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Thursday, 19 January 2017

Three Easy Ways to Make Money from Your Spare Space

Every year I plan to save more money.  However, making ends meet is not always easy, which is why I am always interested in finding ways to make a bit of extra cash. Today, I am going to share with you some ideas that could help you to make money using the spare space in your home:

Rent out your drive

First, we are going to start outside. Surprisingly, if you have a drive or empty garage you can make money from leasing it out.

In many towns and cities, parking is at a premium, which means that you can potentially make some money by renting out your drive to commuters. There are several companies, like this one, that allow you to list your driveway on their database, and do so free of charge.

Potentially, you can rent your parking space out only on the days when you are at work, so you do not have to worry about where to park your own car. If you live within a 10-minute walk of a train station, airport, hospital or a public building where it is difficult to park, you have the potential to earn some easy extra cash. Perhaps the best thing about this option is that it costs nothing to get started, and you can possibly start earning straight away.

Rent out your spare room

Renting out your spare room is another option. You can do this in several ways. Perhaps the easiest is to list it on a website like Airbnb. Many people do it, and are more than happy with this way of making money.

However, others prefer to have a permanent tenant. If you take this approach, you will get to know the person who is staying in your house.

To try either of these options you will need to take the time to deep clean, and potentially redecorate the room you want to rent out. It is important to provide a good bed, and a nicely furnished room.

This does not necessarily mean that you have to go out and buy new furniture. One relatively inexpensive option is to hire some pieces of show home furniture. Once you have had a tenant, for a while, you can opt to buy the furniture from the rental company, or go out and buy your own items.

Store other people’s stuff

An awful lot of people struggle to find enough space to store their stuff. Perhaps they live in a flat, and the nearest storage facility is half an hour away. In this situation, finding the space to store their mountain bike, and all of the gear they need is impossible. If you have spare space you can potentially help, and earn yourself a bit of extra cash.

However, you need to be careful with this option, and do a bit of research. It is particularly important to find out if you, or your client, need to buy additional insurance.

There are many other ways to earn money using your home, but these three ways require very little, if any, upfront investment, which is why I have shared them with you.

How are you planning to make extra money this year?

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