Everybody loves getting something a little extra but when it comes to earning extra money, it may sound weird to say that selling your parking and/or storage space is one of the ways to go about it. As unusual as it may seem, the fact is that given the economic conditions in most countries, many people have actually resorted to such methods to supplement their income and ease their financial troubles.
If you have got extra space in your house or garage then take a look at why renting it out is the most cost-effective way to increase your income and get guaranteed returns without investing anything at all.
Renting Parking Space to Neighbours and Co-workers
Depending on the rules and regulations of your locality, you can rent out your garage and driveway or even sell the latter altogether. Also, if your workplace offers individual car parking spots in the office building and you use public transportation for travelling then you can rent out the unused spot to fellow workers who might face trouble in finding one on a daily basis.
However, the profitability of this method is determined by the need for parking space in your neighbourhood and office. The following scenarios are the ideal situations when you can make significant money by renting your parking place for a particular price.
- Many families in your neighbourhood own two or more cars that cannot be accommodated in their garage
- The streets are crowded and there’s little to no parking space for cars
- Some people own vans or other similar large vehicles that disturbs the car-to-house ratio and affects the parking place for others
- Nearby commercial parking places cost quite a fortune so car owners will be glad if you offer them a cheaper spot
Renting Storage Space
Many times homeowners need extra storage space for their household items or other personal belongings that they will not need for a certain time. You can ease their worries and earn extra money simultaneously by offering to store their items in your garage or the likes. However, the trust factor is a big requirement in this case so you might have to install special cabinets or lockers with an appropriate locking system so that only the user can access the items stored in it.
Renting out parking and storage space is indeed a smart way to earn extra money. Just make sure that you research properly and are well aware of the legal rules and regulations before proceeding.
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