Boost Your Income Challenge – Day 24
Welcome back to another instalment of my 30 day money-making crash course!
I can’t believe we’re so close to the end now! I hope you’re finding it useful, and that you’ve found lots of ways to make extra money along the way!
Full disclosure on today’s method – it’s not going to suit everyone! BUT it could be an amazing way to help you bring more money in. So, let’s crack on!
Making money from your spare room
Let’s face it, the reason we’re all here on this course is because we want to make some more money. The motivation behind this could be to ease financial pressure, save for a holiday, a bigger house, work less hours…
Whatever the motivation, it can sometimes feel like there just aren’t enough hours in the day to do anything else, but yet we desperately want to make more money.
One method that you might want to consider that doesn’t take up much of your time and brings in a lot of extra cash is renting out your spare room.
Now, I know that this just isn’t possible for many of us. For a start, we don’t all have a spare room to rent out in the first place! Or, we might be renting ourselves and we’re not allowed to sublet. I get that. Like I said at the start of this course, not every way will suit every person. That’s just the nature of the beast!
However, if you do own your own home and you do have a spare room then you might give this some serious thought.
Just imagine how useful an extra few hundred pounds would be every month. You’d soon be on course for reaching your financial goals and renting out a room doesn’t really take up much of your time.
Initially, you’ll need to advertise the room and meet potential tenants. But once you’ve done that and found someone suitable, then you just take the money each month. Simple!
I’ve written more about making money from your spare room here. But here are a few of the main points from that post.
Where to advertise your room
You need to think about who you want to appeal to – because this will impact where you advertise.
If you want to appeal to students, then advertise your room around local colleges or universities. You’ll often see adverts posted around the grounds with little tear off strips at the bottom with a contact number on.
You could also advertise on Airbnb where you can specify short-term availability. This is great because it means you can pick and choose when you allow someone to rent the room and you still get times where your home is just for you.
If you’re looking for a longer-term let, then estate agents may be able to help.
It’s also worth advertising on local Facebook groups too.
How much should you charge?
This is a difficult question to answer, because the amount you can charge will vary drastically depending on where you are. Research similar rooms in your area and price accordingly. You will also need to decide whether that price includes furnishing for long-term lets and which bills are included too.