Most families could do with a little extra income. But for many, time is an issue. So, taking another job is just not an option. In that situation, sweating the assets you already have is probably the best approach. One way of doing that is to rent out your spare room.
In most areas, there is a growing demand for this kind of accommodation. You can choose to rent occasionally to tourists or get a permanent lodger. A third option may even be to rent during the week to a worker that has a long commute. Usually, they pay well, but will only stay 4 nights a week. If this idea appeals, this brief guide quickly takes you through what you need to do.
Take a critical look at the room
The first step is to take a long hard look at the room and fix it up. If necessary, do things like buying some new skirting boards from skirtings r us, repainting, installing new lighting, laying flooring and replacing some of the furniture.
You do not need to spend a fortune on doing these things. The skirting, paint, and flooring you use can all be the cheapest kind. Later, when you know for sure the room is going to make you money, you can spend a bit more.
Potentially, you could source some second hand furniture. It just needs to be in good condition.
The fact that it costs money to get rid of items like beds and furniture means that people give it away. You just need a van, trailer or estate car to pick it up. Some items can even be moved using a roof rack.
But be careful with mattresses. There is a small risk that you could pick up one with bed bugs in it. You might be better off diverting to the dump to drop it off and buying a topper for one that you already own.
Make sure everything complies with the regulations
Before you got started, you should have checked that everything complies with the regulations that apply in the area you live in. There may be more restrictions than you think.
This article, which applies to the UK, reveals some of the rules you need to work within. You will need to check with the various authorities to find out what the regulations are. Before you advertise the room, check that you have complied.
Look at the competition
Next, review what others, in your area, are offering to the kind of tenants you are after. If you are hoping to attract tourists, make sure you offer a similar standard of accommodation to your neighbours. For example, if practically everyone else is offering in-room tea and coffee making facilities, you should do the same.
Dress the room and take some photos
When everything is finished, dress the room and take some photos. Use the tips in this article to get some good shots.
Advertise the room
The last task is to advertise in the appropriate places. In most cases, the easiest approach is to get started by using a site like Airbnb. But you could just as easily simply advertise it on classified sites or in local newspapers.
Of course, there are risks involved in inviting strangers into your home. But if you feel comfortable with this, renting out a room can be an excellent way to earn some extra money without having to do much extra work.
*This is a collaborative post.