How to Make Money by Renting Your Unused Space

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The sharing economy provides enormous opportunities to make money. Consequently renting the unused space in your house will earn you money. However, it does require a different relationship with ownership. Certainly, for some people, this will take a huge effort. We are still pretty much attached to our individual habits and our self-center mindset. Even though, one could evoke safety reasons as the main drawback. After all, you are renting your unused space to a complete stranger. That been said if you are able to mitigate that risk, the pay-off could be consequent.

Takeaways :

Nowadays, people who optimize their time, resources and property take home residual income. That is because the sharing economy model is creating a massive wealth transfer and generating a wonderful chance for people to supplement their income. In the like of this, renting the unused spaces in your property is a great way to generate passive income. Below is a non-exhaustive list of unused spaces we have :

Room
Driveway
Basement
Garage
Garden
Patio

All those spaces can be rented out and utilized for multipurpose activities. For instance:

Basement: rent out for storage or as a studio or additional room
Room: host guests
Driveway: parking
Garage: Startup or music band
Backyard: social events or camping
Patio: social gatherings

Nevertheless, cashing in will only be possible if you leverage the power of the community. As an illustration, creating connections with your neighbors and coworkers will put you in a good spot. Also, if you can leverage sharing economy communities online to receive offers and assess needs.

Advantages of renting your unused space:

Generates passive income: people already involved in the business model report decent additional income. in some cases, it is their full-time job.
Make mindful connections: one of the great benefits of participating in the sharing model is all the wonderful connections that you create.
Your property paid for itself: Yes, if you are active and aggressive in the model the additional revenue generated will go a long way in helping you paid off your property.