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Written by McCarthy's Team on October 14, 2015

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According to a news story last week, homeowners in Britain’s 10 biggest cities (outside of London) are sitting on an untapped goldmine of £50 million.

Tell me more, I hear you say…

Homestay.co.uk offers a service putting holidaymakers and locals in touch – suggesting you stay with a local who has a spare room when going somewhere new, to get an ‘authentic travel experience’. It has calculated the £50m figure based on the average rate it charges for a night in each city by the number of homes there with an unused spare room. So, for example, a homeowner might be able to charge a guest £44 in Leeds or £38 in Sheffield for an overnight stay.

The average length of stay is apparently 16 nights, so it’s certainly not going to be everyone who wants to have someone staying in their home for all that time!

But it does raise an interesting point. How many of us have a spare room (or two) which has just become a dumping ground for junk, and piles of clean washing and stuff waiting to find its real home? Could that room be put to better use?

If you were thinking of letting the room – for holidaymakers or lodgers – it can in some circumstances be tax free, under the government’s rent a room scheme. The scheme allows you to earn up to a threshold of £4,250 per year tax-free from letting out furnished accommodation in your home.

But maybe your spare room could be an office, or a room to enjoy your hobbies, or a dressing room. Maybe it has a higher calling than just being a room for ‘stuff’.

So if your spare room is making you just want to close the door and forget it’s there, maybe it’s time to have a clear out – and potentially maybe make a bit of spare cash into the bargain!