In today’s world, there are countless opportunities to make money through creative and unconventional means. One such opportunity lies in monetizing your extra space. Whether you have an unused room, an empty garage, or even a spacious backyard, there are platforms like Neighbor that allow you to earn extra income by renting out your extra space. In this article, we’ll explore how you can turn your surplus space into a lucrative side hustle and uncover some funny ways to save money in the process.
The Rise of Neighbor
Neighbor is an online platform that connects people with extra space to those in need of storage. Founded in 2017, it has gained popularity for its user-friendly interface and the ability it offers for individuals to make money from their underutilized spaces. Whether it’s a spare room in your house, a vacant parking spot, or an empty garage, Neighbor provides a platform to connect you with potential renters.
Here’s how you can get started:
1. Assess Your Extra Space
The first step in monetizing your extra space is to assess what you have available. Take a look around your property and consider which areas could be utilized for storage. This might include a guest bedroom, a basement, or even an empty corner in your garage.
2. Create a Detailed Listing
Once you’ve identified the space you’re willing to rent out, create a detailed listing on Neighbor. Provide clear and accurate descriptions, measurements, and photographs of the space. Highlight any unique features or amenities that might make your space more attractive to potential renters.
3. Set Your Price
Neighbor allows you to set your own price for the space you’re offering. Take into account the size, location, and any special features when determining your rate. Keep in mind that competitive pricing can attract more renters.
4. Communicate and Vet Renters
When you receive inquiries from potential renters, be sure to communicate promptly and thoroughly. Ask questions to understand their storage needs and ensure they’re a good fit for your space. Neighbor offers a secure messaging system, making it easy to connect with renters.
5. Start Earning Money
Once you’ve found a suitable renter, you can start earning money from your extra space. Neighbor handles payments securely, making the process hassle-free. You can receive payments through direct deposit or check.
Benefits of Monetizing Your Extra Space
- Extra Income: Monetizing your extra space can provide a consistent stream of additional income. This extra money can be used for various purposes, from paying off debts to funding your next vacation.
- Minimal Effort: Unlike other side hustles that might require extensive time and effort, renting out your extra space is relatively hands-off. Once you’ve set up your listing and found a suitable renter, the ongoing maintenance is minimal.
- Flexible Schedule: You have control over the availability of your space. If you need it for personal use at any time, you can simply block those dates on your listing.
- Tax Benefits: Depending on your location and local regulations, you might be eligible for tax deductions related to the income generated from renting your space.
Now that you understand the basics of monetizing your extra space with Neighbor, let’s explore some funny ways to save money in the process.
Funny Ways to Save Money While Monetizing Your Space
- Become a Space Economist: As you start renting out your extra space, you’ll naturally become more conscious of how space is used. This newfound awareness may lead to creative space-saving solutions in your own life. You’ll start questioning if you really need that old collection of novelty mugs or the stack of unread magazines that occupy precious real estate in your home.
- The “Parking Lot” Diet: If you’re renting out a parking space or garage, you’ll be tempted to declutter and make more room. This can translate into cleaning out your car and maintaining a tidier vehicle. Fewer crumbs and spilled coffee in the car mean fewer trips to the carwash, which can add up to some significant savings over time.
- The “Guest Room” Effect: Renting out your guest room can inspire you to be more conscious of your own spending habits. Instead of splurging on unnecessary home decor, you might adopt a more minimalist approach to accommodate your guests comfortably. It’s a win-win situation for both you and your renters.
- “Storage Wars” Game: Hosting renters can turn into a friendly competition of who can maximize their storage space. You might find yourself getting more creative with organization and storage solutions to make the most out of your own space.
- The “Airbnb Envy” Phenomenon: As you browse through Airbnb or Neighbor listings, you might come across spaces that inspire you to upgrade your own living space. While it’s essential to stay within your budget, this newfound inspiration can motivate you to make small, cost-effective improvements that can enhance your daily life.
- Rent Out Unused Items: If you have extra items taking up space in your home that you don’t want to part with permanently, consider renting them out separately. Whether it’s a lawnmower, power tools, or even a bicycle, Neighbor allows you to list these items for rent.
Conclusion
Monetizing your extra space through Neighbor is an excellent way to generate additional income with minimal effort. This side hustle not only provides financial benefits but also leads to some humorous and money-saving side effects. You’ll find yourself decluttering, reevaluating your spending habits, and becoming more resourceful with your space. So, if you’ve been contemplating how to make the most out of your unused space, give Neighbor a try and enjoy the funny ways to save money that come with it. Your extra space could become your new favorite source of income and inspiration.