According to Shakespeare, in his famous drama ‘As You Like It’, he portrayed the seven stages in a man’s life and the man’s actions in each respective stage. Shakespeare’s ideologies don’t play accurate in today’s world as this drama was written a hundred years back. If present today, he would have definitely focused on the repercussions of man’s actions on others, for example, his parents. What would the parents go through when their only child was old enough to vacate their home and start a new life in his own home.
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When a child moves out, there is a void not only in the parent’s house but their lives as well. Focusing on the former, the void is in the form of an empty, vacant room that is unutilized in the house. This recent uninhabited state can be remedied in the form of various options. Renting out rooms to tenants is one option, however, there are cons attached to it as well. Firstly, it is a long and difficult task of finding a suitable tenant. Besides this, sometimes tenants can be a pain in the behind with their carefree attitude and no respect for your privacy. However, in the long run, the pros outweigh the cons as there is more than welcome cash assistance for the landlord, thus allowing the economy to run smoothly.
Let’s pay more attention to the different ways of utilizing this space:-
- Rooms for rent – Renting out rooms or vacant spaces is still the most commonly used medium for filling up the spare rooms in the household. In big houses, extra rooms often create a very big problem with only two people living in it. Cleaning and maintaining vacant rooms is time-consuming on a daily basis. However, these rooms would be well maintained if occupied as it becomes the responsibility, and eventually necessity of the tenant to keep his room clean and well maintained.
- Storage Units – Many big companies or for that matter, locals are always in need of an extra space to use as a storage unit for their goods or unutilized items. With storage spaces readily available, they can fetch the goods required by them at a short notice when in urgent need. The nearer the storage unit to the main establishment, the easier it is for the owner to keep a check on his goods.
- Small-scale business – You must have surely heard stories of great ventures starting out from a small room. There is no dearth of talented people in different vocations. They can use this talent and start a small scale business for themselves. For example- if a person is good at baking, he can open his own bakery by setting up the necessary machines in the vacant space and can cater the baked goods to different customers.
- Part-time Job – A person can also turn his passion into a part-time business using the vacant space. For example, a certified gym trainer can turn his vacant property into a gym and work part time from home at a nominal price.
The potential customers vary with the objectives with which they are renting the space. Travelers make popular and potential clients. They possess the passion to navigate to different parts of the world, and for this they are frequently on the move, looking for cheaper options to spend the night rather than an over the budget hotel. Therefore, putting up with a family as a paying guest would be more convenient with personalized attention from the host at a reasonable rate.
Students from different countries can also avail good accommodation at nominal rates. The rooms come at a very cheap rate as compared to the exorbitant hostel rates and save them money.
To run a home, multiple tasks have to be performed. When the children stay with their parents, they are entrusted with household chores but when they move out, the parents are left helpless with increasing workload and age, which renders them incapable of performing all these chores without any assistance. Many tenants oblige to such chores and help in home organization.
In different parts of the country like Ohio, living costs are very high and to cater to the rising inflation, renting out spaces for options as mentioned above is the solution to a stable economy.