Homeowners have an advantage when it comes to making extra cash every month. Utilizing a house to make money won’t make you rich, but it can provide an additional income stream each month with little or effort from your end.
Rent your Driveway
Renting your drive way is a great way to make some cash, especially for single car households. You could advertise your parking spot on Craigslist, find a Facebook group for your area, or just spread the word among friends. Here’s what you’re looking for: people with spare cars, boats, trailers, or recreational vehicles who don’t have their own drive ways or whose driveway is already full.
Rent a Closet or Bedroom as Storage Space
Renting space to store other people’s junk is an easy way to get an additional income stream for your household. You may not want the trouble of taking on a roommate, but storage is no fuss. Find the space in your house: use your closed garage, bedroom, closet, or attic. For pricing, see what local storage facilities are charging. Bedrooms and closets will be climate controlled, so that space is worth more money per month than a garage or attic.
Turn your Backyard into a Camp
Websites like AirBnb help make it simple to monetize your backyard. Its object is to unite campers with homeowners who have a backyard available to them. You would have overnight guests, but the price might be worth it to you. You have complete control over your days of availability so you can customize that to your needs. With AirBnb, you can also rent out a spare bedroom to overnight guests.
Before You Start:
- Check local laws including HOA rules and regulations before renting out your driveway or backyard
- Find a simple contract online that would fair to both you and your renter
- Spruce up your backyard so it will be welcoming and fun for overnight campers
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