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Make Some Extra Money On Your House?

July 26, 2017

Willing To Share Your Space to Make Some Extra Money?

If you happen to be a home owner and may be the children have left the nest you are now left with some empty space. It could be that the house is mighty lonely now with part of the family gone. This may entice you to use that extra space not only to bring in some company but to make a few extra dollars. Then again, it may be that you have run into a bit of financial trouble and you want to glean some extra money to help you over a rough period of time. Either way, you could turn that space into a money maker if you have a mind to.

I personally have a few friends that are doing this both for different reasons. One based on the reason they would just like to have some company and enjoy having someone to chat with or just someone around the house on occasion, and the other a couple who are using their basement apartment to help them cover their mortgage.

How Much Money Is In That Space?

Trying to equate how much money you’re going to make for the extra space that you have to rent out is going to depend on a lot of variables. It will depend on whether you have a full apartment such as the basement apartment that you can rent out for a extended period of time, or perhaps you have just one extra room that is great for a one or two day stopover.

At any rate what you want to do is check out how much rooms are renting for in your area and then just divide that by the amount of time that it is going to be rented for. You might want to boost the price a little bit but keep it lower than what one would be paying for a hotel or motel, for example.

Let’s say on an average that your local hotel is charging $75.04 and nights stay. You may want to offer your room for $50 per night. The great thing about this concept is that you can go as heavy as you like with your renting experience, or just keep it to a minimum of a few days per month. What is going to dictate this is the reason that you are doing this in the first place. If it is because you really need the extra money then you’re going to want to capitalize on it is much as possible. However if you’re doing it just for the company then sometimes a little company once in a while goes a long way.

Steps To Go About This

Step One
First thing you want to do is find a reliable platform where you are able to advertise the space that you are renting. The most well-known for this is Airbnb and to use this platform is probably going to be your safest way of bringing strangers into your home.

Step Two
Once you’ve decided on using airbnb then you need to learn the ins and outs of getting your property listed on the site. First thing you’re going to want to do is take the time to check out what other renters of space are doing and then sort of follow their lead.

Step Three
You want to make sure that the space that you are going to rent is picture ready so you can take some images to upload to airbnb as people will want to see what they are paying for.

Step Four
Setting your price means that you can follow the tips that I have already given you here. In addition to that you can check out pricing for listings in your area to see what the going rate is, so that you are being competitive.

Step Five
Make sure you stay organized because if you don’t you could end up renting the room with overlapping dates. The great thing is, using a platform like airbnb is that it is going to allow you to use their scheduling calendar so this limits the possibility of you making a big boo-boo.

This really is an easy way to make some extra money but you’re going to have to set some ground rules as to what you will and will not allow your guests to do. For example whether you will allow the couple that’s going to stay for a night or two to bring their doggie with them. Make sure your rules are well-known in your posting, and remember that earning this money may seem easy but you are going to have the cleanup after each and every guest so be prepared for that.