Get a lodger

Renting out a spare room can pay £50-£150 a week depending on the size of the room, location and how nice your property is. Get to know applicants and be honest about your expectations and lifestyle. You can earn £350 a month, tax-free under the government’s 'Rent a Room Scheme', as long as your guest is a lodger and not a tenant – i.e. they don’t have a key to their room and have not signed a tenancy agreement.

Rent out your car parking space

If you live in a busy town or city, renting out a parking space you don’t use can be an easy way to make money. Leave a note on your gate or visit www.parkatmyhouse.com. You may find there are already people waiting for spaces in your area.

Rent a room to foreign students

For a short-term rental arrangement, contact language colleges in your area. Many foreign students pay £100 a week for a single bedroom, self-service breakfast and a cooked evening meal. The college will inspect your home, place a suitable student (you can request a mature female) and arrange payment. If you live near a college or university you could rent a room to visiting lecturers.

Rent out your home as a film location

Film and TV production companies rent out properties of every kind from modest council houses to stately mansions. Expect to earn around £1,000 a day. Magazines also rent out homes for shoots, particularly in London. For this, you can expect to earn upwards of £500 a day.

Open a B&B

If you live near a tourist attraction or airport, have spare time as well as spare room, you could consider running a B&B. Before you take bookings you’ll need to contact your local council in case you need to apply for a change of use of your property, find out if you need a fire certificate and get a food and hygiene certificate. You’ll also need to arrange public liability insurance to protect yourself in case a guest should have an accident. Research rates for similar B&Bs in your area for an idea of potential income.

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