- November 1, 2015
Did you know you can could be making £2,500 a year from it?
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.
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.’
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.