3 Unique Ways to Turn Your Home into a Money-making Property
You might be amazed by what is underneath your nose if you have not seen it yet. We all have chances to make extra cash from our homes. If you want to invest in real estate but cannot afford to purchase a new property, you should consider the following ways of turning your house into an income-making property:
To make money with this method, you do not even have to let anyone inside your home. In big, urban areas, parking is a big problem because there are limited parking spaces. Most people do not comprehend the challenges of owning a vehicle such as finding a parking space and paying for it.
If you want to make money without doing much, you should offer up your driveway as a parking spot if you live in a crowded area. You could park your car in the garage and rent out your driveway space to other people. You can get even more money if you have additional parking space in your garage.
Already, there are dozens of apps and sites dedicated to finding good parking spots. If you find a website to advertise your space, you can rent out your driveway or garage space for cash. Make sure that you figure out a payment system to ensure that vehicles do not stay in parking spots longer than agreed.
Advantages of renting out parking spaces include:
– You do not have to lift a finger to do anything. All you have to do is free up your garage or driveway before you start advertising the parking spots.
– You will make a substantial amount of money if you live in a neighborhood with limited parking spaces. Just make sure that you come up with a good payment system to avoid confusion.
The disadvantages of renting your driveway to others are:
– If you do not come up with a good payment system, cars might leave your driveway without paying for parking.
– The vehicle owners might litter your compound if they are not civilized people, leaving you to clean up the mess.
Storage is yet another necessary but overpriced service. How many times have you heard people complaining about how expensive it is to rent storage spaces? This is one of the most passive ways of making an income.
You do not have to deal with people on a daily basis if you do not want to; once they bring their possessions, you only have to store them for the agreed upon time. You should offer a lot of space at cheaper rates than people are used to if you want more people to rent storage space from you. You will be able to make money without too many expenses.
The storage space you offer can range from closet spaces to your entire basement. The biggest advantage of renting your space for storage as a way of making money is that property laws on rentals differ greatly from storage laws. If someone uses your house for storage then refuses to pay, you can recoup your money by selling his or her possessions.
The benefits using your home for storage include:
– It does not require much from you, you only need to have a few empty rooms and enough security to keep other people’s property safe.
– You can make a passive income at all times as long as you make people pay a percentage of the storage fees upfront. If they refuse to pay the rest and do not come back for their stuff, you can sell their items to earn your money.
The drawbacks of renting out storage space are:
– You might require more space for your belongings after you start offering storage services but it will be too late to change your mind especially if you have made any deals.
– You could end up storing weird things in your apartment since you will not have any say about what your customers want to store.
Renting Your Home for Temporary Workspaces
When renting out your home to be used for work, your returns will be much higher. You should make sure that you rent your home to professionals to avoid payment problems. Here are some uses that people might have for your home:
The economy of sharing should not only be limited to lodging facilities. If you are not home during the day, you should consider renting it out as an office space to make extra cash. Do you have a large space in your home? You should lease it to a business that is looking for space to use.
Most businesses looking for temporary spaces usually list as startups on rental sites and apps.
The advantages of renting space to startups or traveling business groups are:
– It does not require much input from you. Moreover, when you arrive home at the end of a busy day, they will be gone.
– You earn by using your space when you are not there, which is not a bad way to earn cash.
The disadvantages of temporarily leasing out your storage space include:
– You might decide to stay home one day, but you will not feel comfortable because you will have leased out your space to a business and you cannot just ask them to leave after making a deal with them.
– The people that you rent office space to might destroy stuff in your home, leading to disputes if they refuse to pay for them.
All the above money making strategies have many things in common, which include:
– They provide space that is cheaper and more convenient for customers
– They give the customer a space that he or she is always looking for
– They all utilize extra space that you are not using to help others
Many people are always looking for these services; if they knew someone who offered them, they would not pay ridiculously high prices.
Ashley Lipman is our guest blogger:
Ashley is a super-connector with Outreachmama who helps businesses find their audience online through outreach, partnerships and networking. She frequently writes about the latest advancements in digital marketing, business and real estate and focuses her efforts on developing customized blogger outreach plans depending on the industry and competition.