Do you have an unused space living under dust and cobwebs? The place might not be of much use to you but it can be quite useful for somebody else. You have a scope to earn money by giving the unused space on rent or by renting unused space. Everybody wishes to earn something extra to meet all financial goals. Ultimately, it is you who have to make the big decision without any assignment help providers.
The majority of people have unused space at their home and they remain clueless about what they really should do with it. Unused space can ease off the financial pressure that you may have. However, if you are planning to give your space on rent, you must learn the correct ways of doing it. I have compiled a list of ten amazing tips that will help you earn money by renting unused space.
Table of Contents
1. Bring your housemate
Housemates are not necessarily for just young people, or for single people with no children. People tend to hesitate to share a home with a complete stranger. But as to my experiences, even housemates who are strangers become close friends in no time.
It forces you to become a better sharer, learn to negotiate, compromise better. It lets you grow as a person and help you develop better social skills. You have to play two roles simultaneously: a roommate and a landlord. As a housemate, you must ask screening questions to ensure that you can personally share living space with them. As a landlord, you must screen prospective housemates as renters, verify their housing history, income and credit.
2. Approach an artist or a photographer
Artists or photographers tend to look for spaces that fulfil their idea or inspire them in some way. Your unused space can be just the right environment or atmosphere where they can work. Ask them to visit the space before you make your decision. If they find it appropriate, they might pay a good amount for the space on rent.
3. Special events
Consider giving the space on rent during special events. You will be able to earn extra money during special events like weddings, birthday parties. People will be eager to get you space on rent since they will be cheaper than the clubs. Make sure the rents are reasonable.
4. Use as storage space
Small and medium business owners look for spaces to store their materials or items at a reasonable amount. You can rent your basement, storage space, or other places as a storage unit for businesses. Such free storage units tend to attract a lot of business owners
5. Film sets
Filmmakers often look for places to shoot their films. Your renting unused space might be the perfect location for their film. Keep the option open for them to visit your place. If your unused space fits perfectly to their story background, you might be able to earn tons of money from the filmmakers.
6. Rent it out on Airbnb
Airbnb can be the best way to find the right people to stay in your space. You will benefit from it as it saves the hassles of finding the people to stay with you. It is not necessary for people to stay there for a long time. Some travellers look for space to live for some days and then leave. The income will be high as compared to the monthly rentals. Airbnb will not force you on making your rooms available all the time. If you need the space for personal use anytime, all you would have to do is make them unavailable on the portal. There are tons of people who have managed to earn a lot by renting their space on Airbnb.
7. Pet boarding
Pet boarding might not be a passive source of income, but if you have love for the animals, it can be a perfect income source of income for you. As the owners go on vacation, you can earn money by caring for their pets. Through Rover.com, you can temporarily take care of other people’s pets.
8. Host a foreign exchange student
Hosting foreign exchange students requires a huge level of commitment since you will invest most of your time in taking care of children. You need to know that it can range from a few weeks up to a solid few months. You might require preparing meals, offering private bathrooms, planning their daily activities, and even doing laundry services. Such service also largely depends on the location of your property. It will be better for children if space is closer to a university.
9. Rent your space for projects & start-ups
Renting your space to business people is also another good option to earn more. It need not be extraordinary or anything fancy. It can be a real lifesaver for local artists, bands, weekend mechanics, musicians, and budding entrepreneurs. Your space can be used for a tuition centre, start-up business place, or an assignment help service. Use social media platforms, flyers, posters, pamphlets, ads on Craigslist, and local periodicals.
10. Run a bed & breakfast
If you have the right kind of space and property, you might be able to start your mini-hotel with a proper bed & breakfast. It can be highly profitable side-businesses if you rent out your rooms weekly or nightly. However, the facilities and responsibilities should be better and bigger. Thus it is so important to do proper research before initiating a BnB business.
11. Rent your unused accommodations
Consider putting a part of accommodations for rent if you happen to have all the necessary assets. Your property doesn’t need to be located in someplace posh or desirable place. Proximity to schools, office areas, hospitals, colleges, universities, schools, and other utilities can boost demand exponentially.
Decide on the amount of space and the way you want to rent your space. Take for instance; bedrooms that come with attached bathrooms tend to be in higher demand. Make sure you decorate the place you intend to rent, capture beautiful pictures and then publish them on Neighbor.com.
You cannot make money without putting in the required effort. There will be obstacles in the process of renting. Thus, you must prepare to bear all the burdens. You will have to bear some responsibility while renting unused space property. You do not require having the specialized skill to rent your unused space. Instead of letting your unused space to go in waste, it will be better if you provide them as a service to others.
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