When it comes to making extra money I’m a huge fan of squeezing cash out of things you already do or already own. One of the most underutilized resources many of us have is our home. Our house doesn’t have to just be a place we live, but it can also be a cash generator.
Of course many people will offer the advice to become a landlord and rent part of your home to a tenant. That’s a great way to bring in extra money, but if you aren’t comfortable adding a permanent roommate, there are a few other options.
I’ve previously written about the growing trend of “Renting Your Backyard to Campers,” but other homeowners are finding it lucrative to simply rent out their closets, attics and basements as temporary storage units. There is even a website called StoreAtMyHouse.com that helps owners and prospective renters find each other.
If you are interested in renting a closet or another part of your home, here are a few things you will need to know about the Store at My House website:
- No fee to post your space
- You set the price for your space and control the length of the rental
- Free sample contracts that you can modify for your own use
- Adding pictures can help sell your “space”
Once you find a renter be sure to establish some guidelines in your contract. How often will they be allowed access their space? What will they be allowed to store in their storage space? Will you be legally liable for their stuff?
I’m not sure if something like this would work for my already cramped apartment, but for those of you with some extra space, this might be a fun way to make some cash.