For most people, our homes are our biggest tangible assets. So it seems like a no-brainer to put them to work and make a little money if we can. Airbnb is a big success story, but not everyone wants to rent out their homes for vacationers. Luckily, turning your house into a short-term vacation rental isn’t the only way to make money with your extra space—and we’ve got five creative ideas that prove it.
5 Ways to Turn Your Home Into Income
1. Share your garage or workshop for projects
Your unused space doesn’t need to be fancy to earn a little extra income. Your garage or workshop might be a real lifesaver for a weekend mechanic, local artist or a group of musicians needing rehearsal space. To find these creative neighbors, try reaching out on your neighborhood email list or in your church bulletin, posting on the local Craigslist or just putting up some flyers in the coffee shop near your home.
2. Offer your home as a potential filming location
Similarly, your home doesn’t have to be a mansion to be useful as a filming location for movies, commercials or TV shows. Lots of productions need “real” homes that look lived-in and authentic. Your state or local film commission may maintain a database of homes that are available as film locations—especially if you live in an area with significant film/TV production like Toronto, Chicago, New York City, L.A. or Atlanta. You can also list your home on referral sites like SetScouter.com, which help location scouts find available properties easier.
3. Rent out extra parking space in your driveway or yard
If you live in a big city, downtown area or anywhere near a sports venue, beach or other popular destination, you know that parking is at a premium. Depending on demand, you can make some extra money by charging people to park in your driveway or even (temporarily) in your yard. Covered parking would likely generate the most money, but people will pay for parking convenience even without special amenities. If you live in a congested business district, you might even find a renter looking for an ongoing monthly deal. Finding parking space renters might be as easy as putting a sign in your yard or taking a flyer to a few office buildings nearby.
4. Share your empty storage space with a neighbor
Surely you’ve noticed the proliferation of storage places across the country. But who said people have to store their stuff in a big commercial building? You might have an empty bedroom or extra space in your garage or basement. Maybe you own a warehouse, or your property includes some empty space or an RV pad. Someone in your area is probably looking for space to store things like ski equipment, holiday decorations, heirlooms or even a boat. They might as well rent your extra space! Check out Neighbor.com. Their platform makes it safe and easy to find and connect with potential renters, with free background checks, secure automated payments and a $2 million host guarantee.
5. Share your home with a housemate
If you’ve got an extra bedroom, in-law suite or basement room, homesharing might be a perfect solution. Having a housemate—in other words, a compatible renter—can bring in some pretty considerable income while also providing companionship and even some help around the house. That’s where Silvernest comes in. We offer a complete homesharing solution that includes in-depth compatibility matching with potential renters, along with background checks, direct deposit for rent and more. Silvernest has everything you need to create a Home Sweet Shared Home®.
Making money from your extra space might be simpler than you think. With today’s connected communities and helpful technology tools, it’s easier than ever to put extra space to work. It just takes a little creative thinking and willingness to be flexible. We hope these innovative ideas have opened your eyes to the potential in your home. Have other ideas? Let us know in the comments!