As a homeowner, you can explore many ways to earn extra income from your property. Houses appreciate over time, but what you do in that period can make all the difference in securing your financial future. According to research, rent increased by 24% in only one year, which might interest you if you are a homeowner. If you’re wondering how your home can make money for you, here are some simple yet effective tips to consider.
- Offer storage solutions for rent
The increasing demand for storage solutions can be a lucrative business opportunity. Whether you have a spare room or garage space, there is likely a demand for storage solutions in your area. If you have a spare room or garage space in your home, you can offer storage solutions for rent to make extra money. You can rent your space to individuals or small businesses who need a place to store their belongings. You can start by advertising your storage space on social media and other popular platforms with impressive reviews. You may also want to reach out to local businesses or individuals in desperate need of storage solutions. Your unused space can become profitable when you offer a convenient and affordable storage option. Offering storage solutions for rent is a direct way to monetize your home and turn it into a profitable venture.
- Rent your available room on Airbnb or other platforms
Renting a room on Airbnb is a popular and easy way to make money from your home. With over 7 million listings worldwide, Airbnb allows homeowners to rent their homes or rooms to guests. If you have a spare room in your property, you can list it on Airbnb and earn money immediately. To get started, create an account on Airbnb and list your room. You can set the price, house rules, and availability of this room. Airbnb will handle the payment and communication with guests. All you have to do is provide your guests with a clean and comfortable space.
It’s worth noting that the platform provides insurance coverage for hosts and guests. This way, you can have peace of mind knowing that your home and guests are protected. With the average Airbnb host in the United States earning about $924 per year, renting out a room on Airbnb can be a lucrative opportunity to monetize your property. You can also explore other ways to put your home up for rent. According to experts like Kevin Canterbury, a high-demand location can be a compelling point to want to rent your house. You can consider renting out an available room, if not the entire property.
- Rent your driveway or parking space
Do you live in a densely populated area or near a popular event venue? If yes, you can rent your driveway or parking space to earn extra money. According to a recent survey by SpotHero, the average American earns about $200 per year by renting out their parking space. With website platforms like JustPark and SpotHero, it’s easy to list your available parking space and monetize your property. By renting out your driveway or parking space, you can provide a convenient and affordable parking option for drivers close to you. To start, create an account on a popular website and list your available parking space. You can set the price and availability of your space, and the platform will handle the payment and communication with drivers. That space you legally own on or around your property can become your passive income stream. Whether you have a driveway, garage, or parking spot, that unused space is an excellent opportunity to make extra money.