Renting out your attic, basement, or even your garage or shed, can be an easy way of making extra money. It’s non-intrusive, takes very little effort and can turn a profit without you even noticing. There are scores of people out there looking for storage in private homes when they are moving house or renovating because prices are competitive compared to commercial rates. Try advertising in classified adverts in newspapers, on websites or social media, or one of the many specialist companies, like neighbor.com where they say the average large garage or indoor parking can make $200 – $400 per month.
If you’re lucky enough to have your own drive, especially in urban areas where parking is expensive, renting it out can pay dividends. High demand is centered around airports, train stations and even sports stadiums. Large driveways or outdoor parking could make you $50-$150 per month depending on location according to neighbor.com.
You could make money from renting out a room in your house, or even your entire house over the holidays or vacations to maximize profits. You can list your space on websites like Airbnb, SpareRoom and Craigslist. However, in the US, rent control functions as a price ceiling, putting a limit on rental prices and lease renewals. It is in effect in four states: California, New York, New Jersey and Maryland, as well as DC. If you do decide to take in a lodger, be sure to let your mortgage lender and buildings and contents insurer know in case you are breaching the terms of your agreement. Investopedia also recommends checking your local and state tax rates to be sure you'll turn a profit.
Whether you have a suburban terraced house or a minimalist city apartment, it’s well worth exploring whether your home is suitable for filming and photography shoots. Production companies are always looking for locations, particularly in LA where many of the larger film studios are. Peerspace reports: "In a popular filming city, you can start by listing your home anywhere from $100 – $300 per hour. That’s as much as $1,200 – $3,600 for a 12-hour shooting session!" You need to factor in the disruption and risk of damage, but if you have the right place and mindset, it can reap rewards.
When you’re cutting back, holidays are the first thing to go. But if you sign up to a house swap website, you can travel the world and stay for free. Websites such as Home Exchange, HomeLink and bewelcome.org allow you to do a classic reciprocal swap or you can host someone to earn points, which can be used at a later date in another property. Membership can be as low as $59 per year and families often swap cars, too, which can be a major expense on any holiday.
As well as providing an extra source of income, selling your stuff can be a great way of decluttering your house, and your head. You’ll be surprised by what you can sell on websites like eBay, Craigslist or Facebook Marketplace, everything from a collection of CDs or videos to a hairdryer or a bike. It is essential to get the photos right, to include as much information as possible about the item and to keep your prices reasonable. We all love a bargain!
You may not have a green thumb, but others do. Demand for allotments is at an all-time high, so if you have a large garden, think about renting out some spare ground to would-be growers. On sites like Yardyum, plot rent prices can command up to $50 per month. Alternatively, if you live close to places of interest, how about renting it out to some happy campers? Campspace offers pitches in backyards around the world, including in the US.
They say one man’s rubbish is another man’s treasure and according to Linnworks.com, they’re right: the secondhand market is poised to hit $64 billion globally by 2025. A range of items including toilet rolls, corks and jam jars sell well on eBay, Facebook Marketplace and Craigslist, but the trick is to sell in bulk. Old perfume bottles can be sold individually and can fetch up to $40 a bottle, though about $3-$6 is more usual. Old sports game programmes do well, too.
Next time you are doing a wardrobe clear-out, pause before you take your items straight to the charity shop and consider selling them. Designer labels always do well on sites like eBay, Vinted and Depop, but if you are thinking of selling your wedding dress, you might be better off listing it on one of the specialist sites like Still White, Nearly Newlywed or Poshmark, according to Brides.com.
If you are reluctant to say goodbye to those cherished items of clothing, you might consider renting them out instead. MoneySavingExpert says you can make a tidy sum, in the hundreds, by renting out designer clothes through sites such as By Rotation, Hurr and My Wardrobe HQ. They feature bridal wear, too, so you can let another bride sparkle her way up the aisle and still hold onto your special dress. Lenders are responsible for cleaning, however, so do factor in that cost.
If the kids have grown up and moved on and you have an attic full of Lego boxes, you may be relieved to hear that there are several online companies who will take it off your hands for cash. Betterbricksstores.com pay approximately $5 – $7 per pound of LEGO and you don't even have to sift through it. Just box it up, send it and enjoy the spoils. Also, check out Music Magpie.
If you thought watching television was a waste of time, think again. These days you can actually earn money while you binge on the latest drama or cookery show. Netflixjunkie tells you everything you need to know about signing up to earn $ for watching shows on the platform or you can use sites like Swagbucks, which present you with short news clips to choose from every day, then ask you a few questions about them. You could add up to $225 a month to your pocket by signing up for a free account with them according to Thepennyhoarder.
You’ll never hit the big time, but filling in online surveys can be a fun and low-stress way of earning extra money or vouchers. All you do is sign up and wait for the survey alerts to land in your inbox. You can be asked to give your opinions on everything from washing up liquid to politics, depending on your interests. The top sites include i-Say, Swagbucks and PopulusLive, according to Thepennyhoarder.
While there are some books you’ll read again and treasure, others are simply taking up space on your shelves and could earn you some extra pocket money. MoneySavingExpert suggests you head straight to Amazon Marketplace if you want to earn money on unwanted books. Search the title, add a quick description and sit back until it sells. It’s free to list up to 35 books a month, but Amazon charges $0.99 every time you sell an item and collects a referral fee on each sale.
As well as saving you money on your energy bills, solar panels can also earn you cash. According to marketwatch: "for a homeowner who typically pays an electricity rate of 16 cents per kWh, a solar system generating 10,000 kWh per year will save $1,600. However, a system of the same size generating 8,000 kWh per year due to a less sunny location could save $1,600 if the electric tariff is higher, say 20 cents per kWh." They also recommend looking out for local incentive programs for solar power, like the federal solar tax credit from the Department of Energy.
If you have expensive gear like photography equipment, DJ decks or electric scooters, that you are willing to rent out to others, check out Fat Llama, which connects would-be renters with items they need, charging a 25% cut. According to The Standard, some lenders make as much as $14,500 a month and the platform even arranges insurance of up to $30,350 just in case.
If your car is usually sitting on your driveway, you might consider hiring it out via rental apps like Turo, Hiyacar or Karshare, which matches your vehicle with nearby drivers. According to Legalzoom some owners earn an extra $720 a month from Turo, which has cars available in 4,500+ cities and more than 300 airports. Check with your own insurer in case renting out your car invalidates your existing cover and factor in wear and tear and added stress should accidents occur.
If you are not familiar with cashback websites, they’re a simple idea. Instead of going directly to a shop, you access a retailer’s online store through a link from a cashback website, like Befrugal or TopCashback, which claims members earn an average of $450 cashback per year. It’s free to sign up and you still receive your item from the retailer but be aware tracking problems can occur, so view cashback as a bonus only and not a guarantee.
If you’re a whizz in the kitchen and love hosting dinner parties, why not do it for cash? Eatwith is a platform to find unique dining experiences hosted in cool locations all around the world by professional and home chefs. You can even host cooking classes. You set the time, capacity and price, and post lots of images to tempt your diners. The platform claims you can earn up to around $700 per event, plus you get to meet lots of interesting new people.
Before you embark on any of these money-spinning enterprises, be sure to check where you stand with the tax man. According to CNBC The IRS states that anyone making $400 or more in net income from a side hustle must file an annual tax return and pay income taxes. They recommend that income earned from side gigs be reported and paid on a quarterly basis to avoid large tax burdens and late-payment penalties at the end of the year.
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