Summary: If you want to start a second income, you should consider using the spare room in your home as a rental space.
Why keep your spare room vacant and unused when you can rent it out to someone ready to pay a good price for it? A vacant space in a home is a liability because the homeowner has to spend some on the upkeep and maintenance of that vacant and unused space.
Reasons for renting out a small space in your home
- Huge demand
Demand for rooms has increased because the privacy that a tenant gets in a home isn’t available in a hotel or hostel, in case the tenant is a student. Today more and more people are looking for small spaces with minimum facilities for rest and relaxation. If you have unused space in your home, you get it ready for rental income and take advantage of the huge demand for small spaces.
- Quick income
Considering the huge demand for rooms to rent, it can be said that you won’t have to wait for a tenant for a long time. As soon as you make your room available for rent, you will start getting queries about location, facilities, and rental from potential tenants. You should know that rent for a space is determined by its location, size, and facilities available. The rental income even from a small room will be quick.
- Recurring profit
A tenant rents a small space in your home for 10 days and then leaves with the promise to come again. In this way, you can make good relations with tenants who will stay in your home in a separate space whenever they visit your city. The income from your vacant space will be recurring. And you will be surprised to know that smaller rooms are more in demand because their rent is much lower than that of bigger rooms.
- Hassle-free business
Renting your spare room is a safe business as you don’t have to make any upfront investment to start an income. Also, there are no taxes to be paid by law involved in renting a small space in your home. Your tenant could stay as a guest or a paying guest. You can even develop a good understanding of the tenant in the long run. In this way, you can make maximum use of the space lying vacant in your home.
- Maximum utilization of space
Renting a room that you don’t use is the maximum utilization of space. By not using a space, you limit the living area of your home. Since you don’t use a room, you go there only for upkeep and maintenance. But once you start using the room, you won’t have to worry about its maintenance. The tenant will take care of the space and give you rent as well.
Considering the demand for rooms to rent, it can be said that more and more homeowners are opening their homes to tenants. And they are making good profits by rental incomes. If you are still thinking about whether to rent your vacant room then you are missing the opportunity of getting rental income and additional benefits that come with rental income.