If you have never considered the empty space in your home as a way to generate income, then you are missing out by overlooking the potential source of income that empty space can be.
Whether you have entire rooms that are empty or just occasional spare rooms, there are many ways you can earn money with an unused space.
See below the potential money-making opportunities waiting for you
- Get a Flat mate.
The cleaner and better equipped the place, the higher the money you charge but bear in mind that when you bring in a flat mate, you assume two different roles simultaneously: which are the role of a landlord and the role of a roommate. Screen the prospective occupants as a landlord, talk to them about the payment plans, let them know you make the rules as the landlord. Screen them also as a flat mate by asking personal questions, get to know them, their relationship status, if they like the environment being serene or if they like it loud. It is okay to balk at the thought of strangers living in your space, remember this idea will help develop your social skills and also help you grow as a person. You must ask screening questions to make sure you can personally live with them.
- Airbnb
If the idea of bringing in a flat mate doesn’t sit well with you, there are still other options to bring in some cool cash without the hassles of sharing your home with a flat mate. Just by renting out your spare room for two weekends, you stand a chance to bring in enough money to cover most of your house rent but this depends on how much you charge. You do not need to have a vacation rental property before making money from Airbnb. As an Airbnb host, you get to set the availability of your space based on your schedule, so your privacy is retained. You have absolute control over when you rent out your space and who you rent your space to. The best part of this is that you do not have to cross paths with your guest.
- Rent out a Parking Space
You can make an extra income by renting out a parking space as there is an imbalance between demand and available supply of parking space most especially in urban areas. You can charge per hour and imagine how much you will be making when someone parks for a whole day. Most people tend to park their vehicles outside their homes in places that are easily accessible by public transportation, imagine having a free space near a train station, or an airport, or very close to an eatery, restaurant, the cinema, these are strategic places where you can make money by charging people for parking on your space. If you have a space near this, you can rent it out.
- Rent Out Your Space for Special Events
If you have a large backyard or an empty piece of land, you can make cool cash by renting it out for special events. Weddings and other special events get expensive by the day and most people are on the lookout for affordable spaces to host their guests on that special day, consider offering your space as an alternative. Your prospective clients get to save money and you on the other hand get a fat paycheck as alternative event locations are pretty pricey too.
- Rent Out Your Home as a Film Set
Filmmakers constantly need fresh set, they need homes, commercial spaces, outdoor areas and every other conceivable locations, you could make extra income by just renting out your space to filmmakers.
You can also establish a home studio and rent it out to creatives, photographers, content creators. For instance, you can invest in a green screen suite, a podcast studio and more. Put it out on social media, create awareness, so people can be aware of the space. You can also make an additional income by renting out costumes to creative, special furniture such as colored stools and vintage items.
- Turn a Spare Room Into an Office
You can make money by renting out this office to freelancers and this is also going to be beneficial to you if you are a freelancer, you can run your businesses from home. Another entrepreneurial way to make money with a spare room is to run a business from it.
You can also create a shop in your spare room, where you sell products to people, and they can easily walk in to pick their items up. This is another entrepreneurial way to make money, selling from the comfort of your home.
Finally, one of the simplest ways to create a new source of income is by renting out your extra space for money. Just get started, rent out your empty room to a student, get a flat mate, Airbnb, parking space, home studio, office space for rent. The cost of living is rising and if you are ever finding it difficult to keep up with bills payment, you can consider the choices provided above. You can as well rent out your entire home when not in use, probably when you are going on a business trip or vacation, make cool cash by renting out your space instead of locking it up, and generate passive income with your investment. We hope these tips help you meet your financial goals.
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