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THE HEADS UP: THE SPARE ROOM

‘New Year, New You’, the saying goes, but if you’ve already ditched the detox now could be the time to re-focus your Resolutions in new directions…Getting creative in the home is one of the best ways to maximise your assets or, for renters, is a great way to make your mark, creating a welcoming and comfortable retreat from the stresses and strains of everyday life.  Futon Company reviews some of the best ideas on the web…

Make Money from Your Spare Room

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Beyond the aesthetic benefits of a spare room overhaul it seems there is money to be made!  In her blog ‘Make the Most of your Spare Room’ Rachel Lucas says this:  ‘If you’ve got a bedroom in your home that’s not slept in every night, you may well be one of the households that are collectively missing out on an estimated £86 billion a year in potential income. Though it’s unlikely you’ll be able to grab yourself a significant chunk of this enormous pie, you can easily increase the value that you get from your spare room.’  She goes on to suggest some practical ways of generating cash through your probably neglected spare room…

·         Get a lodger:  If you’ve got a room that is completely unused, one of the best ways to get a consistent income from it is to get a lodger. The amount that you can charge in rent will vary depending on where you live and the type of property that you own, but as you’re allowed to earn £4,250 per year per bedroom, tax free, you could be looking at a nice chunk of extra income.

·         Open a B ‘n’ B:  You can’t open a real B ‘n’ B with just one bedroom and without sufficient investments, but you can make the most of it whenever it’s not being used, by renting it out on a nightly basis. There are now a couple of well-established sites online where you can register your room so guests can book it for a few nights when they’re in town. Cheaper than a hotel and a handy income for you, this is a great way to make the most of your spare room.

·         Turn it into a home office:  If you don’t want to make money by renting the room out, you can still make it work for you by transforming it into a home office. If you’ve already got a company, you could possibly relocate it to your home and save a fortune on rental costs.

·         Create a home gym:  If you currently splash out on an expensive gym membership every month, you could save yourself the money and hassle of going somewhere else to exercise by turning your spare room into a gym.

The full article can be found at http://rachaellucas.com/2013/10/make-spare-room/

Futon Company says:  With money at a premium right now, people are finding ever-inventive ways to maximize their assets.  If you’re planning to rent out your spare room to a lodger or by the night it’s worth investing in furniture which is robust and which maximizes the space available.  Seek out hard-working and durable materials and think about furniture which has dual uses, for example a bed with storage beneath.  If your spare room has limited space focus your attention on the desk.  Small space is perfect for an office and once the desk is in place you can slot in other functions around it, for example shelving and a display board, tailoring to your specific and individual needs.

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