THERE IS ROOM FOR MORE CASH

Warwick Daily News - - Weekend - STAY AT HOME MUM WORDS: JODY ALLEN

A spare room in your home is of­ten handy for when you have vis­i­tors come to stay or a place to store the pile of wash­ing out of sight. But that space is still cost­ing you money. Don’t let your spare room just sit there do­ing noth­ing. Make it pay for it­self.

1. Rent it out. You can rent your spare room to friends, fam­ily, on Airbnb or to tourists (if you are in­clined to have strangers in your home). Be sure to check the le­gal­i­ties of your area be­fore us­ing your spare room for money-mak­ing pur­poses.

2. Find a lodger. Find lodgers who rent part-time, full-time or for a cer­tain pe­riod. To find a lodger, visit a re­li­able site. Make ev­ery­thing clear about the re­quire­ments such as how many peo­ple you want to stay and what will be the pe­riod and the price.

3. Start a busi­ness. You can also start a sep­a­rate and in­de­pen­dent busi­ness in your spare room. If you have in­ter­est in real es­tate, you can open an of­fice in your spare room and op­er­ate from there. You need to get per­mis­sion from au­thor­i­ties to start a busi­ness.

4. Make it a stor­age space for others. If you make it a stor­age room for others, your pri­vacy will not be in­ter­rupted as of­ten as if rent­ing it out for other peo­ple to stay. There are peo­ple look­ing for stor­age space for per­sonal and com­mer­cial pur­poses, so it shouldn’t take long be­fore some­one rents your room to store things. You will then have to fix a time for the trans­porta­tion.

5. Rent it to for­eign stu­dents. You can also rent your spare room to for­eign stu­dents. By do­ing so, you will come in con­tact with peo­ple of dif­fer­ent cul­tures and lan­guages. Just re­mem­ber to make a con­tract that will in­di­cate your rules.

More at stay­ath­ome­mum.com.au

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