How a Spare Room Can Be Financially Rewarding

spare room

A wasted space is a wasted opportunity! If you have a spare room, whether it’s filled to the brim with ‘collectables’ or simply gathering dust on the furniture, it’s time to turn that floor space into genuine cash-earning real estate.

Whether you put your room to work, or use it for yourself to get to work, your spare room can passively or actively put you on the receiving end of some money – check out a few ways to make it financially rewarding!

Rent it out

Did you know around 85% of home owners have a spare room? And spare rooms can often mean quite a bit of spare change. Overseas students, contract workers and travellers alike are always looking for a home-away-from-home, so take advantage of this and get a boarder on board. Make use of platforms like Gumtree and Airbnb to get the word out.

While there can be an initial investment in this option as well (you may have to fork out for basic bedroom furniture), the long-term benefits have a lot of potential to offset any costs. If you know where to shop you can minimise the costs – think places like Sleepy’s Express for great value when you’re mattress shopping, and check out Gumtree or eBay for other bargains when you’re decking out the room.

Get help

Got kids? Consider looking for an au pair. These live-in helpers can often be the answer to all your prayers, helping with the little ones (and sometimes even the housework) in exchange for a comfy place to sleep while they are travelling or studying. The stress they can save you can make them worth their weight in gold – especially if they free you up to chase that promotion or take on extra hours at work.

Turn it into a home office

Where does your best work get done? In an office, of course. Deck your spare room out with a nice desk, a comfy (posture-friendly) chair, and a few other bits and pieces, and you have a handy room from which you can run a side-business or organise your life.

Have the opportunity to work your actual job from home? This is where you might start seeing dollar signs. If you work from home and need to fit out your office, there is potential to claim the essentials back on tax, giving you some return on your investment.

Renovate

Already got enough bedrooms and an office? If you’re lucky enough to have plenty of space for the whole family (plus a guest or two) then bring in the big guns and turn your spare room into a new space altogether. From knocking down a wall and creating a mega room through to adding an extra bathroom, transforming your spare room can have serious financial benefits when it comes time to move house.

When it comes to making your spare room work for you, there are many different options to consider. At the end of the day, if you’re smart about how you use it, you’ll almost always end up better off!

Have you transformed your home into a money-making venture? Let us know how you did it!