If you are thinking about ways to make some passive income and are lucky enough to have an empty home, look no further! Tampa is a beautiful part of the world with fantastic weather and a population of around 392k residents looking for a parking space, a spare room to rent or self-storage facilities. So what better way to make an extra income than using your empty space?
You can easily turn your empty home into a source of passive income. This guide will go through some of the top ways to make money from your empty home.
10 ways to make passive income from your unused space
As a homeowner, you have an investment opportunity on your hands! Renting out your entire home, room by room, or even just the garage and parking spaces can be a brilliant way to earn passive income. I have researched the top ways to make money out of your property. Many of these are completely free to set up, taking advantage of your spaces.
1. Rent out a parking space
With parking in Tampa being challenging, if you are located near a densely populated area, consider renting out your driveway or garage as a parking spot. Monthly parking in Tampa can range anywhere between $50 – $280 depending on your location.
Renting out your parking spot is easy money; you can sign up for online platforms connecting you to people looking for spaces. This free service makes it a fantastic way to earn money without spending anything to list your space! Once you have set up your account, you can take pictures of your parking space and advertise it. Then it’s a case of waiting for someone who needs that space to get in touch, and that’s you ready to go with one month’s rental income.
This is one of my favourite ways to earn a few extra bucks, as it is hassle-free!
2. Rent out storage space
Storage units can be expensive in Tampa, but with the sharing economy trend growing, you don’t need to fork out huge sums for storage space.
With storage areas in high demand, if you have an empty bedroom, garage or shed, why not rent that out to people looking for storage space? The best type of storage unit for customers will have a separate entrance with 24/7 access and security to keep their belongings safe. Therefore, rooms such as garages, basements, and sheds are preferable for storage. However, depending on the items people want to store, a spare room can be just as good.
If you have enough space, consider renting it for people to store things like boats or an RV; you can get extra cash for these types of rentals.
3. Create an office space
With so many more people working from home, more and more are looking for office space. You could make extra money renting out your unused space for people to work from.
If you advertise your extra space as somewhere to work from, you will need some basics to begin with. I would recommend investing in the following items:
- A desk
- A comfortable chair
- Access to the power source and the internet
- A computer screen or two, if you can afford it
- Relevant cables and connectors
- Mouse and Keyboard
You can turn your extra space into a brilliant passive income earner with a little effort.
4. Become an Airbnb host
One of the more common ways to get your mortgage payments paid is to find renters by becoming Airbnb hosts. Short-term rentals can be advertised using Airbnb.
In Tampa, on average, hosts can make around $7200 per year, so around $600 per month. You don’t need to be a professional property manager or have experience in rental properties to make extra money by using Airbnb can take care of it for you!
A handy guide here will help you get the most out of your rental business through Airbnb.
5. Let people use your home as an event space
If you have unused space, you can make money by renting it out for events. This could include birthdays, wedding receptions, anniversaries, corporate events, or any other type of celebration. Depending on your home’s size and location, you can make an additional income that could change your lifestyle!
There are a few legal and safety requirements to check when renting your home for events. First, check with your local authorities to understand the required permits, licenses, and insurance. You should also ensure that your home is adequately insured against any potential liabilities that might arise from hosting events in your home.
In addition to ensuring that everything is legal, you should also prepare your home for the event. Ensure that there is enough space for the number of people attending and that no hazards could cause an accident. You should also make sure that there are adequate bathrooms, a kitchen or catering area, as well as any necessary equipment such as chairs and tables.
Finally, as you will be essentially setting up a small business, you should have a contract with your client. This will help protect both parties and ensure that everyone knows precisely what is expected from them.
Renting out your home for events can be a great way to make some passive income from unused space in your house.
6. Let your home be used as a film set
Why not use your empty home as a filming location? With the popularity of streaming services and YouTube channels, there is a growing demand for filming locations that fit specific criteria, such as size, location and atmosphere. In addition, you could potentially earn a reasonable sum of money by allowing production companies to film in your home.
Renting out your space requires minimal effort, and you could earn hundreds or even thousands of dollars per day. However, it’s important to remember that when you’re renting out a space as a filming location, you’ll need to ensure that you have all the necessary permits and insurance coverage to protect yourself and your property. It’s also a good idea to be familiar with your rental agreement’s terms and have all paperwork signed and in order before the filming begins.
7. Use your roof for solar panels
Leasing solar panels on your roof is a great way to make passive income from your empty house. Solar panels are one of the most efficient energy sources and can help you save on energy costs while also providing you with extra income. If you live in a sunny area like Tampa, Florida, with an average of 8.9 hours of sun each day, then you can take advantage of all that unused space on your roof and lease out solar panels to generate extra income.
The amount of money you can make from leasing out solar panels depends on the size of your roof and the number of hours of sunlight available each day. Generally, solar panel leases bring in anywhere from $300-$800 annually for each kilowatt (kW) of solar panels installed. So, for example, if you have a 3 kW system, you could make up to $2,400 a year from leasing your solar panels.
8. Offer your home as a pet boarding business
This idea is definitely one for the animal lovers out there. However, it isn’t as easy as some others and will require some work and investment upfront.
More and more pet owners are looking for a more home-from-home experience, so if you have enough space and want to start a Pet boarding business, then you could use your empty home to set up an excellent place for animals to come on their vacation.
If you plan to do this, you must check with your local authorities about any rules and regulations, as these vary from state to state.
You can expect to generate income anywhere between $25 – $85 a night for pet boarding so that it can turn into a lucrative business.
9. Rent out your yard
Renting out your yard is another way to make money; it can be rented for camping, RVs, or gardeners who want a space to grow their produce.
If you rent the yard out as a space for campers and RVs, you must ensure they have access to a toilet and water. To make your campsite more appealing, think about adding firepits, BBQs, electrical outlets and even hot tubs. So it is with checking local rules and regulations around using your backyard for camping before you start earning.
Some of the best-growing crops in Tampa are tomatoes, peppers, squash, melons, and citrus fruits. You could use this space to grow your own produce and then sell it. So why not take advantage of the Florida sunshine and turn your unused yard into a passive income-generating machine?
10. Long-Term Rental
If you want longer-term security and secure rent over a six or 12-month period, renting out your entire property may be the way to go. Rental accommodation is always in high demand in Tampa. Not only do you get a steady income stream, but you also have more control over who is living in your house. If you choose to rent long-term, it’s essential to look into hiring a property manager to handle the tenants and take care of any maintenance issues.
Below are some tips for preparing your home:
- Ensure all your appliances are in working order
- Repair or replace anything that is broken
- Hire cleaning staff to give the house a thorough clean
- Market your house well with great pictures
Once you have prepared your home, you can either get the help of professionals to find and screen tenants who can take the hassle off you and ensure you follow all the rules.
There are numerous unique and profitable ways to make money from your empty house. For example, you can turn your unused space into an online business and become your own boss giving you complete control over your working hours.
Tampa is a great place to take advantage of this opportunity, with so many people searching for unique places to stay while they visit the area. Exploring these options and figuring out how to make money from your empty house can be incredibly rewarding and worth the effort!