Five ways your home could make you money

If you’ve got a spare room sitting empty, you might want to consider letting it out to bring in some extra cash. Most live-in landlords let their rooms fully furnished, so you won’t have to worry about clearing out all your things – although your lodger will expect any chests of drawers or wardrobes to be empty.

Your only legal obligation regarding furnishings is that they comply with fire safety regulations, so you’ll need to check any labels on the bed and any soft furnishings, for example, before advertising your room.

You can either advertise your spare room online, for example though sites such as Spareroom.co.uk or Roomgo.co.uk, or you could place an ad in your local paper. You can list your room for free on both these sites, or you can pay a fee to upgrade your advert so that it will appear higher up the results list when people search for accommodation. Bold ads posted by upgraded users receive on average double the enquiries, according to SpareRoom, which charges from £10.99 for an upgrade for seven days, rising to £24.99 for four weeks.

If you don’t fancy the long term commitment of a full-time lodger, you can advertise your room on sites where people are looking for somewhere to stay for the odd night, or who want mid-week accommodation only, such as MondaytoFriday.com, Fivenights.com or Airbnb.co.uk. It’s free to list your room on Airbnb, but when you receive a booking you will be charged a service fee, typically 3% of the amount you’re charging.

Author: wpadmin

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