Have you found yourself left with a spare room or two after the kids have moved out? That freed-up space could be easy money in your pocket. If you’re not interested in downsizing to a smaller home any time soon, take advantage of the extra space in your family home by turning your spare room into a money-maker. Here are some ideas for how you could do this.
Make it a Holiday Room
If your home is in a popular holiday destination, such as near the beach or a trendy major CBD, renting your spare room as a holiday room is a great way to take advantage of your desirable location and pocket some extra cash.
Listing your spare room on Airbnb, for example, is a great way to not only make some money but to also meet some new and interesting people from all over the globe.
Enhance your visitors’ experience by choosing décor that is fitting for your location. If you reside on the coast, dress your guestroom up in a beach theme, complete with nautical accents. If your home is in a bustling city centre, opt for a more modern and chic scheme to suit your surroundings. Your guests will appreciate the extra effort, which will hopefully lead to positive reviews, more guests and more money.
Note: It’s important that you only try this if you are the owner of your property. Listing on Airbnb as a renter could get you in trouble with your landlord and the law.
Take in a Boarder or Uni Student
If your home is located near a university or school, why not board your spare room out to a student? Whether you rent the room to a university student or a foreign exchange student, this can prove to be a decent little money earner to rely on each week (though you do need to factor in costs like food and electricity, if these are included in the arrangement).
Ensure the room is equipped with a desk and comfortable chair to accommodate your boarder, as well as a bookshelf for holding their study materials.
It’s also important to know the tax implications of taking in a boarder. Be sure to do your research before you commit – start by reading about this on the ATO’s website.
Create a Space for a Home Business
Do you fancy yourself an entrepreneur on the side of your nine-to-five? Hone your creativity and create a workspace to help take your side project from a hobby to a real source of income. A bit of weekend DIY and a fresh coat of paint could put you in just the right mindset to try for more clients and make more money.
This doesn’t necessarily need to be an office as such, though. Whether you dabble in freelance writing, personal training, high-school tutoring, piano lessons or beauty treatments, your spare room could be the perfect space for running a home business of almost any kind.
Increase Your Home’s Value with Renovations or Improvements
Now that no one is residing in the spare room, you have the perfect opportunity to begin those renovations to increase your home’s value for when you decide to sell. Simple decorating features (such as floating shelves), a feature wall in a striking colour, professionally cleaned carpets or a fresh coat of varnish on the floorboards can all make a huge difference to a dated space.
These easy changes will bring new life to your spare room, improving appeal to potential buyers and potentially increasing your home’s overall value.
If your family home plays host to a spare room or two, consider these tips for making the most of your extra space by using it to generate some additional money.
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