Alternative Ways of Becoming a “Landlord”

Thursday Mar 28th, 2024

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There’s no doubt that we live in a consumer society. Always buying and needing to have the latest and greatest of everything often results in homes that are busting at the seams, filled with, well, stuff! Every seller we work with, once their homes have been decluttered in preparation for the sale, realizes just how much space they actually have in their current home, or faces the reality of just how much stuff they truly have.

So what do you do when you have a lot of stuff that you want to keep but you don’t have space to store it? Enter a new matchmaking service - Storzzy. It connects 2 sets of individuals with complementary needs – someone with an under-utilized garage or unfinished basement, with another person with things they want to store and have limited or occasional access to. It allows those who have the extra space to monetize that space, earning passive income and helping to offset their living expenses, while providing others with a cost-effective storage solution outside of traditional storage facilities.

It's not the only service in today’s marketplace where homeowners can earn income from renting out parts of their property, as an alternative to having a traditional tenant live with them. Swimply is a service where homeowners can rent out their pools and/or backyards for parties, gatherings or photo shoots. Peerspace is a platform where you can list your home for rent on an hourly basis for weddings, baby showers, meetings, retreats, or video shoots. Car-owners can even rent out their car on an hourly basis through Turo, when it is not being used.

If you’ve been talking about renovating the basement for years, would you consider renting out some of your unused space and earning some income to put towards that renovation? Certainly something to consider! Be sure to understand how your insurance coverage and any potential liability associated with these types of arrangements. It may be financially rewarding to some, and not worth the headache to others.

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