If you own a home and have extra space while simultaneously wanting to make more money, it doesn’t hurt to consider ways of making a passive income from that extra real estate. Here are a few ways that you can start making money from your unused space in your home:
Rent to a long-term tenant
As you think about the easiest way to make the money that you want, renting out a long-term tenant is a simple and effective way to make passive income. If you live in a city with high rental rates, you could make quite a bit to pay off your mortgage.
However, you may need to share your home in scenarios like this, and not everyone is down for a roommate. If you are, just make sure you use a trusted platform to find people, and make sure you run a rental background check on the individual in question.
Turn your garage into a living space
If you have a garage that you don’t use, it can be a good idea to turn it into a living space where you can easily rent it out for even more money. If you’re all about making passive income in the next couple of years, investing in some remodeling can help you gain that extra income that makes a difference in your future. You’ll want to make sure you’re following local laws as far as what’s needed for livability so that your extra space is livable.
Get on a short-term rental platform
Another way for you to make quick, extra money is to get on a platform like Vrbo or Airbnb, where you can easily rent out regularly but also take breaks as needed. This allows you to have some control over your space and home while also allowing you to make quick extra money when you’d like.
A lot of Airbnb hosts will rent out their space when there’s a special event going on, such as a popular music festival that people come to town to attend. This allows you to make a lot of extra money in one weekend. Just be careful with who you host, and make sure you’re a host that people will leave 5-star reviews for.
Turn a room into an office
If you’ve been commuting to work for office space or, worse yet, renting out some extra office space elsewhere, you’re sleeping on a way to save money. Creating a home office in this day and age can be the perfect way for you to cut back on expenses while also making use of the space that you do have. While not always the perfect option for those who may have a buzzing home life, it could work for a lot of people.
Rent out for events
If you have a great garden, large land, a big, covered area, or even just a beautiful, historic home, there are many reasons to consider renting out space for events. While it is a commitment and something you want to be careful with, the kind of money you could make from event space rentals is something that could enhance your finances and provide you with the cushion you want for long-term plans. Consider working with an experienced event planner to help you plan your event rental efforts. The more prepared you are, the better it will be for your event space rental endeavors.
In Conclusion
From events to a roommate, there are different ways to make plenty of money from your home’s extra space. If you’re wanting to make some cash, start looking into how you can use what you already have to beef up your income and make passive money that doesn’t require too much effort.
