If you find yourself in possession of a house that has more room than you need, you might be considering downsizing. Whether your kids have gone off to college or you just lost a job and can’t afford the payments, there is another option you can try before you put it on the market. Use the extra space you have to make money.
Rent Out a Room
If the kids have left and you’ve got a bedroom or two available, consider renting one of the rooms out to a boarder. On a month to month basis, you can charge a pretty decent rate for a single room, and generally people looking to rent a single room are single, only in the area temporarily, and won’t cause any issues. It can become difficult for some people to have someone in the house all the time, so make sure everyone in your family is comfortable with the idea.
Start a Business
You can also choose to turn your extra space into the hub for a new business. There are any number of things you can do, from caring for other people’s pets in your home, or putting your craft skills to work selling things on Etsy. If you have any particular academic skills, you can set up a tutoring room and take on students in your area.
Rent Space as Storage
A great way to turn extra space into cash with minimal effort on your part is to simply rent the space as storage. There are plenty of people out there that need temporary storage for things like furniture, office documents, and a host of other items, but don’t want to use a commercial storage facility either due to the price, or because they only need it for a short time and there is a minimum lease at commercial facilities.
Become an Airbnb Host
If you aren’t comfortable with having someone move in full time, you can also choose to rent out a room a few nights a month or just on weekends. Airbnb can be very lucrative for some people, and it affords you a lot more flexibility to decide when you’re going to have someone there, and when you don’t want to. The downside is that you can’t be certain who is going to show up or how they will treat your home.
Host a Foreign Exchange Student
Hosting a foreign exchange student can be a great way to make some extra money, and the terms are flexible. You generally need to fill out an application and explain how your home is an ideal placement for the student, and there are different levels of compensation depending on the program. It’s also a great opportunity to engage with someone from another culture and can be a rewarding experience.
Rent Out Office Space
If you aren’t comfortable sharing your home with someone but have some extra space, you can consider renting out an extra room as an office. There are freelancers and other professionals that prefer to get away from home to separate their work and home lives, or because roommates and family members make it difficult for them to get anything done. You can rent out the space during the day when you’re typically not at home and still have your house to yourself in the evenings.