How To Make Money From Your Home
How often do you daydream about having more money?
More money so you can take an awesome vacation with your family….more money so you don’t have to worry so much about your high mortgage payments…more money so you can go out and have a nice dinner with your friends every month…or, perhaps more money to save for your retirement.
For those of you who own a home, it’s likely the most valuable asset you have. You know that over time, house prices will increase making your house a good investment. You also know that once your mortgage is paid off, your day-to-day expenses will go down dramatically. But, owning a home is expensive and often leaves a number of us feeling “house poor”. The reality is, nearly 50% of Canadians are living paycheque-to-paycheque and over 60% of Americans have no emergency savings to cover things such as a $500 car repair.
What if I told you that you could use your home NOW to help you generate income on an ongoing basis? Wouldn’t it be awesome to make a few hundred dollars a month (with very little effort) simply by getting creative on how to use your home space?
Here are 5 ways that you can EARN INCOME FROM YOUR HOME:
1. Utilize your garage
Do you have some extra space in your big two-car garage or perhaps you don’t use it at all? If so, you can rent out that space for storage.
Some people may be looking for a place to store their summer car, motorcycle or recreational vehicle. Others may just need space to store bulky items such as winter tires, seasonal decorations and furniture.
Offering up your garage for storage is a great option for people in your neighbourhood looking for self-storage close to home. An average sized garage could earn you $150-$300/month.
2. Rent out part of your basement
Whether you have a finished or unfinished basement, I bet you have some extra space down there. Why not corner off a part of your basement and rent it out to someone for storage?
Basements are a great place to store sporting goods such as skis/snowboards, hockey gear, volleyball nets, baseball equipment etc… Anything packed away in boxes (e.g. books, trinkets, furnishings, tools) are also things that can easily be stored in a basement.
For people who live in apartments, condos or small homes, they usually have very little room for storage. Your basement could be the perfect option for them to have some additional storage for a reasonable price. Sharing 150 sq. ft in your basement could earn you $150-$200/month.
3. Share your driveway
Do you have extra space on your driveway to park another car? Depending on where you live, renting out a parking spot could earn you $75-$200/month.
Many people who live in urban areas don’t have a parking spot so to be able to get a permanent space on your driveway would be very beneficial for them. Parking spots near the subway or train stations would also be highly rentable since daily commuters often want to drive and park close to a station. If you want to do something more short-term, you could rent out your driveway periodically when there are big festival or events going on in your neighbourhood.
4. Use your spare bedroom
Do you have a spare bedroom that is barely used? Why not empty out that room completely and rent it out for storage?
It’s amazing how much stuff people have these days and to be able to find some extra storage for a reasonable price is not easy. Your spare bedroom could be the perfect place for someone to store clothing, photo albums, baby gear, small furniture and boxes. A spare bedroom would be an enticing storage option for a lot of people because it’s clean, temperature controlled and the room could be locked.
A typical spare bedroom is at least 100 sq ft, which means that space could earn you a minimum of $100-$150/month.
5. Revive your shed
For those of you with a shed, it’s probably full of knick knacks and junk. Why not clean out that shed and turn it into a money maker? A standard shed could earn you $75-$125/month.
A shed is a great place to store tools, gardening supplies, bicycles and small outdoor furniture. For people who need to store their motorcycles for the winter, a shed (with power) is an ideal space.
Self-storage is a $26 billion industry in North America ($2 billion in Canada and $24 billion in the US). The demand for self-storage is huge and even though there are more options popping up, self-storage is very expensive.
By renting out space in your home for storage, not only will you be making money, but you’ll be helping someone else to save money!