Who wouldn’t want some extra cash? Everyone is already busy engaging in different types of business, small or big, just to earn. Your job isn’t just enough nowadays especially if you have a big family.
The thing is you can make money by renting out your extra bedroom. Now if you don’t have one, you can convert your loft, with professionals such as Loft Conversion in Wandsworth, into a spare room where travellers or foreign students can stay.
A research was made by easyroommate.co.uk about rental business and it showed that it is becoming a thing nowadays. Many people from London are getting jobs far from their homes and the problem is that there are not a lot of people who are willing to rent their spare rooms. One reason is that some homeowners are afraid for their own safety when they let a stranger live with them. That’s why homeowners in London are more interested in this kind of business because there are not a lot of competitors and that means you can earn a lot.
Foreign people are also contributing to this kind of business especially foreign exchange students who can’t afford to stay in an expensive hotel. There are also middle-aged and elderly who prefers to live away from their homes to love more comfortably. Now if you don’t like the idea of letting someone stay with you for a very long time then renting your spare room for a foreign student will be a good choice.
One good thing when you have your extra room rented is you will be exempted from tax in a year and can earn up to £4,250. But of course, there are rules you need to follow.
Some homeowners like the idea of it not just because of money but they would also want to have someone living with them because they don’t want to be alone. You will not only earn money but you can also have a friend if you will be lucky enough to have an amazing housemate.
How much can you really earn by renting a spare bedroom? It actually depends on the location of your home what your home looks like and if the spare bedroom is fully furnished or not. In London, you can earn between £100 a week if it includes the food, (or about £150) if your home is not that elegant. When your home is stylishly luxurious, you can earn up to £200 a week or so. Of course, if you will let them do their laundry as well or use the internet, you can charge them extra fees. And because of the tax-free allowance, you can gain up to £4,250 a year before you begin to pay your taxes. Now isn’t it worth it enough?
When you talk about money, you can really have tonnes of good reasons to convert your loft into a spare bedroom. Other than that, you will meet new people and even get to know different cultures. And you know it sounds fun and interesting right?