THERE IS ROOM FOR MORE CASH

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.