numerous benefits but also some drawbacks
  • You need to always ensure whatever you’re doing is legal and not hurting anyone else – be careful and always think twice
  • Some income streams may require you to have DBS check, licence, insurance or qualifications before you can start to profit from it, do your research.
  • Be careful that any additional income doesn’t compromise your studies or main income/job
  • If you work for a company check your contract, if you don’t inform them you’re working on other side projects outside of work they may have grounds to ownership on this work

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