Got Extra Space at Home? 6 Ways to Make Money Off It

What if your gardening hobby could pay for itself?

As someone who aspires to become a homeowner in the next few years, I spend a lot of time looking at houses in my city and dreaming. It's my plan to buy a fairly small single-family home in my area, but a home with extra space could be a boon to the owner's savings account. How so?

If you're looking to buy a home, buying one with extra space could offer some money-making opportunities. Depending on where you live, you might be able to find a good deal on an older, larger home (especially if it needs some work), possibly with a piece of land or some outbuildings like a detached garage. Keep reading for ways to make some dough off your extra space.

Extra space inside

This could consist of a spare room, an empty basement, or even a whole home next to your own, as in a duplex. It could also be that you live on the top floor and have no use for the bottom floor, or vice versa. Here are two thoughts.

1. Office space

In some areas, you'll find a lot of businesses operating out of residential homes, perhaps on the first floor (while there is a living space upstairs for either the business owner or a residential renter). If you have the perfect welcoming space for an accounting firm, a hairdresser, or another small business, consider putting it up for rent, if residential area businesses are allowed in your city.

2. Short-term rental

Vacation rental companies like Airbnb have unfortunately made life more difficult and long-term rentals more expensive in many cities, so I am reluctant to suggest this option. Nevertheless, if done sensibly and sustainably (meaning, you're renting out a piece of your own home, rather than buying up blocks of cheap rental properties and holding them as vacation rentals to make money while local renters are priced out of the market), this is an option for you.

Extra space outside

Got an acre of land? Or even a nice fenced-in backyard that you rarely use? Here are two more ideas.

3. Garden space

If you enjoy gardening, and live in an area where the weather makes it a feasible and popular hobby, but you have no desire to fill your entire yard with your own plants, maybe some neighbors would want to garden in your yard for a small monthly plot rental fee. This could make your own garden hobby more affordable, and create a little community garden to boot.

4. A mini dog park

A lot of dog owners are lacking fenced backyards of their own, so you might consider advertising your space as a rental dog park. Charge a small fee, maybe $5 an hour, and provide a bucket of tennis balls if you feel like it. I highly recommend also providing a trash can and bags so visitors can clean up after their dogs!

Extra space in outbuildings

If you've bought an older home, it might come with some outbuildings. Maybe you've got a big detached two-car garage or even a small barn. Consider these additional two opportunities.

5. Garage space for rent

If your neighbors need a place to retune an engine or perform an oil change, rent out spaces in your garage for a nominal fee ($25-$50 a day, perhaps).

6. Recreation storage in the offseason

If you only want to rent out your outbuilding space some of the time, consider offering off-season storage for vehicles like boats (kayaks, canoes, and beyond), campers, and small RVs. You could research storage fees in your area and find a fair price to generate some interest in your space.

Ultimately, having a larger home or yard than you can use could help you make some extra cash and maybe even help you get to know your neighbors. Think creatively to pick the right idea for your home.