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Looking for ways to make money and generate extra passive income? If you’re a homeowner, you probably have never looked at your property as an asset that can bring in extra income to help pay your mortgage. Your extra garage space is the most ideal space in your home that is versatile enough to be used for many different purposes including a living space, business, storage, parking, workspace, studio, and more! Here’s a list of 10 ways on how to turn your garage into an income-producing asset to help pay your bills.
Finding people and businesses looking to rent out a large space has never been easier. The use of the internet and the comfortability of renting space brought by Airbnb has opened a lot of doors for people who see the opportunity. Space is everything, especially when you live in a major city like Seattle, New York, San Francisco, or Los Angeles. So, if you have extra space and looking for an opportunity to generate passive income, here are 10 ideas to get started!
Storage is one of the most lucrative businesses as 1 in 10 households in America have storage space. It’s one of the most cost-effective businesses in terms of how much money you can make per sq. ft. of space. In America, you can generate on average, $1 per sq. ft. with little to no cost for maintenance or utilities. Renting out your garage for storage is the perfect way to generate income as all you do is let someone stuff sit there while you incur monthly payments. There is no added cost for the property owner for heating, power, or security that you wouldn’t already be spending while living in your home. The best and safest way to rent out your garage is on a platform such as PeerStorage. PeerStorage helps property owners find and screen renters, collect month-to-month payments from the renters, and protects their property in case of issues. With an empty single or double garage, there are plenty of opportunities to make money to reinvest into your mortgage.
Parking is always in demand, especially in major cities where space is a premium. With an increase in thefts in 2020 and 2021, people want to get their cars off the streets and in a locked garage. This has only increased the demand for garage parking space which also increased the income of someone who rents out their garage. Now is a great time to rent out your extra garage space for $200-$300 per month. PeerStorage is an easy and safe way for any homeowner to start generating this type of income from their garage. PeerStorage features parking and storage spaces and does all the work so homeowners can sit back and relax as the payment hit’s their bank account.
Woodworking has been a hobby for people for hundreds of years and 2022 is no different! I remember when I was a little child, I would make small chairs, figurines, toys, and even a baseball bat out of wood in my garage. Now imagine, the garage you never use can be used by a neighbor with a hobby and a kid with an unlimited curiosity could be used for their woodworking hobby. With an unused garage, you can generate passive income renting to your neighbor and his child so they can pursue their hobby. Let’s also not forget with sites such as Etsy, more small business owners are turning their hobby into a business. It’s never been easier for creative individuals to get their creations out into the world. People can easily take their passion and sell it online for many people to benefit from. Who knows, maybe they will make you a little something special in the process!
With the exponential increase in social media in 202 and 2021, people are looking for spaces to take professional photos or film. Influencers are producing professionalized content which has increased the need for photographers who don’t have anywhere inside to shoot. This is where you can turn your garage into a cozy little studio for photographers to rent for their photoshoots. PeerSpace is a marketplace where photographers and small businesses can find and rent out content studios. Once you turn your garage into a workable content studio, PeerSpace will be able to connect you with photographers and film crews. You can make $40 – $80 per hour from PeerSpace after you turn it into a workable studio.
The purpose of a home is to have a nice, safe environment to live and sleep in… not for your car to keep warm. Homeowners can easily convert their garage space into a large living space or bedroom that can be rented out to an extra tenant or on Airbnb. This can be a short-term rental for the holidays or an added bedroom to a rental home. The unused garage can turn your 3 bedroom home into a 4 bedroom home which will put extra cash in your pocket.
You will need to do some work in order to convert your garage into a bedroom. Here is a list of items that you should think about purchasing or modifying for the perfect bedroom space:
Garages are essential just large parking areas and shops. People work on their cars, repair things, change the oil, and make things for their homes. People living in apartments don’t have this luxury of having a shop to do these things so they’re out of luck until they find a garage space nearby. Homeowners can make a fortune by renting out their large garage spaces for car detailing and basic autobody maintenance.
If you are one of those people who likes to make things, I’m sure you have all the tools you’ll ever need. This may mean your garage is to the brim with tools and half-made stuff you started 10 years ago but you tell your spouse you’re finishing it tomorrow. If you’re this person, we’ve got a proposal for you. Sites like Zilok and Tool Lending Club can help with this by connecting you with people who need tools in your area. Make your spouse happy by renting out your tools to a person who will actually put them to good use, and maybe finish your half-finished stuff. It’s a win-win!
When COVID hit, everyone basically had to shelter in place. This meant millions of people working from home for months, if not years until their told they had to go back to work. This forced many people to make a home office which most likely didn’t end up well. Turn your garage into a nice little workspace or office for people or teams to come and enjoy working in a large office space. Small companies would greatly benefit from being able to collaborate together again in a single space, rather than online over Zoom. Garages are perfect for working or renting out to people looking to work there for the day.
COVID shut down a lot of small businesses which they were forced to move to online sales. Not only was the business closed to the public, but the facilities and storefronts also were not allowed to be open. This forced business owners to pivot which resulted in selling their products from home. Packing, shipping, and storing products could take up your whole living space while keeping it livable for your family. Opening up your unused space or garage for a local business owner to set up shop or use for product storage away from their residence would be extremely helpful. There are many small and local businesses that are still surviving and need a place to store their extra products. Storing in a garage would be the perfect place to store retail clothes, antiques, cookware, phone accessories, or even storage containers. Whatever the business is, there is a storage need and homeowners with empty garages can capture the opportunity to help a local business get back on its feet during hard times.
With the shutdown of local stores during COVID, buyers moved to Amazon to purchase their everyday items. This resulted in the need to move operations online and run a business from your home. This means storing inventory, packing, and shipping all had to be done at home in order for the business to survive. Turning your garage into the headquarters for your eCommerce business can save a lot of overhead costs from renting commercial real estate space. You can receive, fulfill, and ship orders from the comfort of your garage while you increase your bottom-line profit saving money on overhead costs.
There are many ways you can use your empty garage space to increase your monthly income. All you need to do is see the opportunity in front of you, do the research, and make it happen! There is nothing more rewarding than having your own property continuously pay for itself self while you do next to nothing.