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Extra Space? Turn your Home into an Income Property

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Turn Extra Space into Extra Income with These 3 Income-Property Tips

Homeowners are getting crafty in coming up with creative ways to offset the cost of their mortgage by utilizing or creating an extra space around the house – and with home prices rising across the country, it’s a practical trend that’s gaining in popularity. But unless you’ve working with a big space and an even bigger budget, odds are you’re looking for more efficient options for how to make money with your house. If what you need are a few low-cost ways to supplement your mortgage and turn your live-in home into a money-maker, then these ideas for making money at home are the right place to start.

Here’s how to make money off your land without going broke in the process.

Tip #1: If You’ve Got it, Rent it.

Let’s start with a creative twist on an old standby: renting out a room in your house. Whether looking to take in a permanent tenant or just offering overnight accommodations, you have options in how to create the space you need to generate rental income in your home.

To begin, decide if you want a full-time tenant or just overnight guests, then identify the amount of space you have to offer. To make this part easy, StorQuest offers clean, move-in ready storage units with a free truck rental so you can easily move out whatever’s standing between you and your new income space, without having to give it all away.

Here are a few ways to go about it, depending on space and accommodations.  

  • A Simple Sleeper | Even without a full room to offer, websites like Airbnb allow you to connect with people who are looking to save as much money as possible by just renting a spot to sleep, like a couch or futon. Remember: to maximize your earning potential, you’ll want to maximize your sleeping potential as well. So if you have a sectional or convertible futon that sleeps more than one, you’ll likely make a little more per stay.
  • A Private Room | If you’re thinking about a roommate, then you can count on them bringing their own furnishings. But if you want to go for short-stays, you’ll need to be smart about how you stock your guest space. Forgo bulky items, like dressers and bookcases in favor of usable pieces, like a convertible futon which offers a bonus bed without taking much space.
  • A Mobile Mini Cottage | Even if you don’t have a snazzy sleeper sofa or a spare bedroom, you might have a potential income space sitting right under your nose. What about that cute vintage camper you’ve been dreaming of fixing up? If you have a little money to invest in a project, you can snag a fixer upper at a bargain price and turn it into a cozy spot for visitors. Pinterest literally has thousands of ideas to help you make it happen.

Pro Tip: When you advertise, be honest about how many you can comfortably sleep and the quality of rooms and beds, as well as the privacy available. Even one bad online review can turn your rental spot into a serious flop.

Tip #2: Turn Skills into Paid Bills

If you’ve got a talent, you’ve got something to share. Whether it’s a creative craft or a practical trade, you might have a marketable skill that others are interested buying or learning. Here are a few ideas for how you can put your trade to work in your newly cleared space to bring home the bacon.

Create a Workspace

Do you love to sew? Paint? Upcycle old clothing into modern treasures? Set up shop in your own home and share what you enjoy making with the world. Sites like Etsy offer a place for artisans and artists alike to sell their wares world-wide. Handmade money-makers include:

  • Jewelry, accessories, and clothing
  • Costumes for children and adults
  • Home décor, like blankets, wall art, and pottery
  • Upcycled and repurposed furniture
  • Greeting cards, invitations, and stationary

Pro Tip: A limited workspace is no problem with StorQuest. We are dreamers and planners, artists, and inventors, so we’ve got your back so you can turn your dreams into realities. We offer storage for your space-taking items, like large rolls of fabric and furniture that’s waiting for its makeover. We even accept packages in our office so you can have big items shipped right to our facility.

Share Your Knowledge

Speaking of special skills, there are probably people out there who would love to learn from a crafty genius like you. Turn your new space into a classroom and host skill-share sessions with paying customers or, if you have a certain area of academic expertise, offer tutoring from your home. You can even set up a digital classroom using video chat or build a follower base by sharing how-to blogs and videos. Just make sure you’re fairly representing your skills and credentials when you advertise.

Tip #3:  Start a Tiny Homestead

With more people looking to reduce their commercial consumption by eating and buying locally sourced and artisanal food and goods, urban homesteading and micro farming are becoming money-saving, money-making trends for many homeowners. And with so many people willing to share their trials, tricks, and successes online, it’s easy to find the helpful homestead business ideas you need to take the first steps. We particularly like the education videos offered by the organization Urban Farming. They offer tips on everything from healthy practices to healthy budgeting.

Here are a few small-farm ideas for ways to make money with your land as a micro-homestead beginner.

  • Purchase a beginner’s bee-keeping kit and produce your own honey and beeswax for candles, salves, cooking, and more
  • Start an herb garden to make custom tea blends, aromatics, and infused cooking oils
  • A succulent garden requires minimal water and you can harvest the buds to make pre-potted mini gardens
  • If you have room for several chickens, it might be worth it to set up a coup and produce eggs, but keep in mind that it takes quite a few chickens to really get in the egg game
  • Grow vegetables, but choose wisely as many require ample watering and temperate climates – we recommend sticking with things like cherry tomatoes, shallots, garlic, and basil
  • Rent a climate-controlled storage unit from StorQuest Self Storage for things like potting soil and seeds – a standard unit is perfect for equipment and machinery

Pro Tip:  some of these items can also be sold online or with local retailers in your area. Be sure to review all sales guidelines before posting your wares. You’ll also want to make sure you check with any city ordinances and neighborhood regulations to make sure your mini-farming practices are within your rights as a homeowner.

StorQuest: Make Room. Then Make it Happen.

From starting your own micro-farm to selling upcycled furniture, StorQuest has the space you need to make room for clever uses of your home space. We thrive on the spirit of possibility. And we encourage you to push the norms and strive for new ideas.

Now is the time to dream, act, and achieve. Contact StorQuest today. We’ve got your back.

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