If you’ve found yourself in a house that has rooms going unused, or you’ve abandoned your sewing, crafting or model ship-building room, there are plenty of ways to get that square footage back to work. While some of these are easy to implement, others may take a little bit of preparation and foresight, but could be the beginning of an excellent new chapter in your life.
Airbnb
The multi-billion dollar room and property rental company is successful for a reason: Americans (and homeowners all over the world) have benefited from hosting guests in their home. Depending on where your home is located and the kind of amenities you can offer, you might be able to pull in some serious extra dough each month. If you have a fully furnished garage apartment or a bedroom with its own bath and outdoor access, you are sitting on what could be a $50-$150 a night location. If there is a major sporting event or convention on the calendar next month, get your room approved and booked on Airbnb now so that you can capitalize on your housing opportunity. If you’ve got a vacation home or an RV, list your entire house and hit the road for a week. You could earn a few months’ worth of tax payments in the seven days you’re gone, if the dates are high in demand and the space is large enough to rent to a family or business during a special event.
Tutoring and Clubs
Are you active in your church or community group? Your extra guest bedroom might make for the perfect meeting space for students who need weekly tutoring, or an outreach group that needs a designated spot for monthly meetings. Sometimes a quiet place for a small group to gather is all that’s missing between a community need and achieving a goal. Maybe you’re a fan of checkers or chess? Opening your home up to your church’s board game club could mean swapping out a full-size bed for a card table and a few folding chairs and an opportunity for you to make a few new friends. If you’re donating the space daily, weekly or monthly to your church or a non-profit such as a support group, be sure to note the dates and amount of space allowed for use so you can apply it toward your tax deductions.
Student Housing
You’d be surprised how much money college students spend on housing. In the United States, public university students pay over $8,000 a year on average for their room and board. If you’re in a college town, your empty bedrooms are goldmines. Students who are far from home or those who prefer a quiet studying atmosphere away from frat houses and campus parties could pay a pretty penny for a daily home-cooked meal and family atmosphere. Alternatively, consider hosting an international student who is either attending a nearby university or high school. It could be the beginning of a relationship you have with them for the rest of your life.