An extra room in a condo unit can open up a lot of options depending on what you need them for. You have some choices to consider if your primary goal is to profit from your spare room. Usually, you’d use that extra space for long-term leases, room renters or even bed spacers for it to become lucrative. However, if the idea of strangers living in your home with you doesn’t sound appealing, there are more creative and unique ways of earning money from it.
Here are a few creative ideas to make the most out of the extra room and earn extra cash while tapping into your passions and hobbies at the same time:
Indoor Gardens and Plant Nurseries
This may be the last business that will come to mind, but this could work nicely if you have the knack for it. You just need to do a bit more renovations like installing greenhouse lights and fixtures, but it will be worth it once you have a regular harvest. And since organic is in these days, you can sell your produce at a higher price. Growing herbs, medicinal plants and flowers can also be very lucrative choices. Try to find a ‘morning sun” unit when purchasing a condominium in Ortigas to get the best output with your plants. With enough sunlight, your plants are sure to grow nicely.
If you’re more musically-inclined or into any of the performing arts, transform your new room into a conservatory to hone your performance in singing, dancing or even acting. For this venture, you’ll have to invest into improving the room’s acoustics and sound equipment or setting up mirrors and handlebars, depending on which talent you want to invest in. You can even offer individual lessons and classes then use this room for your tutoring sessions. It’s also a possibility to rent the room to other musicians or performers who may need it to rehearse.
Art or Fashion Studio
For artists and designers who need their personal space to get their best work done, another good way to utilize a spare room is to turn it into their work studio. You can go all artsy by going into painting, sculpting, photography and even fashion design. Just make sure that your setup will allow you the freedom to be as creative and artistic as you possibly can, which may also mean purchasing additional lights and equipment for your use. For example, if you are into photography, you will have to paint the walls and ceiling white to bounce light, and purchase equipment like backdrops, strobes, and multiple modifiers.
Though these modifications will cost you initially, these are wise investments which you can get back easily once you’re already earning from your venture. It may take some time, but the long-term returns on your investment outweigh your short-term expenses. Besides, these improvements will allow you to utilize the room’s benefits to the fullest. Not only will your new condo be a home but it will also be a lucrative asset and a creative workspace.