Owning a property like your home is genuinely beneficial. Not only will it provide you with shelter, but it can also give you a financial advantage.
However, owning a home doesn’t come cheap. It’s a common truth that every homeowner must face. From mortgage payments, property taxes, utility payments, renovations, and maintenance, it’s a lot of money you have to dispense from your wallet. That’s why most people seek to find ways to make money from their homes.
When we talk about the financial advantage of properties, most people think of long-term ways, which is to sell or rent property. However, while you wait for your property’s value to rise and make a big profit from it, there are many ways to earn money using your home.
If this topic seems of particular interest to you, here are seven ways to make some cool cash and turn your home into a money-making property.
Have A Housemate or Roommate
Having a housemate has been a go-to option to make money and save on rent. Your housemate will help you save on rent or mortgage payments and help you with utility bills and household chores. This saves you both time and money.
However, if you opt for this idea, you need to be mindful that it has its share of challenges and might give you a hard time.
One pro-tip to keep in mind is to carefully choose who your roommate is going to be. To minimise complications, make sure to provide a contract stating your guidelines and terms of payment.
Rent Out The Entire House
If you’re not comfortable with the first option, which is living with a roommate, you might want to consider renting out the entire house. This idea is perfect, especially for homes located in a desirable location close to schools, workplaces, and train stations.
However, keep in mind that this idea will require you to move out. If you have another property, it’d be the best option to live in. Renting out a smaller space to gain a profit from the house you’re renting out can be a good choice too.
If your home is located close to tourist spots, like beach resorts and amusement parks, you can also rent out your home on a daily basis, and allow tenants to stay there for their vacation.
Signing up for some online accommodation rental apps, such as Airbnb, Vrbo, Booking.com, etc., will help you most as you venture out of this option. Nowadays, people have been using the web to search for great places to stay for holidays. And by using these apps, you’ve already captured the audience.
In addition, it’d be best to upgrade your home’s interior design to be more appealing to possible clients. You can check out our room archives to gather inspiration.
Offer Bed And Breakfast Services
Have you come across houses that offer by-the-night rentals and free breakfast in the morning? That’s exactly what this next option will talk about. This tip is ideal for homes that have many rooms, or those that are located on traveller’s roads.
However, it would be best to do proper research before diving into the idea. Also, take security, legalities, and rules into consideration. You might also need to invest in kitchen utensils, as you’ll have to serve breakfast for your tenants.
Rent Out Your Extra Space For Storage
If being a landlord or a host doesn’t appeal to you, you can still turn your home into a money-making property by using your extra space. You can build a storage area on the extra space of your property and have it rented by people who are looking for rooms to store their belongings.
Though this option will cost you a good amount of money since you’ll have to build an area for it, the demand for storage units has been growing, too. This can be a whole year-round contract or by the month.
Rent Out Your Lawn For Events
Outdoor weddings, birthday parties, and other events are pretty common these days. If you own an acreage, a farm, or a spacious lawn, this money-making option could be for you.
If you seek to venture into this option, you should consider possible challenges such as extra maintenance and clean-up expenses. It’ll help if you can have your renter sign an agreement if something unwanted happens to your area during their use. Doing so will protect both you and your property.
Another thing to keep in mind is that you should always secure the necessary documents and permits according to your local town’s demands.
Grow Your Garden And Sell Crops
The lengthy lockdowns have taught us to be self-sufficient. That’s why some homeowners have learned to grow crops and plants at home. Growing your own vegetables and fruits doesn’t only help you and your family by providing you with something to eat while saving money; it can also be a good business.
You can either display your crops in your garage or front yard or post them on resale apps like Facebook Marketplace. Selling them at your local market is also another great option. This will appeal to your possible customers, especially when you highlight that your crops are home-grown and organic.
Aside from your home crops, you can also sell ornamental plants. One idea that’ll help is having your plants placed in a white or abaca pot. You can also take appealing photos and post them online.
Share Your Parking Area
If garage space is at a premium, you can rent out your extra garage space to your neighbours or friends. Some people own extra vehicles like RVs, boats, or motorcycles that they want to secure, especially in the winter season, but don’t have the space to do so.
Though this might not give you that much income compared to a house rental, it’ll give you a good monthly income, which is ideal compared to just letting your extra garage space sit empty.
Indeed, you can explore so many ways to get a good, steady income while waiting for years for your property’s value to increase.
You can choose to rent out your property on a daily or monthly basis. If this isn’t an option, you can also rent out a few spaces in your home, like an extra room, garage, or storage area. Holding events like outdoor parties is also an excellent option to use your lawn, farm, or acreage and earn from it.
Considering the seven ways to turn your home into a money-making property will surely help you earn extra cash and give you the financial advantage you desire.