Everyone dreams of having a passive income, that is earning money without having to do anything. Of course, there are few earning potentials that really involve no work. In most cases, you will need to do the preparation work and a little maintenance along the way.
But, it is still an excellent way to increase your monthly income and improve your quality of life.
Parking Space
If you have a garage then there is a good chance you don’t keep your car in it. In fact, a whopping 94% of people use their garage for storage. That means it is dead space that you paid extra for when buying your home. It is time to put it to work. You’ll need to clear out the clutter, check everything is in good condition inside and out, and potentially make sure the lock is working.
You can then rent the space. It is best to use someone specializing in parking stations North Sydney, they will handle everything for you and find your customers and create contracts. All you have to do is maintain access to the garage and collect the money!
This may seem too easy but the simple fact is that car parking in the city is expensive. By offering your private garage as parking you will allow commuters to save money and earn yourself some.
You should note that you don’t need to be in the city to offer garage parking. There are plenty of other opportunities, such as near a train station or just for someone with a nice car that they don’t want on the street.
Storage
If you don’t feel like renting your garage to someone to park their vehicle in you may prefer to create a storage space. You can rent the entire garage to one person or charge different individuals to put their stuff in your garage.
Whichever you decide to do, all you need to do is add the appropriate racking and advertise for customers.
Accommodation
A great way to make a passive income is to rent a spare room to someone and collect the money. If you have a garage you are not using you can apply to convert it into a bedroom or an annex. Depending on the size of the garage you will be able to create a bedroom and let someone use the facilities in your house. Or, you can create a self-contained apartment that you will be able to rent for significantly more.
Of course, this approach does cost more in the first place. But, if you do it properly you won’t just be earning rental money, you will also increase the value of your property.
Final Thoughts
You should note that all passive income can be subject to tax. It is important to log your earnings and verify whether they need to be declared or not. You don’t want to assume the answer is not and then get a huge tax bill!
