When you’ve decided it’s time to build out your home gym, your first thought is probably about money. It does take a decent amount of cash to build a gym, even if you don’t opt for fancy, heavy equipment. Can you afford the equipment you want? Will you have to make sacrifices, or can you find a way to get the cash?
If you have the disposable income to spare then that is fantastic! For those of us operating on a smaller budget, financing a decent home gym can get quite expensive. You can always go the old-fashioned route, saving each and every dollar until you have enough. If you have a good credit score and are disciplined and responsible with money, then you can borrow the money from a financial institution. In fact, you can easily compare personal loans online. Believe it or not, there are actually numerous ways to generate a little extra capital—some easy, some not-so-easy, and some that require a full-fledged commitment on your behalf.
Whether you’re into free weights, machines, or bands, here are some ideas for generating more income to support your home gym needs.
1. Take on a real estate side gig
Have you considered getting into real estate part-time? If you enjoy connecting with people and don’t mind learning a new skill, real estate can help you earn some good money on the side.
The best way to get into real estate is to get licensed and start learning how to represent buyers or sellers, whichever you prefer. It’s not an industry you can get into overnight, but it will pay off if you put in the initial time commitment. For example, if you sell one property for $300,000, you’ll earn about $7,500 in commission.
Getting licensed is actually much easier and more affordable than you might think. For example, in Georgia, it’s easy to get your real estate license after taking an online course from RealEstateU. It’s a professional license that pays for itself fast. What you pay for your course and license will be far less than what you’ll earn in just one transaction.
2. Save more money
No matter how much money you already set aside, start saving more. You’ll be surprised to see how much money you can save when you really put your mind and commitment to the task. For instance, there are probably several expenses you can cut out of your life for a few months until you have the money you need for your gym.
If you think you can’t save any more than you already are, start searching for things you don’t really need. Look at your software subscriptions, your movie subscriptions, and your eating habits. Do you eat at restaurants regularly? Do you make impulse purchases? Cut back for a while and you’ll have the money you need to build your gym.
3. Scour stores for used equipment
Next to generating more money, the best way to afford your home gym is to find cheap equipment. There are several key places where you can find used gym equipment, including garage sales, thrift stores, Facebook Marketplace, Craigslist, and sometimes even storage units going up for auction.
If you run into people who are asking a lot of money for their used equipment, try to negotiate a better deal. Sometimes people have a hard time letting go of things they paid a lot for, but feel like they never got much use from.
If equipment is in good shape, a high price might be fair. However, most people sell dusty dumbbells, rusty plates, and old barbells. If it works, it’s usable, but don’t overpay for old equipment.
4. Look for gyms going out of business
One of the easiest ways to score high-quality equipment for a low cost is to find gyms that are going out of business. Often, they’ll post up their equipment online, but not always. Sometimes they give first dibs to their members and the equipment is gone before they can list anything.
Try looking around your area for gyms that are going out of business. Do some searches online to see if anyone is posting about a gym closing for good. You can even call around to find out who might be shutting down. It’s a great way to get heavy, commercial gym equipment, although you will need to find a way to haul it home.
5. Sell things you no longer want or use
You probably have plenty of things throughout your house and in your garage that you don’t want or need anymore. Take a couple of weekends to sort through your stuff to see what you’d like to sell.
It’s always a good idea to clean up once in a while, anyway. However, if you find things you can sell, your efforts will double as a way to fund your home gym.
Collect one piece at a time
You don’t need to build your home gym overnight. Just collect one piece of equipment at a time. Make a list of all the equipment you want and then choose your priorities. You’ll have your gym before long.