Whether the kids have flown the nest, haven’t been born yet or you don’t plan on having any; chances are you have a spare room in your home. For many, when this room is not in use you may feel that it’s a little bit of a waste and that there is a great big dollar potential hiding within its depths. And if you are willing to invest a little time (and potentially money) into this space then you would be absolutely right, it has plenty of potential to make you money in the long term.
So, what are some easy ways to start making money from your spare room – no matter its size, previous use or whatever other excuses you might be using to hold yourself back from making the plunge.
1 – Home Office
Do you feel like you could make a success of your very own home business? If so, it makes complete sense to make your spare room a home office in which to base all of your business activities. Stick a desk, chair and some sort of computer device in there and you should immediately have the perfect setup for your very own little business. The same goes for a crafts table, easel, or whatever else your business may need other than a computer.
Not everyone is able or willing to set up a home business, but for those who are it can be the perfect way to ensure complete flexibility of work and your spare room could be a great source of money for you as a result.
2 – Rent it Out
Rental space, no matter the size, has some serious earning potential depending on your attitude towards it. In fact, websites such as Airbnb work on the principle that their users are property owners who wish to rent out their spaces on a casual basis. Such an arrangement isn’t a big commitment, you can take down your listing whenever you feel like not seeing someone in your spare room for a while (or that you have made enough money from it for now).
This also works for both a permanent housemate and an occasional traveller, depending on your needs or preference.
3 – A Child’s Room
A spare room for a child or even a simple playroom could actually potentially earn you a lot of money. You could offer your services to family and friends, as childcare at a much-reduced rate to other providers in the area. Or you could choose to offer your services in the fostering Manchester area – at £495 per child every month (with a slightly reduced rate for every child after), your fostering allowance would be more than enough to make the endeavour worth it.
And if you don’t want to look after children on a permanent basis? Then you could offer yourself up as a relief or emergency foster carer, meaning you would only have to welcome a child into your home on a case by case basis and not for extended periods of time.
4 – Store Stuff
And no, not just your stuff. Unless you want to really go the extra mile and try to make your spare room a contender for a hoarder programme. Even if you only charge a smaller than average market fee for the use of your space, over time this could easily mount up. And, more importantly, you would not have to do anything more than simply allowing that stuff to sit there in your spare room. A simple, but effective, way to make money!
There are plenty of websites where you can meet people needing additional storage space in your area.
5 – Exchange Students
Students from other countries are a great way to either make a little extra money or find some extra help around your house for a very reasonable sum. Lots of companies that arrange these exchanges pay the host family, especially as you will be providing lodging, food and even entertainment for this student.
If you would prefer an older student – who would need less supervision and entertainment – then you could also rent out the room to a foreign exchange student in a university programme. Older, more responsible and guaranteed to want to go home for the holidays each term to give you a regular reprieve.
Overall, your spare room could be hiding a wealth of money-making opportunities depending on what your interests are. From passive income to more hands-on methods, it all depends on how much time and even money you want to invest in the process. For those with a vision for their spare room, it could be a great money-making venture to start today!