From 6 April 2016 the tax free allowance for a lodger increased from £4,250 per annum to £7,500 meaning that any household with a spare room or three can benefit from some profitable extra income.
You could clear out the spare room, the kids' old room - or even a downstairs room you don't use - and rent it out to a lodger. There are many website now where you can find a lodger for the spare room. And you can charge £60 to £100 per week depending on the facilities you offer.
Go through the spare room and see which items you really want to keep. It might be bits and pieces that may have no monetary value, but are special and can’t be replaced. Buy a couple of good quality boxes from our Box Shop and pop them into the loft or even rent a very small storage space at your local Lok'nStore. Most of our stores have small spaces available from just £15 per week.
Go travelling and rent out your property
Mortgage paid off? Children all grown up and fledged the family nest? How about taking that round the world trip that you always fancied when you were younger, but never had the finances?
We currently have a retired couple as customers who bought a very large camper van and have been travelling around Europe for the last few years. They approached Lok'nStore after they had arranged to let their property while they went touring abroad. Their goods are securely stored at their local Lok'nStore while they are away. At the same time they are renting their house out and making enough to cover their travelling expenses and storage costs.