4 Unused Spaces in Your Home That Could Be Paying Your Mortgage
Chances are you have a few areas in your home that don’t get quite as much traffic as your mainstays — the kitchen, bedroom and den. But whether you use them or not, they’re still a part of the monthly mortgage payment.
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Why not take advantage of those idle spaces and earn some money in the meantime?
Spare Bedroom
Extra income: Varies by location and amenities
A new housemate instantly cuts your mortgage or rent bill, sometimes by as much as half. It’s one of the easiest ways to make money from your property. And you don’t have to own a huge home to take on a roommate — just an extra room you don’t use.
If sharing your living space with a complete stranger sounds a little uncomfortable, consider partitioning the area into a separate space, complete with its own kitchenette and bathroom. That way, you keep your privacy while benefiting from the additional income. Potential renters may be willing to pay more, too.
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Garage or Basement
Extra income: Depends on space size and location
Lots of people need a place to store their extra stuff — that’s why storage companies have so many locations. But you don’t need to own a storage company to reap financial rewards from an empty garage or basement.
Measure how much space you have available to rent and list it on an app like Neighbor or SpareFoot. Both sites connect people looking for available space with sellers that offer it. Best of all — you’re not locked into a longtime storage contract. If you move or need to reclaim your space, you just remove it from the site.
You might be able to charge extra if your space includes amenities such as air conditioning or security features. People who need a safe space to store an expensive vehicle or items sensitive to heat often look for those benefits.
Parking Space
Extra income: $100+ monthly
That extra parking spot you don’t use can be a lucrative side hustle, with almost no work required. Why not rent it out?
Sites like Neighbor let you do exactly that. You can use the Neighbor app to auction off a part of your driveway or unused apartment parking spots. That’s attractive to people who need a place to store their vehicles — or even larger items, such as boats or trailers.
In major cities that lack parking options, your driveway could generate several hundred dollars monthly. And even in less populated areas, you may find customers that need short- and long-term storage for vehicles they don’t have space for. It’s a simple way to generate effortless, passive income and fill a community need.
Yard
Extra income: $120-$350 per hour
Take a look at your house from a stranger’s point of view. Do you have a beautiful yard with plenty of room? A lovely swimming pool and fire pit? Or perhaps you have a large extra room that could easily pull double-duty as a meeting space.
Your home might be a prime locale for someone’s big party or wedding. Local companies might use it for a day-long retreat. You can make it even more attractive by throwing in a few extras, such as decorations or catering.
If special events rentals sound attractive, consider reaching out to local event planners in your area to let them know your availability. You can also check out a site like Peerspace, where you can list your property and share pictures with potential clients.
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This article originally appeared on GOBankingRates.com: 4 Unused Spaces in Your Home That Could Be Paying Your Mortgage
