Earning an Income from Your Spare Room
With the cost of living rising and wages staying stagnant making ends meet is becoming gradually more difficult. As a result, many parents have to work two jobs, and it is nearly impossible to be able to afford to go on holiday. This makes it difficult to spend as much time as you would like with your kids and puts a strain on all of your family relationships.
In this situation, the only solution is to earn more money. The good news is that if you have a spare room you can potentially do this without having to do very much extra work.
Rent it out as a bedroom
One of the quickest and easiest ways to earn money from a spare room is to rent it out. There are several options.
You can advertise it on websites like FlipKey, HomeAway and Airbnb to attract tourists. Another alternative is to rent it out during the week to a commuter. That way you will have a regular tenant who you can get to know and your family will have your home to yourselves at the weekends.
Rent it out as a workspace
The option that most people overlook is renting out the room as an office. You will not earn as much money with this approach, and there is not always a lot of demand. However, if you live in the right area, you can potentially earn a steadier income by taking this approach. Alternatively, you could turn it into an office that you use to make money by running your own home business.
Preparing the room
To get the best out of the room it makes sense to redecorate before you advertise it for rent. It is also usually a good idea to furnish it properly. Fortunately, it is no always to buy new furniture. You can get started by renting what you need. If you want to use hire furniture UK firms are quite happy to lease to private individuals as well as property developers and landlords. Of course, once you have earned enough money from renting out your room you can potentially reinvest that cash in buying some good quality furniture.
What to do if you do not have a spare room
If you do not already have a spare room, you may still be able to put one of the above ideas into operation. It is just that you will have to do a bit more work and spend some money setting things up.
In many areas, it is not hard to get permission to convert a garage into a bedroom. This is surprisingly easy, and inexpensive to do. In a popular tourist or high demand area, you can very quickly cover the cost of the conversion.
Another potential option is to convert a shed or buy a garden room to rent out as accommodation. Some people have even been able to make money out of renting out a caravan, or a quirky tent that they have erected in their garden. You can find out more about doing this here.