If you're hoping to make some extra cash, you may wish to consider renting out a spare room, garage, or parking space. As the world’s markets are everchanging, one of the most valuable commodities you can have is the extra space in your home or property.
There are many ways to generate income from your home. If you have some empty or unused space, you'll be surprised by just how much you can make.
To get you started, we have rounded up the best ways to make money from your home.
Spare Room
If you have an empty bedroom in your house, you can host foreign exchange students, travellers, or even guest lecturers. Take note of peak times in your area when hotels are full, such as concerts and major events.
There are a lot of rules and policies you can decide on before allowing someone to occupy a space in your house. This includes which areas they can use, meal provisions, curfews, and other considerations.
You have to decide carefully as this option comes with sacrificing your privacy and safety. Find the right tenants for a positive experience all round.
Empty Garage
If you have an empty garage space, you may wish to rent it out for storage or business purposes. For business purposes, be sure to target professions such as makeup artists, hairstylists, or massage therapists.
You could also offer your space out to those who are planning to have a garage sale. Entrepreneurs will consider the location of their business, so you need to market the features of your empty garage including access to customers, workers, transportation, and materials.
As affordable storage space is difficult to find, you may consider renting out your garage for storage purposes. What you will earn depends on the size of your garage.
Extra Parking Spot
It's always difficult and time consuming to find a parking each morning, especially in crowded neighborhoods.
If you’ve got space in your driveway, you can earn money by renting it out. You could earn up to $300 per month by sharing your empty parking space. At the same time, you could help out other drivers whilst gaining supplemental income.
Consider your location and the kind of parking space you have before deliberating on other aspects such as listing your spot through a third-party service. More importantly, in determining how much to charge for parking, consider the location, size, and specifics of the rental.
Expected Earnings
Third-party platforms, such as Airbnb and Spacer can tell you how much your spot will earn depending on its location and other specifics. But, if you prefer to strike out on your own, it’s best to do some market research.
Start by checking out similar spaces in your area to see how much they are listed for online. A parking space that rents for $300 monthly in Midtown Manhattan may only cost $100 monthly in an area where parking is readily available, like Atlanta.
Another factor in determining how much you can charge, is the type of spot you have. For example, a less secure driveway might give you $200 monthly, but a safer indoor garage could net around $300 a month.
Aside from renting out a space itself, you could also add extra charges for amenities like lighting, security, Wi-Fi, and CCTV cameras.
Conclusion
Renting out extra space in your house is a great source of extra cash, but it does come with other considerations and parameters. Aside from getting creative, you also have to be careful before allowing someone to have access to your home or property.
