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Renting out home gym?

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  • tightauldgit
    tightauldgit Posts: 2,628 Forumite
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    I'd be worried about insurance, health and safety regs, etc. The few quid a week in fees to rent my space will pale in comparison to the amounts I could get sued for if someone hurts themself. I haven't even looked into what kind of medical help and First Aid is required at a gym - what if someone has a heart attack on the premises? 

    Plus from what I know a lot of people go to the gym for the social aspect, classes, etc. All of that is missing. 

    Then you're going to have to make sure you're home when people are using the equipment or else set up some kind of secure access.

    Sounds like a lot of stress for not much return to be honest.    
  • Debbie9009
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    My answer to both would be no

    I would expect issues with home insurance and the mortgage, if you are renting out a home gym, then I think that would be business use, so there would be an increase in insurance premiums and you would most likely need permission from your mortgage provider.

    I would also be concerned about the health and safety aspect, I suspect there would be rules you would need to follow, and you may also need insurance to protect yourself in case of someone injuring themselves. Plus there is the risk of allowing someone you don’t know into your home. 

    In addition to this, I believe gyms carry out regular maintenance on their machines to make sure they are in safe working order, so this would be another cost. There there is the cost if a customer breaks something.  Plus the equipment will wear out a lot quicker the more people that use it.

    From a customer stancepoint, I would want someone to change and shower, also it would need to be a lot cheaper than a gym membership as a home gym is unlikely to have gym quality equipment.

    I think pricing this at a cost that would be attractive to the person renting their home gym out and the custome would be almost impossible.

  • silvercar
    silvercar Posts: 47,135 Ambassador
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    I would think the target market would be visitors to an area, maybe staying with family, friends or a cheap hotel who would like a couple of gym sessions but aren't near any gym that they could visit on a PAYG basis.
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  • dave2319
    dave2319 Posts: 548 Forumite
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    I would want someone to change and shower

    Did you mean to add "with"?! ;)
    Maybe that's how the OP could make a decent amount from this, but then again that probably also comes with obvious health and safety issues!
  • MalMonroe
    MalMonroe Posts: 5,783 Forumite
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    No and no. Just because of, as others have mentioned, the insurance costs. And that's just one consideration.

    Also, if you have to pay to set up all the health and safety considerations but then nobody arrives, what then? You'll be out of pocket for nothing. 

    I was reading a magazine the other day and it was offering some money making solutions - one was to hire out use of your drive so others can park there (good for busy near-town areas but I live in the countryside) - another was 'sharing your car'! Can you imagine the absolute pandemonium there? The insurance costs alone would be prohibitive. I actually shuddered when I read that one. 

    Sometimes get rich quick schemes are not practicable. And in your case, I think it would end up costing you far more than you could ever make. 
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  • DullGreyGuy
    DullGreyGuy Posts: 11,113 Forumite
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    MalMonroe said:
    another was 'sharing your car'! Can you imagine the absolute pandemonium there? The insurance costs alone would be prohibitive. I actually shuddered when I read that one. 

    Sometimes get rich quick schemes are not practicable. And in your case, I think it would end up costing you far more than you could ever make. 
    With at least one of the car sharing schemes the system provides the insurance as a topup so if the hirer has a crash whilst driving the top up insurance responds rather than yours. This does however expose you to some risk should there be an issue which means that insurance doesnt cover the claim then your insurers would still be the RTA insurers and as you've allowed this to happen theyd have a right of recovery against the driver and you. 

    The OP in this case is the website operator not the person lending their gym... its a very different question on if it'll make money for them -v- the other two parties.
  • Debbie9009
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    dave2319 said:
    I would want someone to change and shower

    Did you mean to add "with"?! ;)
    Maybe that's how the OP could make a decent amount from this, but then again that probably also comes with obvious health and safety issues!
    Oops I clearly need proof reading lessons 😀
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