In this blog post, we will discuss a few Easy Money Makers: Renting Out Your Driveway vs. Airbnb Your Home. I know first-hand that it’s not easy having to pay bills and support the family all on one income.
If you’re looking for a way to make some extra cash, there are two ways that may be right up your alley: renting out your driveway or Airbnbbing your home.
Both options are great and simple ways to make some extra money. However, they also have their own pros and cons that you’ll need to consider before deciding which is right for you.
Easy Money Makers: Renting Out Your Driveway vs. Airbnb Your Home
Renting out your driveway
If you have a driveway, and if you don’t mind someone using it, renting out your driveway is a great way to make extra cash. You don’t have to do much work and it could even be a good way for you to meet some new people in the area.
Pros of renting out your driveway
In general, it’s easier to set up than Airbnb. You can rent out your driveway for short periods of time or monthly – which is often a preferred option for commuters.
If you have a driveway and live in an area where parking is limited (for example, in a city), this could be a good way to earn some extra cash – it’s likely to be in high demand!
It can also be a good way to test the waters before Airbnbing your home; you can see if you’d like to commit to renting out a spare room or your entire home.
Cons of renting out your driveway
There are some downsides to renting out your driveway. First, you have to be comfortable with strangers coming into your neighborhood and parking on your street.
This means that anyone who lives nearby can see the cars parked in front of your house, which can make them feel uncomfortable or unsafe.
Second, if someone does something unsafe or illegal in their car while parked in front of yours, it reflects poorly on you because it’s associated with your home address (and possibly personal information).
Thirdly, once word gets around town about how easy money is made by renting out driveways instead of Airbnb properties, you might find yourself facing some tough competition.
Image Source: Unsplash
Airbnb your home
Airbnb your home is another great way to make extra money. You can rent out your home for short or long periods of time, and the best part is that you won’t have to leave!
All you need to do is set up a profile and communicate with guests in order to make sure they are comfortable with the space.
Pros of Airbnb your home
There are many pros to renting out your home while you are away, or renting just a spare room or two while you’re there:
*You can earn extra income on days when you do not need to be at home, for example, if you’re staying with someone else, or away from work for a period. Depending on the space you have available and your location, this can be very profitable indeed. It would be worth your while to add a tax estimator to your financial tool belt though. After all, no extra income arrives free of taxes, unfortunately.
*Your house will be occupied by strangers who will watch over it and keep it clean (hopefully!). So, you don’t need to worry about leaving your property unattended for an extended period.
*Airbnb’s Host Guarantee (AirCover For Hosts) offers hosts protection in the rare event that a guest causes damage to the property or injures themselves during their stay. So, you don’t need to worry about setting up any kind of landlord insurance.
Cons of Airbnb your home
You’ll have to consider the safety risks of sharing your space. Some hosts might find it difficult to feel safe with people they don’t know staying in their home, especially if there are children or pets involved.
If you’re renting part of your home instead of your entire home, you will most likely be sharing some communal areas like the kitchen and perhaps the living room. Will you feel comfortable sharing these spaces if you don’t click with the person or family that is staying with you?
Other drawbacks include a lack of privacy and noise from other people coming in and out all day long; your guests might have very different schedules from you if you are working and they are on vacation.
Finally, there’s also the issue of security—what if an Airbnb guest steals something during their stay? We mentioned the protection Airbnb offers to hosts above, but you might not want to risk something precious being stolen. It’s best to empty any valuables from your space before your first guest arrives.
Renting your driveway or Airbnb your home: which is for you?
Both options are easy ways to make extra cash, but you’ll need to be comfortable with the space and feel safe when letting people rent it. Garages for rent are becoming more popular so make sure that the garage door works properly, that there’s enough parking available for guests, and that all of the other cars in your household can fit into said parking spots.
And if you’re renting out your home on Airbnb, there are a few more things to consider:
*How will guests get in? How will the check-in be if you’re not around?
*Do they need access at odd hours? If so, what’s the procedure for this?
*Is there anything special about their stay? For example: do they need more than one bed per room/per person because people will be staying together (e.g., kids)?
Hopefully, you’ve found this comparison of driveway holding vs property renting to be helpful. In the end, the choice is up to you to decide what seems most feasible and provides the best opportunities for you.
Ultimately, both driveway parking and short-term home rentals can be a great way to make some money if you have extra space, whether it be at a vacation home or your primary residence.
And the beauty of the sharing economy is that there is no shortage of options, so it’s worth taking advantage of those opportunities when they come along. So get out there and rent something out!
Do you have anything you want to add to my article about Easy Money Makers: Renting Out Your Driveway vs Airbnb Your Home? If you do, please leave me a comment below! I love comments! Thank you!