Should I Take on a Lodger to get Some Extra Money?

There are lots of us that would like to make some extra money and there are lots of ways that we can try this. It is not an easy thing to do always though and taking on more work can be tricky and stressful and it may be that you just do not have the available time to do it. However, there might be easier options for you such as taking on a lodger. You will obviously need a spare room in your home and if you have this it can be good to think about whether having a lodger can be worthwhile.

How much Money Will it Make?

It is good to start by working out how much money you will be able to make. There will be lots of factors that will come into play here. For example, it will depend on the size of the room, where they will have an en-suite or shared bathroom access and whether there will have other private rooms. It will also depend on where you live and what the demand for housing is like as well as your specific location in relation to workplaces and services etc. Your location in the country will also determine the rent you can charge as well as how pretty the area you live in is. You will therefore have to check locally to find out how much you might be able to charge depending on what you can offer your lodger. You will then be able to keep this figure in mind when you are thinking about whether you think it is worth it.

Are There Any Costs?

You will need to think about whether there will be any costs involved with having a lodger. You may have to do certain safety checks or change your insurance, for example. Depending on your arrangements you may need to clean their sheets and provide them with food, although most lodgers would do this themselves. They may use electricity though, through heating their room, using electronics, washing and cooking which might be something you will need to ask them to pay for or incorporate into their rent charge.

Are There any Conditions?

You will need to make sure that you are allowed to have a lodger. You might find that if you are renting then you will not be allowed to sublet. But they will have to go through the letting agent to be able to rent with you. If you are buying your home through a mortgage you will have to contact the mortgage provider to see whether they will be happy for you to have a lodger. You need their permission because they effectively own a share of the house. You will also need to check with your insurance company as they may not allow it either and if they do, they will probably want to increase your premium.

Will I Cope with a Lodger?

You should also think about whether you will manage with a lodger in your home with you. Some people cope really well, but if you are used to living by yourself then perhaps having someone else there will be tricky for you. It may of course depend on who it is. If you are lucky enough to have a friend that needs somewhere to stay then that could work out really well but if not, you may have to choose between strangers and there is a risk that you may end up with someone that you do not get on well with. You will know whether you are the right sort of person to be able to get on with nearly everyone or whether you will need to consider carefully whether you will be able to cope.

Should I Monetise my Hobby?

Many of us will have a hobby that we put a lot of time into. If this is the case with you, then you may perhaps wonder whether you could make some money out of it. It is good to have a hard think about this though as you could find that you will not enjoy doing it as much as you thought. It is therefore worth considering the different aspects to this.

Make Money Doing What You Love

You could find that it will be really great making money doing something that you really love. If you do a job where you are not really enjoying what you are doing, then the idea of making money from something that you enjoy can be extremely appealing. Also, if you have been doing the hobby for a while, it is likely that you will know a lot about it and therefore you will be able to have lots of opportunities to make money from it. For example, you might be able to teach something about it, maybe in live classes at a local venue or by putting together an online course or YouTube videos. You might be able to sell things that you make, if you are an artist or craftsperson. You might be able to write a book about it. There might be different things that you can try which may earn you some money. It is good to start by having a think about what you might be able to do in order to make money from your hobby.

Pay May be Low

It is worth noting though that it could take a long term before you manage to make a decent amount of money from doing this. You will need to learn all about how to make money and where to make money and you may not be able to charge that much for what you are doing as well. It might be a lot of fun but you may find that it will not be that well paid and you may only be able to do it alongside your ordinary job. However, if you are happy with this and have the time, then it could be a good way to get some extra money without having to do extra hours in your job. But if you were hoping that you could rely on it as a full time income then this may not be possible.

Makes it Less Fun

It is worth being careful though. You need to think about what it will involve. It might involve learning new skills and doing things in a different way to how you normally do them. This could mean that you will have to take time away from your hobby to learn this. You might also find that you will not find these bits much fun and you might not really like it after a while. It might also put pressure on you while you are doing your hobby because you are always thinking about ways to make money from it. This could also mean that it will not be much fun for you either. Therefore, it is a good idea to think hard about it before you start. You want it to continue to be a relaxing hobby that you enjoy as you need it to wind down and reduce stress as well as to have fun. So, make sure that you feel it will still be able to remain as this if you do decide to monetise it or else you may suffer as a result of not being able to have a hobby that will allow you to have fun and feel relaxed and rested.