Do you have some extra space in your home? Do you live in a city that is experiencing housing shortages (most of the cities in Ireland!)? Is there a university or a tourist trade in your area?
One way to make use of some extra space in your home is to rent it out.
Room rental is not limited to homes in the city, there is a large trade for custom in rural Ireland also, mainly a seasonal tourist trade. For example, if you live in a busy countryside tourist town with monuments and famous scenery, or in a seaside town that generally attracts tourists at different times of the year, your spare room may be the ideal place for a weekend getaway for someone!
Room rentals are also popular for short business stays in conveniently-located city centre and business district locations – this can be much more economical for the business over a hotel stay. If there are annual conferences or large exhibitions in close proximity to your home, making some space for lodgers is an excellent way to reap the benefit of the location of your home.
Brainstorm about your vicinity and what is has to offer.
Think of the clientele you are most likely to attract in your area. It is important to make your spare space suitable for the likely renters that will be attracted to your home. For instance, if you live in a countryside home with a backdrop of rolling hills and mountains,perfect for walking and hiking you are likely to attract an active couple. They may enjoy things like complementary maps of the area and a place to hang jackets and store boots and walking shoes, you may even choose to lend some spare bicycles. If you live nextdoor to the RDS, for example, you are more likely to attract business people, who will have a short stay and will require convenience. Think of things like providing wifi, easy access to your home and a desk should they need to do some work.
Companies such as Airbnb.com, Homestay.com, Couchsurfing.com, and many more, provide a network where you can adverstise your space and take bookings from screened renters. On these sites, your renter’s will rate their experience in your home. It is, therefore, important to take some time to prepare your spare space and think of a few extras that will suit your target market.
This venture could be a very lucrative one if it successful. It’s success will be determined by the condition of your spare space, as well as the experience of those that rent it. Many people are attracted to quirky things that your place has to offer that others may not.
To create the appropriate spare space in your home, you may need to get rid of some furniture, clothing or other things you throw in your spare room, for safe-keeping! Guests at your home will not want to stay amongst your clutter! They will require space for their things, and a quiet, clean and private area.
A self storage unit is a great way of storing your household items for any length of time. It also means that you can trial the idea of short-term rentals in your home, and if it’s not for you, your things will be easily available to collect from your unit whenever you want them!
For more longterm arrangements, putting a room in your home for rent on various rental websites is a great idea, and very economical too allowing you to split your rent and cost of living. Take a look back at a blog post from a number of months ago that we posted on Sharing with a Roommate, it has lots of tips for people who are considering sharing their home.