Homeowners are creating innovative ways to earn extra or seasonal income by renting their outdoor spaces for events, such as weddings, parties, classes, and getaways. Online peer-to-peer platforms have made it easier for homeowners to showcase their properties and advertise programs hosted in these spaces.
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Many homeowners may not consider it this way, but if you have some extra land, a basement, a garage, or even a few spare closets in your home, you could turn those spaces into cash. Others who are lacking additional storage space in their homes are often willing to pay people who do. So, if you’ve been looking for a reason to declutter, sell old items, or empty your basement or garage, getting paid to rent out space is great motivation.
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Whether you want extra cash to supplement your income, or you need help with paying your mortgage, renting a room in your house solves two problems; housing for someone who needs one, and extra income for you.
But renting out a room in your house is not for everyone; consider the benefits and the drawbacks to see if it’s right for you.:
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