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You have a spare room and it’s probably filled with junk, but do you know that there are a whole lot of ways to make money with spare room? If it’s an empty room, you can check out these smart tips for spare room money ideas.
One of my acquaintances put up their spare room in their 4-bedroom house for short-term rentals on Airbnb. It was a brilliant idea. Renting out your spare room has taken off in a very big way in recent times, where everyone is thinking of ways to rent out anything they’re not actually using. This could be a shed, a parking lot, a backyard or a spare room.
There are sites like Gumtree and Easyroommate that can help you rent out your spare room on a long-term basis, or you could opt for Bed&Breakfast or Airbnb for temporary or ad hoc agreements. Use these sites for advertising your room.
So, do you like the sound of your spare room making some money for you? Check out this post to learn how to go about it.
Easy Ways to Make Money with a Spare Room
#1. Weekday Lodgers
If you have a room for rent, it means that you let out the empty room for the week. It’s a win win arrangement for those who need to stay at one place during the week for work and live in another place. The lodger likes the arrangement because he doesn’t have to relocate, he can save money on commuting and he finds a comfortable place to stay in.
The benefit is that it will be less stressful for you and you still get to have your privacy during the weekends. You can even offer lodger share options with two lodgers at a lower rate.
Tip: There are many websites like spareroom, where you can advertise your spare room for Monday to Friday lets.
#2. Tourists/Travelers
For those who have a single room for rent, it is simple and convenient to earn money by renting your spare room to travelers who are on the look out for a comfortable and unique place to stay in.
Become an Airbnb host and you can have complete control over the price, your house rules, check in times etc. Many sites offer free listing, but might take some percentage of the bookings.
If you need to make money, turn your spare room into a crash pad for tourists with house share opportunities. Put up nice photographs of your spare room, some personal information regarding your profession, family size. Create a Facebook page and post the link in your ad to find a housemate.
Before renting out the room, check out the personal information of guests, for greater security. You can receive payment through credit cards.
- Also Read – Make Money Running an In-Home DayCare Center
#3. International Students’ Accommodation to Earn Money from Home
Provide a room and throw in meals for the growing community of international students. You have flexibility over the facilities that you want to offer and can stipulate the house rules.
Some students need a spare room only for a few weeks, like for example, in case of summer school. Some arrangements are on a partial basis with just breakfast, whereas the full board accommodation will mean that the student will live with you as part of the family.
Tip: Rent it out to 2 students in the form of shared accommodation.
#4. Your Home Office
If you’re just using the spare room as a dump, why not get the most out of it by converting it into your home office?
Get a good L shaped desk to put in the corner and make sure it has a lot of storage. Add an ergonomic chair to take the strain out of your neck/back. Use good LED lights and desk lamps, throw in a filing cabinet, some place to store office supplies. Make any renovations you need to, it will only end up adding value to your home.
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#5. Renting a Room: Storage Space
If you don’t like the idea of strangers entering or occupying your home, rent out your empty room as a storage solution. Many people who move out from bigger homes have lots of stuff and are on the lookout for economic storage solutions.
Check out sites connecting people with spare rooms to those who are looking for a room to rent for storage to make quick money.
Tip: You can fix your own rates, but try to charge around 50% of the rate quoted by commercial storage solutions.
#6. Movie Shooting – Easy Ways to Make Money Fast
Do you want to see your spare room on a movie or on a television show? Are you looking for quick ways to make money? Well, your dream could come true and you could also get paid for your empty room. There are many production companies searching for nice sets, so if you room has a lot of character, some good architecture, décor and so on you could check out this option.
Register with agencies or contact production companies directly to strike a deal, make arrangements for insurance and property security and so on.
Tip: Check out the rented rooms in your zip code and price accordingly to earn extra cash with your spare room.
Wrap Up
Get the most out of your spare room in any of the above ways to get a continuous stream of revenue. Check out these tips before renting out your spare room.
Be prepared for some initial work. You have to prepare the empty room, remove the clutter, clean up the carpet, patch up the walls, etc. Take good high quality photographs to show off your empty room.
Furnish the room with the basics, like a bed, a dresser, a television. Find out the market rate before deciding on how much to charge. Get a written lease with details of security deposits, the rent and other terms of agreement and you’re good to go to earn extra money from home.
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