What to do with an empty flat? Whether you’re moving out or just looking for a new way to make extra cash, there are a few steps you can take that will make sure you get the most from your space. Here are five ways to use your spare room for extra cash — at no additional cost to yourself.
- Turn your spare room into a small business.
Working from home is something that many people dream about, but it can be challenging to get started. While working from home is difficult, it’s not impossible, and with the right know-how, you can turn your spare room into the workspace of your dreams. If you have children (or know someone who does), considering this option for rentals is even more appealing. They can help you out with the kids’ homework, tidy up the house, and even do some of the hostings. Plus, it can give you a momentary break from your usual responsibilities. Do you have extra storage space? Maybe your house is just too small, or if you have enough room in your house, let someone know their space can use some extra love. You could rent the extra space to someone by setting it up as a “virtual cubicle,” where they pay £30/month and sleep on a futon. If you have enough furniture in the home, consider renting out extra couches, and ask someone to keep an eye on the kids while they’re in your house. Rent is £40 an hour, and you can make about £130 per night if the kids have a desk in the room. The kids can also have extra pillows and blankets, and you get some extra playroom space. Get creative with side hustles as well. There are a lot of things you can do to make extra money while you’re still employed. Of course, working from home wouldn’t be the same without the Internet. As a professional landlord, it can be easy to find extra income and also tinker a bit with your property. Maybe start a car window repair business or an extra textbook rental. If you have extra bedrooms or a spare guest room, consider calling your local Verizon Wireless company and offering them space wherever there’s additional demand. It could be worth offering priority service to make your criteria truly set, so renters don’t have to worry their plans will be abandoned.
- Rent out your spare room for extra cash
Renting out your spare room can be a great money-maker, and it’s one of the most popular ways to make money on Airbnb. If you’re not comfortable putting strangers in your home, you can also rent out a room in your home while you’re there. If you have a larger home, you can put up multiple listings.AlicexAirbnb, a platform connecting people looking to rent out their entire homes, helps hosts list their rooms for short-term stays. While not every host is successful at making money from Airbnb, a lot of hosts call their spare rooms “Airbnb intensities.” There are hosts who rent out entire rooms, and some people do it for the experience. Since Airbnb gives you 360 days to list your room, you can use that time to see if your customers are interested in staying in your space. Some hosts even treat their spare-room listings like ads to attract potential guests. From bed-and-breakfast inns and dog parkas to homeware stores, rooms that are empty can be converted into other uses. Give your spare room a makeover, and you’re sure to entice guests who appreciate the opportunity to make an extra buck. Just because you have free space in your home doesn’t mean you don’t have room for something else. You can use your spare room to store knickknacks, home decorations, electronics, and more. You can also use your extra space to create a new space that features your furnishings. You might have some old studio items that no one in your family has the space for or some extra furniture you don’t use anymore. Another alternative to storing an expensive item in your house is to donate it. Things you don’t need or use regularly that likely would be a fire or water hazard are a perfect candidate for donation. Even if the item is worth a high price, consider donating it to an organization that helps bring joy to the lives of others. A good place to start is the Goodwill Store in your city.
- Turn your empty flat into a lounge to get more visitors.
If you live in a high-rise apartment, you may have noticed that it’s hard to get visitors to come to your apartment. This is because people usually feel judged by how they look when they step out of their apartment. To get more visitors to your apartment, turn your home into a lounge. Creating a lounge is easy. All you have to do is light candles, make tea, and enjoy a book. Believe it or not, the most precious thing we have is time. While not every hour is used equally, every second of effort counts. It’s a free country, and there are always opportunities for doing things slowly and elegantly. An empty flat can be used in the same way. If the last item of your kitchenware is a breadmaker, you already know the perfect way to make bread. But did you know you can also make pasta, risotto, couscous, and risotto with an empty fridge or pantry? That’s right — your freezer or refrigerator is just as capable of cooking these dishes as your kitchen. Adding an empty package of pasta in there might look a little odd, but that’s why it’s called a fritto. It’s a small detail that goes a long way. Napoletana — get it? Burgazione? Taking advantage of an empty appliance will give you time to think up new recipes or get inspiration for cooking in your kitchen. Melting cheese only takes three minutes — that’s a lot of time to think about sweet and savoury dishes, and you can use that time to come up with something completely original. Wine always goes bad. So does food. Therefore, it’s a great idea to make sure you always have something to drink. Your fridge might not have a shelf, but it definitely has a door. To store wine, just put it on the bottom shelf of the fridge, and you’re good to go. Chilling takes up a lot of space in your apartment, but that space is also your workspace.
- Make your spare room into an office and create a home office.
If you’re going to work from home, you’ll need a place to work. Your home office can be as simple as a spare room or as elaborate as a whole separate floor of your house. The important thing is that you have a space that’s just for work, and that can help you stay focused and productive. And chances are, you haven’t got a whole lot of room to work with. There are lots of ways to make money doing work that you normally would from a home office. Cox Media Group offers an online class on how to do remote work that alone can bring in thousands of dollars and still become a part of the company curriculum. Likewise, from coaching startups like WorkRadar to Airbnb’s standard gig listings, there are lots of ways to earn money doing taking offers. Even the book-writing and coaching industry has been getting into the business by offering online courses to guarantee an income stream for writers even when they stop producing work. If you don’t own a space of your own, chances are you have multiple spaces that you’re renting out at a percentage of your take-home pay. And this is where the room-clearing strategy comes in. You can buy your entire home, but the furniture in a room that you are happy to work in, and keep the open space for your personal life (futuristic, right?). First, gather all of your junk. That includes books, magazines, paintings, clothes, cords, tableware, etc. And organize so everything is in its place. Then throw out anything you don’t need or use that you made a mistake with. You could totally sell everything you’ve accumulated and make extra cash, or give it away to people in need. Inquire with nearby shops if they could use some furniture. If they don’t have anything, they could rent out until you’re ready to move, or you can set up a donation pit once you’re moving and take what they need to pay their rent.
- Let out your spare room for extra cash.
If you have a spare room in your house, consider renting it out on Airbnb or another short term rental site. You’d be surprised at how much money you can make with just one room. I’ve made over £5,000 with a single room through Airbnb. The bottom line is that you can easily make a few hundred bucks a night renting a spare room. There are several perks to renting out your spare room. These include, of course, the solitude, which many of us crave as we head into the new year. As mentioned above, Airbnb hosts and short-term rentals from other platforms all mean you don’t have to commit to an apartment specific person in your new place. Renting out a spare room means you’ll never have to deal with renting through a real estate agent or shelling out money for pets or extra parking. I even found a hostname that rhymes with “Sweet Breezes” to let me rent out my bedroom—which I’ll probably never do! Even if you already have a beautiful studio, renting out a spare room can turn your space into a home enough to make more than enough money every night. You can use this same strategy of renting out your spare room to upgrade your current home. You may already have the basics: a solid-wood floor, some old boards to extend your living room, a used air conditioner…but your walls need an upgrade. If you’re moving, hiding a drawer, or simply hiding low-hanging light bulbs in the corners can help make your home feel more cosy, cosy, cosy — especially if you haven’t opted into any modern upgrades yet. From my apartment, hiding handles for milk jugs, candy wrappers, and other smaller items have become a huge hit. Quarantine has me hiding things that I don’t need but help make my space feel cosy—and help me move out of my comfort zone. Roommates should steal snacks.