Can you make money renting out your spare room?
How often do you use your spare room? If I am totally honest with myself, in Summer my house can resemble Grand Central Station with a deluge of visitors, but in Winter is more often used as a dumping ground for storing things I don’t often use.
You may have converted yours into a temporary business storeroom, office or with a spare bed thrown in amongst the boxes of clothes you haven’t worn since the eighties but can’t bear to throw out ‘just in case’.
It is not for everyone but many people are happy to consider the opportunity to make some extra cash taking in a boarder or a student and allowing you the pleasure of having the additional income to pay down your mortgage or take that holiday you have been putting off.
An easy solution to clean up the spare space is to rent a self storage unit and put it all in there. It is a great opportunity to have a clear out and you make a clean profit, as the cost of the storage unit will be far less than the money you will make from renting out the space in your house.