How to Make Extra Money By Renting Out A Room For Storage Space

If you have unused rooms in your home and need some extra cash you might want to consider renting them out as storage space. Here is how.

Instructions

1. Determine what extra space in your home may be available. If you have unused rooms in your home you might be able to make some extra income renting them out as storage space. This is a cheaper option than expensive storage units for some people who do not need immediate access to their belongings. There are a couple of ways to do it. The first is on your own and the second is through a company called Homesite, that does much of the work for you.

2. Have a contract. If you are renting out unused rooms for income on your own, you will need a rental contract form that is legal in your state. Visit online legal sites for a rental form and modify it so that it indicates that it is for items only, not people. Your legal obligation will be to ensure the privacy, security and safety of the stored items. Make sure you let your homeowner's insurance company know the situation and ask what additional coverage you need. The renter can also take out renter insurance. Make sure the storage room has a secure lock and that only you and the renter have the keys. Make sure that the contents do not include flammable or dangerous items and make sure that you have pest control measures in place. You will be expected to grant the renter access at reasonable times that you specify in the contract. Renting a spare room as storage space is easy. Just place a listing on Craigslist.

3. Use a broker. Another option in renting a spare room as storage space is a type of home rental space broker. One is called Homesite. A link is in the resources section below. They handle the contract and instruct you on what insurance, security precautions, etc you need. Potential home storage space candidates will locate you on the Homesite website and contact you. It is a win-win situation for both the renter and the home owner. In these tough times renting an unused spare room as storage space is a good way to earn extra money and help you stay in your home.

Tips & Warnings

• Make sure you have adequate insurance to cover your renter's contents or require them to purchase their own renters insurance and provide proof of it.

• Make sure your fire protection and pest control measures are adequate. You can be liable for rodent or insect damage to renter's things.

Resources

• Homesite