There are many reasons why someone in the UK would end up with a spare room they barely use. Maybe you bought your house years ago and now your kids have moved out leaving you with plenty of extra space? Or maybe you’ve just split with your ex and thinks that the home office or guest room could be better utilised? Or your old flatmate decided to move cities but you wanted to keep the apartment? Whatever the reason, bottom line is- rent it out and turn that excess space into money.
Renting out a room in your home is one of the easiest and most effortless ways to make some extra cash. The beauty of renting out your spare room is that it is a recurring stream of income. That spare room of yours will just keep on giving!
So what different ways are there for you to make money out of your spare room? Not that many- it’s quite basic- long or short term lets- but let’s talk about them one and one.
Short term lets (à la Airbnb)
Airbnb is perfect if you want to rent out your spare room every now and them and not have someone there all the time. It allows you to choose who you accept as a temporary flatmate and it also allows you to accept the selected dates. It basically works on a request basis. Let’s say you have a spare room that you want to rent out occasionally- first thing you need to do; get your room on to the Airbnb site. This is quick and easy, you just fill out a short description of your flat/room, the amenities, minimum stay, potential deposit ect. Once you’ve done that you will receive requests from people that are interested in renting your flat/room over certain dates. You then decide if those dates are suitable for you and accept the request. Airbnb allows you to rent out either the entire flat or house which could be something to consider if you are going away yourself. (It’s pretty nice to have your holiday paid for by renting out the flat when you’re away). Or you can rent out the just room itself- it’s up to you!
Longer term lets (finding an actual flatmate)
If you are hoping to rent out your room in order to achieve a more permanent stream of income then long term lets are probably better suited to you. In this case you will rent out your spare room over a period of example 3,6,12 or 18 months- or however long you feel like! Normally an initial trial period is a good idea and if everything works well then that is easily extended. Here we are talking about getting someone into the flat, giving them a room that will actually be their home for the foreseeable future, hence it is way more permanent than a short term let through Airbnb. A longer term let like this usually requires some sort of agreement between you and the person renting the room to protect both of you. This doesn’t need to be complicated at all just a written agreement regarding the rent payment, deposit and term of notice so there is no confusion. The easiest way to rent out your room for a long let is to list it on flatsharing sites such as Zaparoom, easyroommate or spareroom.
Here we go, not that complicated right? See how easy it is to make money out of your spare room? So if you’re sat with a spare room all you have to do is really to decide what you want to do with it and what sort of letting terms you are comfortable with. Once you’ve established that you’re good to go and ready to start earning some sweet extra cash from your excess space!
Good luck 🙂