7 Ways to Make Money from Your Spare Room ...

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Do you know how many ways there are to make money from your spare room?

Spare rooms tend to end up full of junk, but you can use that space to earn yourself some cash instead.

There are also several options if you don't want to rent the room out and share your space.

Here are some of the ways you can make money from your spare room …

1. Lodger

One of the best ways to make money from your spare room is to rent it to a lodger.

You can earn some serious cash this way that will subsidise your rent or mortgage.

If you don't want to share your space full-time, look for a Monday to Friday lodger - some business people only want weekday lodgings as they return home at the weekends.

2. Rent to Tourists

You could also rent your spare room out to tourists, using sites like AirBnB.

Again, this is a good option if you don't want to let the room out on a permanent basis and you live somewhere that gets visitors.

You could also advertise the room to businessmen if you live near a conference center, or visiting academics if you live in a university town.2

3. Take in Foreign Students

For several years, friends of mine have been letting their spare room to students coming to the UK for a language course.

They enjoy the opportunity to meet people from different cultures as well as the extra cash.

You may need to provide the students with packed lunch, and probably give them dinner.

It's a good option if you're sociable and like meeting people from other countries.

4. Home Business

You can also take advantage of having a spare room to start your own business.

People can and do start businesses from their kitchen table, but in most cases you'll need a room for a business.

A business like alternative therapies or sewing needs dedicated space.

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