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 …
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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.
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Renting out a spare room to a lodger can be a great way to make extra money. It is important to consider your own comfort level when deciding whether to rent out your space full-time or just on weekdays. In addition, there are several other factors to consider when renting out your room such as the local rental laws, safety measures, and insurance. You should also be aware of the tax implications of renting out a room in your home. Finally, it is important to make sure that you find a reliable and trustworthy lodger who is respectful of your space.
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.
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Another option for renting out your spare room is to target tourists through popular platforms like AirBnB. This can be a lucrative option, especially if you live in a popular tourist destination. You can set your own rental rates and availability, making it a flexible option. Additionally, if you live near a conference center or university town, you can also target business travelers or academics as potential renters. This can provide a steady stream of income, especially during peak conference or academic seasons. Just make sure to research and comply with any local regulations or laws regarding short-term rentals.
Frequently asked questions
You can start by listing it on popular rental websites like Airbnb or renting it out to long-term tenants. Just make sure to spruce up the room a bit and take some nice photos.
Besides renting, you could turn it into a home office space for remote workers, a mini-gym and offer fitness classes, or even start a craft studio for lessons. Think about what you love and offer that service.
Yes, there are some. You’ll have less privacy and may need to deal with maintenance issues. Make sure to screen tenants carefully and set clear house rules.
Definitely! Clean it thoroughly, add some cozy touches like fresh linens and maybe some artwork. You'll also need to decide on rent and make a rental agreement.
Absolutely! In the UK, you can take advantage of schemes like Rent-a-Room, where you can earn up to a certain amount tax-free. Just check the latest rules and regs.
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.
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This is a great way to make money from a spare room while also getting to meet people from different cultures. It is important to note that you may need to provide the students with packed lunches and dinner. Additionally, you may have to provide bedding and towels for the students. You should also be aware of any local laws or regulations that may apply to hosting foreign students in your home. Finally, make sure that you are comfortable with the student's language level and that you have a good understanding of their cultural background.
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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In addition to using your spare room as a home office, you can also consider starting a home business. Many successful businesses have been launched from a spare room, allowing individuals to pursue their passions and make money from the comfort of their own home. This can include offering alternative therapies or providing a space for sewing or other crafts. Having a dedicated room for your business can help create a professional and organized environment, making it easier to attract and retain clients. Additionally, utilizing your spare room for a business can also provide tax benefits and save money on renting a separate space.
5. Storage
This probably won't be a big earner, but is one possibility for a little extra cash. You can rent out your room as storage space. You'll need to establish whether your insurance would cover someone else's belongings, in case of theft or damage.
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Before diving into the world of peer-to-peer storage, it's essential to tidy up and secure the space to make sure it meets the needs of prospective renters. Consider putting in shelves or organizing tools to maximize the usable area. Clearly outline the terms and conditions of storage, including access frequency and any prohibited items. You could advertise your spare space on dedicated platforms that connect those with extra room to those in need. With a reasonable rate and a secure, clean space, your spare room could be the ideal solution for someone's cluttered life!
6. Movie Location
If you're prepared for the disruption and chaos, you could always consider hiring out your spare room (or even your entire house) for a movie or film shoot. Producers are looking for all kinds of homes, so even a humble apartment may be just what they're looking for. It will cause a lot of disruption, but your home will be returned to its normal state when they leave.
7. Sell
Finally, is your spare room really worth having? If you don't really need the space, it may be worth considering downsizing to a smaller home. You could free up tens of thousands of dollars by selling your home - more than you could make from it any other way.
Your spare room can be used to make you some very useful cash, rather than just being empty space that you never use or a repository for your junk. The easiest way is definitely to rent it out if you are able to find a responsible lodger. Can you think of any more ways to make cash from your spare room?
Comments
Musarrat: yes I am very interested in this
Heather: My spare room is where I keep my life-size zombies. Don't ask. :)
Queenz: Nice 💟
Zanna: I have friends who rent their spare room to tourists and visitors. They make a ton of extra cash. It pays more than their mortgage. Then they pop the rest in a retirement acct. for later!
Musarrat: looking for foreign students
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