The cost-of-living crisis is expected to push thousands of Scots into debt.
Rocketing energy prices, rising shopping bills and eye-watering increases at the petrol pumps mean many people are having to forego nights out and stay indoors instead.
Some are having to make even bigger sacrifices as household budgets are squeezed.
But according to one property expert, a solution to the crisis may be in your home.
Are you missing out on a potential goldmine?
Jonathan Rolande from the website House Buy Fast said “home-side hustles”, which see property owners earning cash by renting out different parts of their property, could prove a lifeline to many people fearing how they will get through the winter.
Mr Rolande added: “Right now you’d forgive people for pulling their curtains closed and hiding indoors for months on end until this cost-of-living crisis passes.
“But what many might not realise is that your property itself can be an absolute goldmine.
“From renting out your spare room to turning an unused area into a storage facility, or putting a car parking space up for rent, you could literally earn thousands a year and transform your finances.
“It’s not just property owners who can benefit. Those in rental property could too.
“Try pointing out the side-hustles that could be open to your landlord in exchange for a reduction in your rent. If they’ve got any sense they’ll bite your hand off.”
Suggested home-side hustles:
- You can earn up to £7,500 per year tax free by renting out a spare room. If it’s full of junk, clear it. Your bank balance will thank you.
- The pandemic has changed the way we work, with more employers now allowing staff to work from home. But not everyone has the space to set up a home office. If you have a spare room doing nothing, you could earn between £50 and £250 a day renting it to a homeworker.
- You could rent a room, unused garage or loft space to someone desperate for a place to stash items they can’t keep at home. According to experts at storage company Stashbee, you will earn a minimum of £1,000 per year on average.
- You could get your finances motoring by renting out your driveway for parking. Yearly earnings depend on the location but could be worth £1,500.
- A growing number of people are turning their gardens into allotments. You can earn upwards of £40 a year renting out a vegetable patch, depending on size.
- Hundreds of thousands of international students arrive in the UK each year, all of them looking for somewhere to stay. As a host, you can earn at least £250 a week.
- Those living near football stadiums can rent out match-day car parking spaces, rooms to visiting fans, or even their front gardens to food and souvenir sellers.
- Research other big events taking place near you and consider renting out a room in your home to a visitor.
- A growing number of homeowners with electric vehicle charging points are renting them out via apps like Co Charging. With one full charge expected to last a few hours, two bookings a day could rake in nearly £4,500 a year.
Conversation