If you have a spare room, renting it out on a temporary or full-time basis is a great way to make extra money. You can make up to £4,250 a year from renting a room before you have to pay tax on the income.
How? There are lots of ways of finding people to rent a room in your home, and many of them don't cost a thing. Probably the best way is to tell your friends and colleagues that you have a room to rent. There are also websites that you can post on for free, including gumtree. com androomsforlet. co. uk. Local newspapers are another good advertising resource, or you could try a local managing agent (but expect to pay a fee).
How much can I earn? It depends on what sort of room you have in what sort of home, and most importantly, where you live. It could be anything from £40 a week for a modest room in the suburbs to around £250 a week if you have a fabulous place in the heart of London.
