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.
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.
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.
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?
Frequently Asked Questions
- How can I start making money from my spare room?
- 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.
- What are some creative ideas to use a spare room for extra income?
- 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.
- Are there any risks or downsides to renting out a spare room?
- 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.
- Do I need to prepare anything special before renting my spare room?
- 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.
- Can I make money from a spare room if I live in the UK?
- 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.