A spare room in your home is often handy for when you have visitors come to stay or a place to store the enormous pile of washing out of sight (urgghhhh).
But did you know, that space is still costing you money!
Don’t let that spare room just sit there doing nothing! Make it pay for itself!
There are many ways to make money from a spare room. You can start a separate business in your spare room or can rent it for a temporary or permanent period depending on the requirement. While thinking of renting, make sure that you have done a proper inquiry about the tenants. Moreover, you need to understand the legalities of your area before using your spare room for money-making purposes. If you are looking for some ways to make money from your spare room, you can consider the following five.
1. Rent it out.
You can rent your spare room to friends, family, on Airbnb or to tourists (if you are inclined to have strangers in your home). The process will be a little time-consuming as you will have to check their papers like passports and other documents that will prove the identity and the validity of their staying in your city. But once you have checked everything, it will be much easier for you to manage them. You will get a decent amount for rent as well. In addition, the tourists will take the maximum care of your property. They are the guests of your city and they will not do anything that will be illegal and harmful for both of you. You can also consider renting it out for a temporary period and using it at other times.
2. Find a lodger.
Find lodgers who will rent part-time, full-time, and even for a certain period. Many people are looking for rooms for lodging. Therefore, you will not have any problem finding one and making money. To find a lodger, you just need to visit a reliable site. You will find more than two million sites for spare room lodging. You can sign into an agreement with any of them with your requirements. You will have to make everything clear about the requirements such as how many people you want to stay and what will be the period and the price. The people who will be interested in your spare room will contact you to discuss the details.
3. Start a business.
You can also start a separate and independent business in your spare room. If you feel that you have interest in real estate and you want to invest in this business, you can open an office in your spare room and can operate your business from there. You just need to get permission from authorities to start a business. If any of your family members are interested in fashion design and beauty products, they can use the spare room to start their business. This way, they can start their business with a little investment as they will not have to pay for rent. The initial days might need more effort, but they will start earning a decent amount with the right strategy.
4. Make it a storage space for others.
You can also earn money by renting your spare room as storage space for others. If you make it a storage room for others, your privacy will not be interrupted as compared to renting it out for other people to stay. There are people who are looking for storage space for personal and commercial purposes, so it wouldn’t take long before someone rents your spare room to store their things. You will then have to fix a time for the transportation. You need to be a little careful while going through paperworks though. Make sure that they are able to meet your demands and are offering you a competitive price.
5. Rent it to foreign students.
You can also rent your spare room to foreign students. By doing so, you will come in contact with people of different cultures and languages, which means they may not find it easy to adjust to your culture. Some of them may not take proper care of your property, and so, you have to make everything clear before letting them in. Make a contract that will indicate your rules. You can also check their background to ensure that you are living with the right people.
There you have it! Some options to earn extra money from your spare room to support your lifestyle and to pay off your mortgage early. But before choosing any of these options, you need to ensure that your spare room is properly prepared for renters.