If you are a homeowner who is feeling the squeeze, and struggling to pay your bills, renting out your spare space could be the ideal solution. Many of us have parts of our homes that we do not really use. Perhaps you have a garage full of junk, a loft that is just a dusty empty shell, or a small bedroom, that is being used for storage.
This post is all about quick, easy and relatively inexpensive ways for you to take those spaces, and get them earning money for you.
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Rent out your garage
There are plenty of people who are looking for somewhere to store their stuff. It is not difficult to reach out to them via social media or adverts in the paper and lease out any spare garage space you have. Naturally, you have to be a bit careful when doing this. The last thing you need is to be paid a month’s rent, and be left with a garage full of worthless junk that you eventually have to dispose of.
A better deal would be someone with a hobby that needs somewhere secure to store expensive equipment like a jet ski. You are less likely to be left with this kind of stuff when the owner decides they do not want it anymore. However, you are going to store this kind of equipment take the time to check out what the situation would be should it be stolen from your garage.
Rent out space on your drive
A less complicated option is renting out a parking space on your drive. In most places, there are websites, like this one, that serve as an intermediary to help those who need a parking space to find people with spare space.
Rent out your spare room
If you are lucky enough to have a spare room, there are many ways to make money from it. One of the simplest ways to do it is to join Airbnb and rent the space out to holidaymakers, and other travellers. If you live in an area that is not a big tourist area, there are other options. For example, you can rent your room out to a tenant. If the idea of someone else living in your home 24/7 does not appeal you could try targeting the professionals market instead.
Many people have to commute for two hours, or more. Something that is very expensive, and time-consuming. As a result, a growing number of people are deciding to rent a room close to where they work on workdays, and live in their own home at weekends. It is a great way to rent out your room, and still have your privacy on Saturdays and Sundays when you are not working.
If you are not sure that there is a market for the type of accommodation you have you do not have to spend a fortune on doing up your room. You just need to give it a lick of paint, buy a couple of rugs, and use a furniture hire firm to furnish the room. This gives you the chance to try renting out your spare room. If you decide it is worth doing long-term, you can then spend more money, and buy new furniture.