Did someone in your home move out recently? Maybe you finally got rid of a bunch of clutter? No matter what the reason is, a spare room is an exciting opportunity for you and your family!
There are simple ways to improve your own life with a spare room. Maybe it can become a playroom for children, a den or a home theatre for family fun. These options are fine, but you may prefer to make some money with your spare room. The good news is that there are plenty of ways to do it if you're creative and dedicated enough. Here are a few ideas to get you started.
Rent It Out
The simplest option is most often the best option when it comes to earning some extra cash. Renting out your room to someone is a great way to get some passive income every month. Renting out a room to a stranger may sound like a bad idea, but for many groups of people, it’s a common way of life. College students, young adults, and even senior citizens often seek out a shared living space because of the cost benefits. Just be sure to set clear boundaries and expectations with your new tenants for a happy home.
Create a Workshop
If you’re handy with tools or love DIY projects, turning a spare room into a workshop can lead to future income sources down the road. This workshop can be a place where you create furniture, restore antiques or build knick-knacks that can be sold elsewhere. With the right skills, you can buy items at thrift stores, improve them, and then turn them around for a big profit. This is also just a fun and rewarding hobby!
Become an Airbnb Host
Although more complex than renting out a room for someone to live, Airbnb’s are a growing way to make use of extra space in your home. In most cases, you can earn more as an Airbnb host than you would by simply renting the room out to one person full time. Just keep in mind that you may be limited by the attractiveness of your city as a destination for travelers. This option takes more work since you’ll need to build an impressive room that travelers will want to stay in, but the earning potential is worth it!
Create a Home Gym
If you’re an exercise fan, creating a home gym will definitely save you money in the long run. A lifetime of gym memberships can cost thousands of dollars, so you will see a financial benefit to working out at home. Although you’re not earning money, you’re definitely saving some!
Is there a big high school or college nearby? You may have the opportunity to become a host family for a foreign exchange student. Welcoming a student from another country has countless cultural benefits, but many programs provide a stipend to participating households. Programs vary by state and district, but if you’re open and willing to help someone adjust to the American way of life, this may be an exciting option!
Start a Business
Ever wanted to be your own boss? Your extra room could be the excuse you need! A home office would give you the ability to start working from home in better ways than ever before. We’ve talked at length about ways you can make money at home, but having your own office gives you even more possibilities. You could start a daycare program, freelance for another company, or launch a website, but those are just a few of the options. Start by thinking about what you’re passionate about and find a way to earn money with it from home!
Sell Storage Space
Depending on your neighborhood, you may be one of the few residents that actually have a spare room. Utilize that advantage to earn some money each month by storing other people’s stuff. This works better in areas with lots of apartments, because they often lack the space to allow people to store their belongings. You may want to start with friends, family or immediate neighbors, both for trust and convenience. Outside of finding someone that needs your space more than you, this option requires basically no work on your part!