How a Spare Room Can be Financially Rewarding

Posted On Monday, 19 October 2020 20:09

Do you have a room in your house that is not being used? Or is it cluttered with stuff that just builds up over time? You can in fact make some good money off your spare room if you choose to do so. Now like me your spare room might already be being put to good use for an office but for others it just sits there collecting dust. Either way there is money to be made if you want to go in that direction. In this article we will have a look at some of the ways you can earn some extra cash from your spare room.

Ask someone to move in

If you play your cards right, you could rent out your spare room. People from overseas like exchange students, people who are travelling and depending on where you live even people who travel for work like contractors all provide an opportunity to make some extra money. By simply posting in your local newspaper of on social media you could get numerous people inquiring about your room. You might have to spend a bit of money to get some bedroom furniture like even a mattress and bed frame and some wardrobes, but it will be worth it down the road when they are paying you rent to live there. Check out  - Sleepify for all the different types of mattresses that are available. 

Have a live-in carer

This is a great option if you are parents and have jobs that require you to need a babysitter regularly. Having someone who is a babysitter but that also lives with you can have multiple benefits. They can help with your kids, do housework and other things around the house, or simply allow you to focus more on work. It could be a great option for people who are travelling or are at university studying as it provides them with a house to stay in but also gives them the chance to make their own contributions to the household for the duration of their stay.

Use it for work

Now this is exactly what I have done. I am lucky enough to be able to work from home and transforming our spare room into an office was a great idea. There is plenty of room for a desk, printer, office chair and everything else you could possibly need. On top of that you can also think about some of the things that you can claim back at tax time too, so you could even get some money back if you are working from home. It also can like it has for me, give you the opportunity to be closer to your family while you work as well. Which if you have young kids can be a blessing as you will not miss out on all the things that happen while they grow up because you will be home to see them happen and at the same time, working. You can visit here to create a stylish small home office.

Redecorate 

Now if you have a house that has quite a few bedrooms and you already have an office as well as a spare room, then you could choose to renovate your spare room. You can completely gut it and start fresh if you really want to. Get rid of that wall and make it into a bigger bedroom or office, add a bathroom or even make it a games room or home theatre room if you have the money. By doing this and changing your spare room into something else can give you some extra money if you ever decide to move to a new house as it will only increase the value of your house.

So, there are just a few tips on what you could possibly do with your space room. The choices are endless and depending on what you decide to do with it, it can be quite the money maker for you and your family.

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