As you know raising a family is not cheap, so anything you can do to bring more money in is always worth investigating. Most of us take lots of little steps to improve our family finances. For example, using vouchers for days out, buying groceries in bulk and waiting for the sales to make big purchases. All of which are important and effective ways to save money. Making lots of little savings adds up and makes a huge positive difference.
However, few of us think about how we can use what we own earn more cash. Today, we are going to do exactly that by telling you how to make money from your spare space you have in and around your home.
Rent out your spare room
One of the best ways to generate a lot of additional income is to rent out your spare room. Using furniture rentals you can quickly and cheaply transform your junk room into an attractive bedroom, or bedsit.
There are all kinds of people who want to rent a room. Websites like Airbnb make it easy to rent to holiday makers.
If you are looking for a steadier income you could find a full time tenant by advertising locally, or online. Another alternative is to take on a part time renter. There is increasing demand from commuters who want somewhere to sleep Monday to Thursday so they only have to endure a long commute twice a week. You can find them by advertising online, or by contacting some of the larger companies in your area.
Create a small workspace
Another alternative that can work is to turn your spare room into a small office. Start ups and entrepreneurs are always looking for cheap office space.
Some garden sheds, garages and outhouses also lend themselves to this use. Potential clients will like the fact that they can have their own key and come and go as they like. These buildings are also ideal for creating small workshops, for which there is surprisingly high demand.
Rent out your parking space
If you have enough space on your drive consider renting it out to commuters, or event attendees. In some areas you can earn a lot of money by renting out your parking spaces.
Do your research
Most of the ideas are going to cost some money to set up, so it is important for you to do your research. Sit down and work out roughly how much it will cost, then go out and check out how much you can charge.
Speak to local agents to make sure that there is enough demand, or better still advertise your space before you make any actual changes to your home. That way you can see how many calls you get. If you get enough interest you can go ahead and invest the money and actually prepare the space to rent out.
You should also take the time to read this article. It explains some of the potential pitfalls associated with renting out space in your home. Reading it will help you to make an informed decision about whether it is the right approach of you.