There’s a few folks that are apprehensive about renting out a room such that they want to rent out a room and impose strict house rules such as limiting the kitchen and other areas of the house. My take is that if you’re going to rent out a house, you will have to share the fridge, the bathroom, and other common areas. There’s no way a person will agree to move in with strict house rules. If you’re in a situation where you need/want to make some extra cash each month, but don’t want a roommate, here are a few other ways to make money with extra space:
- Rent out Garage Space
- Parking space
- How to Make Money without Roommates
RENT OUT GARAGE SPACE
Yes, folks may want to rent out garage space because they’re in the midst of moving and want to store stuff for a few months. Back in high school, I worked for a landscaper who was a few years older than me. He lived at home, so he needed a place to park his trucks and trailers. He ended up parking his landscaping equipment in the backyard of a homeowner in the same town in exchange for a monthly “parking” cost. If you can find someone looking to park landscaping equipment or a trailer, it’s definitely a feasible way to make some money. The only concern I would have is to be strict about leaving trash or other waste. In another words, don’t use it as a dump.
If you have a drive way and it’s empty during the day or if you don’t own a car, people may be willing to pay to park in your driveway. This is especially popular in areas where the demand for parking exceeds the capacity. One such location is along the I-95 corridor in and around the metro north train stops. I wrote a post about the issue and how folks with driveways can capitalize on the scenario.
HOW TO MAKE MONEY WITHOUT ROOMMATES
The two previous examples are just some ideas on how you can put your property to use either short-term or long-term without sharing the fridge or any personal space. The opportunities are limitless and probably dependent up on your location and property. Start brainstorming ideas and see what money making ideas can be done. Then you’ll want to advertise and test your idea to determine the feasibility and price. Maybe renting out your driveway may not be so popular or on the other hand, it could be insanely popular. You’ll never know until you try it.