If you are a home owner that is a house wife or a working person looking to earn a little extra money, you might want to consider letting out part of your home to someone either on a long time basis or on a short terms basis. You can do this in many ways. You can either choose to rent out a room in your house to a small family, a couple or a single working person for a year or two or you can even choose to run it in a sort of “guest house” fashion where travelers and tourists will be able to rent out the room for a few days while they are in your town. There are many benefits and also negatives to each of these options. With the option of renting out the room on a long term basis to a small family, a couple or a single working person, you will have the assurance that you will have money throughout for the next two years or throughout the contract period. However, you will earn less money than you will with shirt term rent. You will also have a lot less work because your tenant will be responsible for cleaning their room and keeping it neat without you having to be involved with it and you will simply get the money at the end of each month.
Short term rent
With the option of renting out the room on a short term basis, you will make a lot more money per day than with the long term option however, as with renting out serviced apartments Newcastle, you will be responsible for the cleaning of the room and the maintenance which will be an additional cost as well as a lot more work. You could redesign and style the room to resemble studio apartments in order to get a little extra rent money for it. In addition to this, with short term rent, you cannot guarantee that you will have business or customers every day and therefore, there will be days where you will have no business. You will also have to work hard to market the place every day in order to ensure continuous business and therefore, with the short term rent plan, you will gain more money but will have more work to do in order to earn that extra money. However, once you advertise it well and get the name out there, you will have business coming in without much effort and you will be guaranteed to earn a lot of money on the long run.