Do you have an extra space in your home? Whether you have extra room in your house, extra parking or storage space, you can use those unused spaces to earn additional money for you. You may have a condo unit that you barely use, or you are frequently out of town and no one’s using your house, or your property may be large and you have a lot of underutilized spaces. Instead of leaving those spaces unused, turn those spaces into income-generating sources.
Here are ways you can make money from extra spaces in your home:
1. Earn Money by Renting Your Extra Room (or House!)
Airbnb https://www.airbnb.com/ is a rental service that allows travelers or visitors to rent out alternative accommodations in 190+ countries that it is available. If you have an extra private room or an entire place – whether a house, condo, townhouse, apartment, and yes, even treehouses, castles or private islands, you can rent it out through Airbnb and earn additional income.
Listing your place on AirBnB is free, and you can individually approve guests. AirBnB charges you 3% service fee when you confirm a reservation, while your guests pay Airbnb 6% to 12% booking fees.
Income potential can be substantial, depending on where you live, quality and size of your place. In Washington D.C. for 1 guest, you can earn $197 per week for a shared room, $235 per week for a private room and at least $435 per week for an entire home or apartment.
However, be sure to check in your area the legal requirements needed to become an Airbnb host. Some areas require you to register as a business, obtain a license and permit before you can accept guests. In Washington, D.C. for example, you need to get a transient housing license in addition to a basic business license.
You can become an Airbnb Host here https://www.airbnb.com/host
2. Earn Money by Renting Out Your Extra Parking Space
JustPark.com http://www.justpark.com connects drivers in search for parking with anyone who has an available space – whether in a parking garage, private garage, even churches and schools. It allows those with available parking spaces to rent it out to drivers and earn money. This is ideal if you live in a high traffic and high-volume locations such as shopping districts, stadiums, entertainment venues, airports, among others, where parking is tough or at a premium and you have unused garage or parking spaces.
You list your available parking space, including time and date of availability, photos and instructions to help the driver find or access the space. You then set your own prices, whether it is per hour, day, week or month. JustPark.com charges the driver with service fee on top of the rental price you set.
JustPark.com is currently available in Europe (particularly United Kingdom), and in select cities in the United States
3. Earn Money by Renting Out Your Extra Storage Space
In United Kingdom, there’s a service called StoreNextDoor.com https://www.storenextdoor.com that allows people to rent out spare space in their homes as storage. This is ideal for those with spare rooms, empty lofts or garages, as well as uncovered spaces such as driveway for storage of boats, motorhomes, etc. Listing is free, and users can earn about £90/month for a garage or £75/month for a spare room. With users tending to store items for 3 to 12 months minimum, that can add up to some pretty chunk of extra cash.
If there are no peer-to-peer services like StoreNextdoor.com in your area, you can also start your own mini storage business. Check out the local zoning laws in your area as to what you are allowed to do in your property. Some states may allow temporary structures on the property, in which case you can add a storage container on gravel or prefabricated storage units.
The customers for your mini-storage can be small businesses (including eBay and Etsy sellers) needing extra inventory storage, property managers who need extra space for record storage, and even residents looking for additional storage for their items. The key is to provide a method for securing and weatherproofing the space while allowing for accessibility for your customers. You also need to have the ability to lock out non-paying clients, after which you can make money by selling off their belongings.
4. Earn Money by Renting Out your Garden
If you have a property that has a large garden, you can rent out the space in various ways. Here are some ways you can market your garden space:
Rent out a garden plot. One example is Sonoma Garden Park http://www.sonomagardenpark.org/grow-your-own/ , which rents out garden plot sizes from 10×15 ($150), Double 20×30 ($300), or Triple 30×45 ($450). The spaces are rented on an annual basis and include the use of garden tools, compost and water.
Rent a garden camp. If you have an idyllic backyard, you can rent it out as a micro campsite. You can use and list your garden in the site Camp in My Garden http://campinmygarden.com/ , which matches those looking for private camping areas with land owners. Their only requirement is to provide campers with access to cold water tap and a WC.
- Tips on How to Best Prepare Your House for Short Term Rental
- How to Start a Self Storage Business
- Pros and Cons of Financing a Business
- How to Raise Money to Finance a Franchise
- Top 10 Ways to Earn Money at Home
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