How to Make Extra Money With the Unused Space in Your Home

If you are looking to make a bit of extra money, then have you ever thought about using your house and any unused space you have to make a bit of extra income?

Most homeowners don’t think about how they could use their house to make some extra cash, but for a lot of people, it is a possibility. From renting out your home or your garage to offering a parking space, there are actually lots of potential ways to make some extra money from your house.

Even if you are thinking about moving house, then it could be something to consider when looking for a property to help you cover the mortgage payments or to save up to do some work on the house. For example, if you were looking at homes for sale in Toronto then you could look for houses that have a garage if you know you would park your own car on the street or drive. It wouldn’t necessarily mean the house would cost a lot more to buy, and you already have a potential storage space to rent out. It’s something to bear in mind if you are looking to move.

Keep reading for the different ways you can make some extra money from your own home.

How to Make Extra Money With the Unused Space in Your Home

Get a housemate

If you have a spare room in your house, or even better if you have some kind of Granny-annex, then renting it out can make you a lot of money. It’s certainly not for everyone, and I wouldn’t really recommend it if you have kids (although it can still be possible), but otherwise, it can be a brilliant way to make a good amount of money for a year or two to help you cover costs or save up.

Often, it can be a great experience for both of you and you may end up with a friend for life, even though it may seem daunting at first to have a stranger move in with you.

If you do decide to rent out a room in your house then just make sure that you do the research, both on any prospective housemates as well as making sure you are covered insurance-wise and what would happen if they didn’t pay, for example.

Renting out your house during a holiday

If you are going on holiday, then listing your home on Airbnb can be a great way to make some money back whilst you are away. You do have to bear in mind that you will need to put a lot of your own stuff away so it will mean more work for you, but it will definitely be worth it if you are looking to make some extra money.

You could even rent out a spare room, if you have one, on a more temporary basis rather than having a full-time lodger. That way you don’t have to deal with someone there all the time, and if they are a tourist to the area then they are likely to be out a lot of the time so they may only use your place as somewhere to pretty much just sleep.

Some people even just offer say two weekends a month on Airbnb and that could cover some or all of your mortgage, and if you are someone who is out most of the weekend anyway then you may barely see them! The great thing about Airbnb is that you can have complete control as to when you rent it out – if you need a break from visitors or will be away yourself, then you can mark your property as unavailable on those dates and resume it when you’re ready.

You also get to see other people’s reviews of guests so you can hopefully avoid any particularly bad ones, or only allow those with a certain number of stars. You may even end up with some regulars that you know you can trust.

A parking space

Particularly in big cities, this can be a brilliant and easy way to make a lot of extra cash. Parking spaces in urban areas are not only in high demand but also can be incredibly expensive so if you have a driveway where someone could park each day then lots of people would be willing to pay you to use it.

Even if you are further out of the city then this could still be possible, as you may be in the perfect location for someone to park and then commute into work.

If you have plenty of land outside then you could even offer up a space for someone to say keep their motorhome or boat there.

Rent out storage space

Renting out some storage space from a self-storage company can be very expensive, especially if you need somewhere to store things longer-term. So people love to find somewhere local to them where they can store what they need for a much cheaper price.

If you have a garage, basement or outbuilding that you have some space in or can clear out to make some room then you can easily make some money by renting it out as storage space.

Ideally, the space you are offering would have its own entrance that someone can access whenever they need to but even a spare room that you don’t use or attic space can be offered up too.

Rent out your house as a location

Sometimes, you can even rent out your house as a location for photoshoots, events or even as a film set – all of which companies often pay for. You could offer your home up for a day event and you make sure you are out all day, or for a few days or more for a film set and you could stay somewhere else for a little while.

I’ve been to blogging events before that were at someone’s house in London that they have rented out for the day to the company. It’s a brilliant way to make some money if you have the right type of house.

As a wedding venue

If you have a large area of land then you can rent out the space as a wedding venue and make a lot of money. Weddings cost a lot, and so often people would love to hire a large outdoor space where they can put up a marquee at a big saving to them (but still a lot of money for you!).

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If you are looking to make some extra money, or even if you just would like to be able to save up some cash, then take a look at your own home and think about the ways in which you could offer it up to people. Chances are you have something that you can offer to others; making use of the space and providing an extra income for you!