Rent Out Unused Space for Additional Income
Most people have never thought about the fact that you can turn your home into a money-making space.
You don't need to be reminded of the benefits of generating that extra passive income so let’s take a look at what those money-making spaces might look like.
- A spacious living room
- An office space
- A garage
- An unused shed
- A guest room
- Storage room
The opportunities and possibilities are limitless!
If you get creative, you can turn almost every single corner of your home into a machine that generates passive income. But before you do that, make sure you check with your local authorities and council to see if you're allowed to do it.
Now let's get to the 5 ways to make extra money by renting out unused spaces.
Get yourself a housemate
Getting a roommate is arguably one of the most stable, lucrative and fastest incomes you can make by renting out your empty unused space.
Yes, the disadvantage is that you will have to share the common areas such the kitchen, living room and, to an extent, possibly the bathroom with another person too.
However, don’t be so quick to judge a book by its cover because this person you bring in might just be a fun person to hang out with. In the best-case scenario, you'll get a friend to stay with you, and you're both guaranteed to enjoy this time.
In this case, you need to remember that you are a both landlord and a roommate. So if you need that extra money to cover the rent, be sure to check their income and history before you agree to let them stay with you.
List Your Room on Airbnb
If you don't want to get a long-term roommate, the next best alternative is to list your available space (or property) on Airbnb.
The advantages are that you get to meet a variety of people from different backgrounds and countries. However, the disadvantage is that because this range is so wide, some people may have different values and may do things a little more peculiarly. And as a host, you still have to take that into account and make them feel comfortable.
Another thing to be mindful of is that once these travellers leave the room, you would have to clean up after them, replenish the necessary items and get it all ready for the next guest. And this can be quite a tiresome task since most travellers usually only stay in one place for a day or two. If you can put up with these things, then this lucrative business is something to consider.
Host a Foreign Exchange Student
Hosting an exchange student may not be everyone’s cup of tea, as this period can range from a few weeks to a few months.
It will be quite a commitment as you will be spending most of your time under the same roof. It may even require you to provide meals, private bathrooms, or even laundry services. But having said that, it means you won’t have to worry about money coming in.
This method depends heavily on the location of your property. The closer you are to a university (and other means of conveniences, the better it is for the student. And it is an amazing way to learn about a new culture and a new language if you are up to the challenge.
Rent Out Your Unused Shed / Storage Space
Due to congestion in the city, a shed or even a storage space is becoming a luxury for most people (if you’re staying in a landed property).
This has made self-storage units an expensive space to pay for. But during this time, you may step in and undercut what these companies charge their customers.
All you have to do is find someone who desperately needs a space and close the deal. That's it – it’s as simple as that! You don't have to worry about anything, just the hassle of clearing out an entire room and allowing your client to fill it with their items.
Rent Your Space to a Media Company
Whether it's for a photo shoot or a home-based radio production, production companies are always looking for a new place to shoot.
Your home doesn't even have to be a mansion or in a prime location, but the more unique and quirkier your location is, the more likely it will be chosen for special projects.
The downside to this strategy however is that it can sometimes take months for a company to get back to you. It's a long shot, but since these production companies have budgets to spare, you'll be well compensated for a shoot that only takes a few days. While you're patient, you can always use one of the other strategies to help you out in the meantime!
To conclude, there are two important points to consider before opening your doors to the world: first, insurance risk. Make sure your insurance policy covers the way you use this space. Otherwise, you’ll end up having to pay for any possible damages caused by your tenant, client, etc.
And second, make sure you only take on as many guests as you can handle. Not everyone can manage to house guests from all over the world and understand their different practices.
But once you've gotten the hang of these and grow accustomed to it you're well on your way to making a good amount of money consistently. As the saying goes, “a little goes a long way”.
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