Many people these days are keen to try and make some extra money, with many looking for ways to make money on a regular basis. Well, if you are a homeowner in the London area, there are various ways in which you could do this, one of which is to have a room that you can rent out to visitors or on a long term basis. Taking in a lodger or offering short-term bed and breakfast visitors is a great way to make extra money and services such as this are in high demand in London.
With a spare room to let, you could find that many business people are attracted to your property as well as couples that may be visiting London on vacation. You may even find people that work in London and want low cost long-term accommodation. The amount you can earn each month by renting out your spare room can be very impressive – all you need to do is get the room into shape for letting, which you can do with the help of professionals through myjobquote.co.uk.
The benefits of renting out your room
There are many benefits that you can look forward to by renting out the spare room in your London property. First off, if you are struggling to make ends meet when it comes to your household budget, you will find that the regular weekly or monthly rental income from your room can make a huge difference. In fact, you could have money to spare when you rent out a room in a London property, which means that you can put money into savings as well as toward your financial commitments.
Another key benefit of renting out your room in London is that you have a number of options open to you. If you want to, you can rent out the room on a long term basis to those that work in London and therefore want to live in the area rather than commuting. London property prices are expensive, which means that many may struggle to find a place of their own to rent. A rental room in someone’s home could therefore prove ideal and affordable for them. Alternatively, you can look at renting the room out on a short term basis to tourists or business people that are in London for a few days at a time. Either way, the chances are that you will have a constant flow of people wanting to rent out your room, so you can turn this into a regular income.
What about providing other services?
You should think about the services that you want to offer when it comes to renting out your room. For instance, you may want to offer it on a bed and breakfast basis or even a half board basis that includes dinner in the evening. You also need to think about whether the guests will have access to communal areas such as the kitchen, bathroom and living room, or whether you want to adapt the room to include an en-suite and a kitchenette area so that they can be totally self-sufficient. The decision with regards to these points is yours, so you need to think about what you will be most comfortable with.