1. AirBnb It!
For livable spaces, like guest rooms, you can post those spaces on AirBnb and make some profit on the rent. You will need to provide basic amenities and be responsive to requests. Amenities include toilet paper, linens, and soap. Over time, you will need to maintain a high overall rating. Go to AirBnb.com to get more information.
2. Create a Workspace
This is an option with a bit of a longer learning curve. For smaller spaces that aren’t up to AirBnB’s standards, you can turn the space into a workspace or studio.
You can always use that space to pursue any profitable hobbies of yours and create a side Hustle on Etsy. Once you are able to make a profit from your business, you can save a little money on your tax returns by claiming it as an official workspace! TurboTax can explain the in’s and out’s of claiming the space on you tax returns.
However, if you don’t have the Da Vinci touch, you can always rent out the space to those that do! There are platforms that help you rent out that space to artists and start-ups.
3. Storage Renters
Renting space out for storage is the most viable and easiest option for those with unused spaces. You can make money off of the space without lifting a finger. A popular service called Hopperstock allows you turn your son’s empty room into cash. Renters are often looking for unique storage options like a garage or extra room. There are thousands of people throughout the nation that are looking for storage areas that are low cost and close by. The extra space in your garage could be used to store a sports car for the winter or someone’s ATV.
Here’s all that your space needs to qualify:
1. Concrete floor
2. Maintained temperature
3. Ways to deter pests
4. Light control
When it comes to deterring pests, the walls of the space should be pest free and without major holes. Pests, like rats and insects, can wreak havoc on renter items. Hopperstock wants to ensure that renters don’t have to worry about the integrity of their items. Light control simply means that there needs to be a means of blocking natural light. Natural light over time can damage items. The concrete floor can be covered by carpet.
It is really easy to join Hopperstock. All you have to do is choose a space and send in pictures to the service. They will send someone to assess the area within a few business days. They will be completing a quick check for qualifications. The inspector may ask you a few questions as to what kinds of items you would like you storage space to qualify for. For example, if you are in an apartment, you probably don’t want to put your extra bedroom on the car storage list. However, someone may have a special case where they qualify for a type of storage, like boat storage, which they might not have considered. Once your space has been qualified and approved for different types of storage, you are good to go. Hopperstock will post your space on our website and renters will be able to choose your space for their needs.
Extra space in your house doesn’t have to be a waste. These three options can turn those spaces into major moneymakers for you. They are all options that can fill the space while your university students are partying it up and can empty it when they are ready to spend time with family.
This cash has many uses for you and your family. Use the extra money to treat yourself! Relax and go to a spa. Save up and take a trip to Bora Bora. You could also use the money to help your children out with the bills and treat them. The possibilities are endless.