Having a spare room can be a boon to any property, but if it’s currently gathering dust or being used as a “dumping ground”, it’s time to take action!
There are endless possibilities for what you can do with a spare room, but here we hope to kick-start your imagination with a couple of suggestions.
If your spare room is left completely unused, why not invest a little time and effort in making it a true part of your home? Creating a spare bedroom can be a useful way to accommodate any guests that come to stay, or you could repurpose it to something entirely different, such as a study or an extra bathroom.
Just how you decide to repurpose your spare room is completely in your hands, but a good place to start is by thinking about what you’d really like from your home that you perhaps don’t have just yet. For example, if you don’t have a place you can go to unwind, why not convert your spare room into a quiet study or even a gym? Or, if being able to work from home is a dream, you might even consider turning your spare room into an office.
Adding an en-suite or a spare bedroom to your property could add value to your home, which is something to consider if you think you might sell up in the future.
Did you know you can earn up to £4,250 tax-free each year by renting out a spare bedroom in your home to a lodger? Providing your income from doing so is below that figure, you could rake in a considerable extra income without being taxed.
It will probably be more straightforward to do this if you own your own home, as many landlords forbid subletting outright – you should be able to find details of this in your renting contract. However, even if you do own your own home, you may still need to ask your mortgage provider whether you’re allowed to sublet or not. It’s important that you speak to either your landlord or mortgage provider beforehand, as you could be breaching your contract or mortgage agreement by not doing so, which could have disastrous consequences.
Your room must be fit for purpose before you sublet, which means it must be clean, presentable and free of hazards. It must also be fire safety compliant.
Of course, renting out a room isn’t for everyone, and you shouldn’t let the extra income make your mind up for you. You’ll have to make sure you’re completely happy with having an extra person around your home as it will take some getting used to.
Pursue a hobby
When it comes to our hobbies, it’s easy to let them become side-tracked amongst the hustle and bustle of everyday life – especially if a hobby means travelling to a class or studio to practice. Well, why not turn your hobby into a part of your everyday life?
Whether you’ve got a passion for making music, creating one-of-a-kind sculptures and paintings or you’re a natural woodworker, making use of a spare room could help you explore your interests properly.
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Intelligent Lending Ltd (Credit Broker). Capital One is the exclusive lender.