There is no doubt that owning property is a financial investment that is often celebrated as being a very wise one to make. But since the dawn of the sharing economy, there are now more ways than ever to make money by utilising different parts of your home. There are plenty of ways that you can do this including offering out a spare room, your driveway or even giving someone an office from which to work.
Before you decide to take this step, you want to make sure that you have done your research so you know what you are getting into. After all, offering out part of your home to strangers can be a very daunting step. You may want to look into additional security and ID verification systems so you feel totally comfortable in what you are doing. But once you get started, you will find that the sharing economy could well be a revolution in your life. So, let’s look at some of the top ways that you can use your home to make some extra cash.
If you live in a place where parking is at a premium, you may well find that your driveway is a valuable commodity. For example, if you live in a busy city centre and you don’t need your parking space during the day, a commuter is likely to be willing to pay good money to rent it from you. If you live within a short distance of an airport, you may be able to rent your space out on a longer term basis. And if this doesn’t cause you any inconvenience as you don’t need the space anyway, you are literally making money by doing nothing!
You may have some office space or a room that could act as an office that you are not currently utilising. If this is the case, there are many freelancers out there who may be willing to rent out this space from you. Workspace is in high demand in many areas, and as more and more people become self-employed, this is a demand that is only set to increase in coming years. Of course, you will need a home that has some desirable amenities and a good WiFi connection is right at the top of this list. If you have the kind of place people are looking for, you can rent this out on a daily or longer term basis.
Your Spare Room
The trend of renting out spare rooms to guests has been popularised by sites like Airbnb, and you could get in on the act. So, if you have a room that you could offer out to guests, you could find yourself generating a sizeable second income. How much you make really depends on how desirable the location is – whether you are in the vicinity of a city centre or major tourist attractions. And you can choose whether you just want to make this a short-term arrangement or get a long-term lodger.
Your Loft, Cellar or Garage
These three areas are often underutilised and could be the ideal storage space for you to rent out. People who live in small places are often looking for areas where they can store their bulkier items. All you need to do is make sure the stuff is safe and free of damage caused by damp or other factors. There are plenty of websites out there that can put you in contact with people who are looking for this space.
You may not have automatically thought of the kitchen as being a good area in your house that people can use, but if you have good quality amenities and a decent amount of space, you can rent it out to mobile caterers, bakers or cake-makers. Again, try listing the the room online and see what sort of responses you generate.
An Economy that Just Keeps Growing
The sharing economy has really taken off in the last couple of years as more and more people start to realise that they have something very valuable on their hands just by owning property. And the great thing about many of these ideas is that you don’t need to do much – renting out storage space or your driveway requires minimal work – but you could still generate a healthy second income from them. Others, like renting out a spare room, require more effort but you may still feel like they are a viable option for you.