Do you have a spare room in your home? If so, what are your plans for it? If the room is just sitting there existing with no purpose, you are missing out on a trick. There is no reason why that spare room can’t start making you some extra income – and I’m going to give you a few ideas about what you can do right now. Let’s get started.
Get a lodger
Students and professionals that travel are always in need of accommodation, so why not open up your home to them and take on a lodger? You can offer them cheaper rates than they would have to pay for renting a house or apartment but still take in a significant extra sum each month. It’s a win-win situation for both of you, and as long as you don’t charge more than £7,500 each year, it’s all tax-free (as of 2016).
The boutique hotel option
If you would prefer to have a less permanent presence in your home, you can think about letting out a room as a boutique hotel. If you live in an area that has a lot going on – local festivals, for example – you can earn yourself a nice little side income with ease. Sign up to the likes of Wimdu.co.uk or even use a service like Gumtree to advertise your room. Then it’s just a case of investing in a simple booking system, such as Eviivo or similar, and you are ready to go. As long as you give your guests a comfortable stay and insure your home for damage, you will meet plenty of people and can build up a nice little side business.
The film and photo set
Movie makers and photographers can often find it difficult to find the perfect setting to shoot – and that can mean big bucks if you are prepared to let them loose in your home for a day or two. However, the best money comes from homes in popular areas, or living spaces that are a little bit different to the norm. In these cases, you might be able to charge thousands of pounds a day, and repeat business is typical once you are ‘in the loop.’ Even if you went and stayed at a cheap B&B for a few days, you will still be able to pull in a tidy profit.
The international student
Finally, during certain periods of the year, there is a massive influx of international students that come to the UK for study reasons and school trips. And all of these youngsters need places to stay. If you are prepared to open up your home to one – or more – of these international students, you can earn a nice little extra income – fees of £300-600 a week are not uncommon. Aside from the money, however, renting out to international students is also rewarding. You will be helping young people get a better grasp of English, and you’ll learn a lot about different cultures, too.