The sharing economy has introduced the possibility that anything you own can be shared and monetized, including your home. Hospitality apps like Airbnb, coachsurfing.com, and other home-sharing apps are commonplace. But, for those who are not quite ready to open up their home to strangers, there are ways to monetize your space without sacrificing your privacy or compromising your investments.
Holding Company
Many homeowners have extra space, whether it’s a spot in a basement, an attic or spare rooms. Conversely, many apartment dwellers have limited space. Honestly, what’s an apartment dweller to do with their snow tires during summer months? They can use apps like STOW IT to find someone who is willing to rent out extra space.
These apps connect those with space, to those without. You can rent out a section of your basement without having to move out, or share the bathroom, while at the same time helping an apartment dweller who had previously considered creating a decorative table out of Michelin tires. That’s a pretty simple solution to two problems.
Drive-In
If your home is located in an urban, or well-trafficked area, you can monetize your parking space by listing it on ParqEx. Take a picture of your spot, list it on the app and pretty soon someone in need of a place to leave their vehicle will fill your empty spot. You choose how much you want to charge and at what times the spot is available. It’s as easy as that.
Stealing Sunshine
Line your roof or property with solar panels and ease the financial burden of power bills, while potentially earning some extra cash. Although this method of monetizing your home isn’t entirely simple, it is a good investment in a long-term money-making solution that is also helpful to the environment. Companies like Understand Solar take care of setting up and maintaining a solar panel system on your roof or property. It’s not entirely simple, in that you will have to check with your municipality to determine if they will buy your surplus energy, but practically every state, as well as the District of Columbia, has a solar energy buyback program.
Sit in the sun, or power your AC, and get a return on an environmentally sound investment.
Urban Gardens
While we are on the topic of environmental awareness, there has been a bit of backlash regarding the American love of lawns. The concern is that our desire for verdant green pasture may not be the best use of space and resources. For those interested in saving time on lawn care, watering and fertilizer, going lawnless with xeriscaping is an option. Or, you could monetize your property by donating your lawn to a local urban farmer. You might not earn cash, but you will earn food. If you want to create your own edible front yard, you can sell or swap your produce with neighbors.
Minimalism
If you’ve recently adopted the Japanese philosophy of minimalist living but have no idea where to dispose of the objects that no longer bring you joy, you can sell items on eBay, or sell specific items on object-specific sites. Bookscouter is an app that helps you sell your used textbooks (and other joyless prose) directly to people who want it. Freeing up all that space will not only make you happy, but you can potentially turn that space into a profit-earning square foot.
Overall, homeowners have a variety of practical, and whimsical, options when it comes to monetizing their investment. Apps and technology have made the process of sharing your resources with others simple and easy. You don’t have to try every option, but it’s good to know what is available.
For more information on monetizing your home, or the property around it, please contact us.
