Getting rental income from tools

Gavin74 wrote: »

Hi everyone.
Over the years I've amassed a lot of power tools etc. from the hoards of DIY projects I've done. My reason for buying rather than renting was that when DIYing things go wrong, and you end up needing the tool for longer, and paying near to the cost of buying the tool.
Anyway, I've got all these tools gathering dust 90% of the time, so I thought maybe I could hire them out.
I'm not looking to make a fortune, but they're not making me any money while they sit in my garage.
Any thoughts would be welcome.

There are sites that you can join that act as a middleman- can't recall the names but a google search might throw something up, I would also urge you to read reviews before agreeing to anything.

If you hire privately then you are going to need some really chunky insurance both to cover you for losses and damage, and also to ensure you don't go bankrupt paying out third party claims for injury and damage. Don't just hire things out without doing full and proper due diligence, power tools and private hire is likely to be a real issue - and you need to check out the business implications and liability as you will be running a business with all the associated costs and liability.