Author Topic: Best use of extra space (basement/garage) in a house? Can I rent it out?  (Read 755 times)

GnomeErcy

  • 5 O'Clock Shadow
  • *
  • Posts: 66
I've got a basement and a garage stall that I'm not using. I'd love to be able to make some money from it somehow by renting it out or something.

Any recommendations on how to approach this? Is there a web site that'll let me list this, or is something like Craigslist better? Seems like a waste just having this space I'm not using.

EmFrugal

  • 5 O'Clock Shadow
  • *
  • Posts: 65
  • Age: 35
  • Location: DC Metro
Re: Best use of extra space (basement/garage) in a house? Can I rent it out?
« Reply #1 on: November 30, 2017, 11:48:07 AM »
This is a bit of a different approach, but I turned my garage into a gym and train neighbors for an hourly fee. I do one-on-one sessions and small group sessions. The garage has become much more than a parking spot for us! I just had to get a zoning approval for it from my city, but given that it is a neighborhood operation the fee was very small. I do sessions twice a week before regular work hours right now.

GnomeErcy

  • 5 O'Clock Shadow
  • *
  • Posts: 66
Re: Best use of extra space (basement/garage) in a house? Can I rent it out?
« Reply #2 on: November 30, 2017, 11:58:22 AM »
This is a bit of a different approach, but I turned my garage into a gym and train neighbors for an hourly fee. I do one-on-one sessions and small group sessions. The garage has become much more than a parking spot for us! I just had to get a zoning approval for it from my city, but given that it is a neighborhood operation the fee was very small. I do sessions twice a week before regular work hours right now.

Oh very interesting. I assume you've got free weights and other sort of stuff? May be worth looking in to especially since I hate going to a gym but don't mind working out at home. :)

JoJo

  • Pencil Stache
  • ****
  • Posts: 864
Re: Best use of extra space (basement/garage) in a house? Can I rent it out?
« Reply #3 on: November 30, 2017, 12:26:22 PM »
Biggest caution is having ample insurance.  I'm concerned about liability always.

EmFrugal

  • 5 O'Clock Shadow
  • *
  • Posts: 65
  • Age: 35
  • Location: DC Metro
Re: Best use of extra space (basement/garage) in a house? Can I rent it out?
« Reply #4 on: December 01, 2017, 09:35:44 AM »
Yes, insurance is important. I am a certified personal trainer and have an insurance policy through by small business. The equipment was purchased from my business bank account... But you can definitely get used equipment in good condition off lists like Next door, Craigslist, etc.

soccerluvof4

  • Magnum Stache
  • ******
  • Posts: 2778
  • Location: Artic Midwest
  • Retired at 50
Re: Best use of extra space (basement/garage) in a house? Can I rent it out?
« Reply #5 on: December 01, 2017, 03:02:30 PM »
Rent them both out as basic storage units.
" In life you don't get what you deserve you get what you negotiate"

annod

  • 5 O'Clock Shadow
  • *
  • Posts: 49
Re: Best use of extra space (basement/garage) in a house? Can I rent it out?
« Reply #6 on: December 03, 2017, 06:40:20 PM »
The garage is converted to my husband's home office/ library/ man cave.

jim555

  • Handlebar Stache
  • *****
  • Posts: 1364
Re: Best use of extra space (basement/garage) in a house? Can I rent it out?
« Reply #7 on: December 03, 2017, 07:54:09 PM »
I don't think your town/county would be overjoyed about such a rental.

Kakashi

  • 5 O'Clock Shadow
  • *
  • Posts: 82
Re: Best use of extra space (basement/garage) in a house? Can I rent it out?
« Reply #8 on: December 03, 2017, 11:57:51 PM »
Interesting idea.  But be careful.  You'd technically be operating a business.  You need to have a written policy about when people can access their stuff, legal docs and all that.  Homeowner's insurance is unlikely to cover if something happens to the property under you care.  Probably not worth the hassle. 

GnomeErcy

  • 5 O'Clock Shadow
  • *
  • Posts: 66
Re: Best use of extra space (basement/garage) in a house? Can I rent it out?
« Reply #9 on: December 05, 2017, 01:34:16 PM »
I see a lot of "How do I change my wife?" posts on this forum.

The bottom line is that that's the wrong question. Instead of "How do I change someone else?" the question should be "How do I change myself to better understand my partner and their needs?" Just because you want something doesn't mean it is the correct choice, let alone the correct choice for someone else too.

FIRE seems noble to us; we're on a FIRE forum. But it is simply one choice people can make. It is not objectively correct anymore than being a spendypants is correct. It is just a choice. And it is up to each person, individually, to decide whether that choice is right for them.

Trying to change someone else generally just leads to resentment. Trying to understand someone else is what leads to a better relationship because it shows respect and caring. It shows that you see and accept the other person. (And this applies to your wife trying to understand you too.)

OP, FIRE may be an important goal for you. It sounds like it's not an important goal for your wife, at least not yet. So instead of trying to change her, listen to her. Show her that you respect that her goals may not align with yours, and that's okay. Explain why you feel that FIRE is important to you personally -- not just facts and figures, but your underlying motivation, your personal stake in the situation. Work at understanding what is important to her, and respecting it. Once you both understand each other, you'll be in a better position to negotiate and meet in the middle.

The most important thing is not to get your partner on the same page as you, but to really listen to each other and find middle ground. My spouse is far more spendy than I am, and that's fine. We figure out where to spend and where to save, and we respect each other throughout that process. Neither of us makes the final call about what's okay for the other person to do. Instead, we support each other's choices. And in a strong relationship, the more you show support and understanding for your partner, the more your partner wants to understand and support you, even, sometimes, to the extent of modifying their behavior a bit in a direction to make you happier, because you've shown that you are willing to do the same.

So if your real question is, "How do I get to FIRE when I want to when my wife doesn't share my goal?" then the answer probably is for you to earn more money and grow your stash faster that way. That way, you are taking action to get what you want, and your wife isn't pressured to change. If your real question is, "Why doesn't my wife see why FIRE is so important to me?" then you probably have to find a different way to explain it to her, without pressuring her to embrace it herself. And if your real question is, "How can we succeed when we don't share the same goals?" just know that it really is possible, through compromise. You can still get what you want even if she never embraces FIRE. The two of you don't have to value it equally to have a successful marriage and life.



Thanks to everyone else for all the feedback!

RedmondStash

  • Pencil Stache
  • ****
  • Posts: 632
Re: Best use of extra space (basement/garage) in a house? Can I rent it out?
« Reply #10 on: December 05, 2017, 07:26:10 PM »

<snip>




Thanks to everyone else for all the feedback!

Yup, you are totally right. Not sure how that happened. Removing that post now.