What would you do if you found out that you could use the space in your home for something other than living? What about the space under your stairs, or even just a corner of your basement? You might be surprised at how much money there is to be made from renting out unused areas of your home.
Not only will you be making money, but it’s also a great way to create opportunities for yourself and others.
1. Rent out your entire home
To get started, first find out what the rental market is like in your area. Is there enough demand for rentals? Are there other people offering similar properties? These are important questions to ask before you decide whether this is an option worth pursuing.
If there are already a lot of people offering up their homes for short-term stays and long-term leases, then yours might not stand out as much as you’d hoped. Looking at what else is available in your area is a great way to judge how to price your space, too.
The benefits include making some money off something that was otherwise going unused; providing housing options where none were previously available; and having fun meeting new people from all over town.
2. Rent part of your home
It’s a fact: most people don’t use the space in their garage. They can’t fit all of their stuff in there, or they don’t have enough room for a car.
But what if you could rent that space out? What if you could make some money on the unused storage space in your garage?
If you have a garage that is never used, and you’re looking for a way to earn some extra money, consider renting it out for storage or parking space. You can post ads on Craigslist and other websites, but also consider posting flyers at local grocery stores, coffee shops, and other retail locations where people might be interested in renting the space.
If you live in a big city, chances are you have a parking space that is unused for most of the time. If you have a driveway or garage that you don’t use, consider renting it out to someone who needs one. You can earn a few hundred dollars by renting out just one space; monthly parking DC is notoriously expensive and hard to come by. This is especially great if you live in a city, where parking can be hard to find and expensive.
3. Offer to store someone else’s stuff
If you have a basement or attic, you can make money by storing someone else’s stuff. This can be anything from an extra bedroom to an RV. To get started, look for people in your neighborhood who are perhaps in the process of moving house or doing some refurbishments and charge them to store their belongings in the meantime.
If the amount of space is large, consider using it as a storage unit rather than letting one family use all of it at once. This might be easier to manage and give you more flexibility with pricing if you have several families who want specific amounts of space for short periods in different rooms throughout the house.
One thing to keep in mind when offering storage services is insurance. You may want to purchase out-of-pocket liability insurance (or even full business insurance) if you’re going into this kind of business on your own premises.
4. Find a local business that needs more space and rent it to them
First, set up an appointment with the business owners to talk about their rental needs. If they are interested, suggest renting out some unused space in your home or office building to them.
It’s beneficial for them since they can save money by not having to pay expensive office lease rates in a cramped location downtown where there are other businesses competing for foot traffic.
5. Sell the things you don’t want or need
If you’re going to rent out a spare room or part of your home, you might want to have a clear-out first. Even if you don’t want to sublet the space, getting rid of items you no longer want or need can be a great way to empty out the space, so you can re-assess what you want to do with it. Here are a few ways to easily sell your old belongings:
- List your items on Craigslist or eBay: If you have stuff that’s worth selling, then it’s likely that someone somewhere is looking for something like it. Why not take advantage of this? You can list a wide range of items from furniture to books to clothes and everything in between.
- Have a garage sale: Garage sales are fun! You get to hang out with friends and family, meet new people and make extra money at the same time.
- Take them to a consignment shop or thrift store: Consignment shops are great for selling your old stuff. They’ll give you a percentage of the sales price and then sell it for you. The best part? You don’t have to do anything; they take care of all the hard work. Thrift stores are also great because they help support charities while giving you some extra cash in return.
And there you have it; five easy ways to make money from your unused space. If you’re looking for a way to make money from your space that you are not using, it’s important to be creative and think outside the box.