Do you have unused areas in your home like the basement, attic, garage, storage unit, or an extra room that are sitting empty? You might not have considered it, but these spaces could be money-making assets for you. Here are a few inventive ways to turn your unused areas into an additional source of income:
1. RENT YOUR EXTRA PARKING SPACE
If you reside in a busy city where parking demand usually exceeds supply, you could rent any extra parking you have on a weekly or monthly basis. Not only will many drivers be willing to pay for a guaranteed parking spot, but also, maintaining such a rental demands minimal effort on your part. You could earn as much as $300 per month from this alone!
2. CONVERT YOUR BASEMENT INTO A STORAGE SPACE
Basements are often underused. Instead of leaving it vacant, consider renting it out as a storage area. Optimize it for this purpose by adding shelves and ensuring it’s clean and secure. Don’t forget to ask your potential tenants to secure their stored items.
3. MAKE YOUR HOME A MOVIE SET
This is not only a creative but also potentially lucrative. Find television shows or films that are being shot in your locale, and propose your home as a possible set. Interior or exterior features of your home could be exactly what the producers need. The extra bonus? Bragging about your encounters with celebrities to your friends!
4. LEASE UNUSED ROOMS
If you have extra rooms in your home, rent them out for additional income. These accommodations can range from a single, unused bedroom to a full suite with associated amenities like a private bathroom and kitchen access.
5. LIST YOUR HOME AS A TEMPORARY VACATION RENTAL
When you are not using your home, consider turning it into a vacation rental. This can be a great way to offset the cost of travelling, and it’s quick and easy to list your property on relevant sites.
6. LEASE YOUR SPACE FOR EVENTS
Do you have an expansive yard or charming garden? Why not offer your outdoor space for private events like weddings, parties, and gatherings?
7. RENT OUT YOUR ATTIC
Like the basement, an attic can also be underutilized and is prime for use as a storage space for renters.
Wondering where to start? Here are a few platforms that could assist you:
NEIGHBOR.COM: Not strictly limited to storage rentals, you can also offer amenity parking spots for vehicles such as cars, boats, or RVs.
AIRBNB: Airbnb allows you to rent out extra rooms or living space and assures renters that hosts adhere to specific guidelines.
STOREATMYHOUSE: This platform allows you to rent your spaces for storage, providing a low-maintenance source of income.
PEERSPACE: If your space is suitable for creative endeavors like art studios, workshops, or parties, Peerspace may be a viable option.
Finally, don’t forget the power of word-of-mouth! Sharing your rental options with friends, colleagues, and neighbors could introduce you to potential renters directly.
Before you start, do your due diligence to ensure that your rentals are legal, safe, and provide the best services to maximize your income.
I’m curious – can you think of other ways to generate income from your spare space?
