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MONEY: Parents can make an extra £3,000 a year after their kids leave home
(Pic: GETTY)

As university terms begin and over 400,000 wide-eyed teenagers pack their belongings to leave for campuses across the UK, parents are left with a money-making opportunity.

Although the kids leaving home can be difficult for some parents, it could also be financially beneficial.

Research from Airbnb discovered parents across Britain could be making up to £3,000 a year by renting out their newly spare room.

rent room
GETTY

EXTRA CASH: Renting out your newly spare room on Airbnb is a great way to boost your income
(Pic: GETTY)

Hadi Moussa, Airbnb General Manager for Northern Europe said, “For most parents having a child leave home is a huge milestone and, while it can be an incredibly emotional experience, it can also offer a great opportunity to find new purposes for vacant space.

“For those who are interested in making additional money from the room, or who don’t want to alter it permanently in case their children return, listing it on Airbnb can be a fantastic option to ensure it is put to good use.”

However, the research also revealed parents wait an average of three years before changing anything about their child’s room.

Shockingly 56% never do anything with the new spare room and chose to leave it exactly how their now-adult kid left it.

The poll of 2,000 parents whose children have recently left home found 45% leave it in case the child was to move back and 31% don’t want to offend their child by decorating the room.

However, a savvy 21% of parents said they would consider renting their spare room out on a site such as Airbnb.

In terms of where this newfound income would go, 40% said they would save for the future, which topped the list, followed by putting money towards a holiday (37%) and helping with bills and mortgage (29%).

While renting out the space on Airbnb is one of the most profitable options, it seems a lot of parents have other dreams about how to use the space.

Top 5 spare room conversion ideas:

1. Office

2. Storage room

3. Walk-in wardrobe

4. Rent out the room on Airbnb

5. Home entertainment room

Money troubles are shockingly common and they are actually the main cause of break-ups in the UK, according to a survey by MyVoucherCodes.co.uk.

Around 58% of single people said money had played some part in the breakdown of their last relationship, according the survey.

To help you avoid money woes, you could also rent out your car parking space on a site like JustPark.com or loan your car on Blablacar.co.uk.

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Martin Lewis revealed how you can , on his website moneysavingexpert.com.

Back in April 2016, the government increased the amount you could earn tax-free from letting a spare room.

The Government’s Rent a Room scheme boosted the amount from £4,250 to £7,500 a year.

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