Maybe you had kids that have since grown and are out living their own lives at college, or have started their own families. Or you invested in a large home solely for the purpose to be able to make more of an income from it. What exactly can you do with all the extra space and spare rooms? Whether you have an empty nest or want to make money with your investment property there are a few ways you can generate a profit in any of these scenarios.
How to make money with your property?
Rent out the spare rooms in your home
If you have a spare room or two or even three you can easily rent them out. You can make the rooms available for long or short term leasing opportunities or if you are in a touristy area you can offer the spare rooms to vacationers. Opening up your home to be rented out to various travelers will require a significant amount of patience and trust on your part. You will need to be comfortable with having different people using you space, which can be a challenge if you are staying there as well. Renting your rooms out for longer periods of time can also mean a reduction in your utility bills as well since you can divide those expenses up with the new roommates.
If renting out a room on the main level of your home makes you uncomfortable then you can consider having your basement or even attic re-done into a suite-like living corridor. You can easily have a bath installed and small kitchen area and dividers put up to create a private space to rent out. This can be a great option for those living in big cities or college towns. If you can free up a parking spot to include with the room you can charge a little more each month as well. You can rent out your basement suite through a traditional lease agreement or offer it up for various travelers to spend a night or week in.
You may be hesitant about opening up your home to complete strangers, which can be completely understandable. Who hasn’t heard horror stories about sketchy roommates or disrespectful neighbors? Luckily through Airbnb, you can easily be matched up to host a traveler over a secure network and trusted community. Airbnb is a unique platform that allows those who have the free space to host those who are looking for better accommodations that the traditional hotels. Each profile is securely and strictly verified on Airbnb to ensure each host and traveler are linked with the accommodations and fit for them.
Renting out your spare rooms and free space in your home can be a great way to earn some additional money each month or year. Through Airbnb, you can more easily, safely and securely find someone who is looking for a temporary lodging arrangement.