1. Get a Roommate
Roommates have long been a good way to save on rent—especially when in college or just starting out with your career. However, they’re also a great income source when you’re a homeowner. With roommates, you can make extra cash to pay down your mortgage faster or split the cost of utility bills. If they’re cool, they can even help with household chores or be a companion if you’re single.At the same time, it’s not always easy living with roommates—particularly when the homeowners have priority. As such, you may have to make difficult decisions when living with roommates. To mitigate such complications, establish clear rules and have your roommate sign a long-term lease.
While you can post a listing online through sites like Craigslist, I’ve also found word-of-mouth to be best. Having someone vouch for a potential roommate ensures that your personalities click and that they won’t stiff you on rent.
2. Add a Rental Suite
Your home can be converted into a rental suite if you have the space and live in an area that allows it. For example, you can build a traditional in-law suite or basement suite.Or, you can convert your garage into an in-law suite or build a separate structure if space and regulations permit.
Before you renovate or build a legal suite, make sure you research the regulations in your area. A legal rental suite is usually required to have a separate entrance, as well as a full kitchen and bathroom.
Unlike a roommate, this gives everyone more space and privacy. And, because they have their own area, you can charge them more money.
3. Become an Airbnb Host
There are many options to make money with your house, but Airbnb is perhaps the most popular. With its platform, you can list a second residence, a guest house in your backyard, or a spare room to potential guests. And, depending on your schedule, you can rent your home or spare room whenever you like.4. Make Your Lot Available to Tiny House Dwellers
People are opting to downsize their lifestyle and save money by moving into tiny homes. However, tiny homeowners face a number of obstacles, including figuring out where to park. What’s more, many counties don’t allow tiny homes unless they’re next to a traditional house.It is possible to make money by renting your property to tiny house dwellers if you have a large enough lot or reside out in the country. Even more can be charged if you provide water, electricity, or septic hookups.
Although you may not have the utilities available, you may still be able to rent the property. With the help of solar panels, water reservoir stations, and composting toilets, a lot of tiny house owners live off the grid.
5. Store Other People’s Stuff
Does your home have lots of extra space? How about a garage or shed you aren’t using? If so, you could rent the space for storage.6. Share Out Your Driveway
By using websites such as CurbFlip.com, you can rent out your space when you don’t need it. These websites allow you to list parking spots at hourly, daily, and monthly rates for free. To receive money from renters, you will need to link your bank or PayPal account when you create a listing.Note that the highest demand for parking will likely be found near public transportation and major attractions. I’m talking about stadiums, concert venues, and the trendiest neighborhoods. Also, residents and tourists in major metropolitan areas may be willing to park on your property instead of fighting for spaces or paying for an overpriced spot in a garage.
7. Run a B&B
Your home may be ideal for a Bed and Breakfast if you have several rooms available and would like to maximize your rental income. After all, the more rooms you have, the larger your gross income will be.8. Rent Out Your Yard
Does your property have attractive amenities like a pool, big backyard pools, or renovated barn? If yes, you can advertise your home’s amenities at an hourly or nightly rate you specify.9. Make Your Home a Star
It is possible to make anywhere from $1,000 to $5,000, or even more, per day renting out your home for filming. In fact, your mortgage payment is usually the industry rate for daily rentals. Say you have a $2,000 monthly mortgage. You can earn $2,000 a day. But, this still varies depending on location, size of the house, and production budget.A producer can find homes in the area they’re filming with Set Scouter, a tool that allows you to list your home.
10. Host Events
If you own a large space, you can host events such as weddings and concerts. It may be necessary to get special permits, outdoor electrics, and bathroom arrangements, which can be quite expensive. Fortunately, it’s possible for one large event to generate thousands of dollars in just one day.11. Become a Pet Sitter
Are you an animal lover? Become a pet sitter through an online service such as Rover.com, which claims to have over 150,000 sitters who specialize in dog-only in-home boarding.12. Start Your Own Market Garden
It is possible to grow enough fruits, vegetables, or flowers to sell even on a small suburban lot. You can increase your growing options even further if you have several acres. The ubiquitous roadside stand sells fresh flowers, fruit, nuts, and local produce during peak season in many places.13. Sell Your Clutter or Rent it
If you’re like most people, you have a closet full of clothes you don’t wear and a kitchen pantry full of appliances that have been used for years. There’s also all that baby gear gathering dust in your basement or garage that your kids no longer need.With that in mind, the next time you do a little spring cleaning, sell these items on sites such as Tradesy.com, Poshmark.com, Gazelle.com, and OfferUp. Just note that these items should be in decent condition and these sites also charge fees.
14. Launch a Home-Based Business
Regardless if this is a side gig or a full-time work-from-home position, there’s no shortage of home-based business ideas. Even better? Most of these business opportunities can be started today with nothing more than your computer and internet connection.- Start a blog
- Freelance
- Self-publish a book
- Create and sell handmade products
- Refurbish and upcycle furniture
- Launch a podcast or YouTube channel
- Virtual call center
- Online teaching or tutoring
- Home bakery
- Catering service
- Childcare
- Barbershop or salon
- Dropshipping
- At-home car-wash
- Drop-off repair service
- Business consulting
- Accounting and tax preparing
- Launch a subscription service
- Private tutor or instruction, such as offering music lessons
- Invest in stocks or real estate
15. Tap Into Your Home Equity
Equity in your home refers to the part of your house you’ve paid off. This is the difference between the value of your home and the amount you still owe on your mortgage, explains Diane Costagliola for Bankrate. Equity from homeownership is a critical part of building wealth over time for many. The equity in your home grows over time as its value increases and as you pay down the mortgage principal.“Equity provides many opportunities to homeowners, as it’s a great source for savings and for financing,” says Glenn Brunker, president at Ally Home. “For example, the equity amassed in a starter home may later provide the down payment needed to purchase a larger home as a family grows and needs more space. It’s a time-tested way to build wealth.”
When it comes to big expenses, home equity is often regarded as a better financing option than credit cards or high-interest personal loans, adds Costagliola. The best uses of home equity would be debt consolidation, growing your business, or covering emergencies, education, or a wedding.
Final Words of Advice
You have an opportunity to earn additional income when you consider renting your home or part of it. But before chasing these opportunities, there are two points to consider.The second way to ensure you’re not taking on too much is to not overextend yourself. The process of renovating can be physically demanding as well as costly, for example. In addition, not everyone is cut out to run a home-based business like B&B or a wedding venue.
Nonetheless, if you have carefully considered both of these things, why wait to see if you make money off your home when you could do so right now?