You might be of the opinion that your house is just costing you money with all the utilities, taxes and mortgage payments you have to deal with. Well, did you know that there are ways in which your home can actually make you money? We are here to show you some great approaches for turning your property into a money-making machine. Take a look.
Renting a spare room
Probably the first thing that came to your mind. In case you live near a university, hospital or a big factory, rest assured that renting a room can be quite lucrative. This is also a great option if your city has a tight rental market.
Consider your options. Do you have a spare room that you do not use? Is there a room that is used on occasion but you can do without? Do you have a spacious basement that can be turned into a great living space? It would be preferable for the tenant to have their own bathroom and maybe even a kitchen. All of that would allow you to ask for bigger rent. In case you feel like your house needs some fixing up, you can look into home improvement loans and find one that you will be able to pay off in no time once the tenants move in.
Running a B&B
In case your house is of the larger variety, you have the chance to turn your home into a Bed and Breakfast. This option can be more lucrative as you have several rooms which you can charge for nightly or weekly.
However, you have to keep in mind that running a B&B does not mean just renting out a room. Yes, you have to provide breakfast, but that is not all. People basically require you to be available 24/7. You should be able to fix any small issues they have with the room and make them feel at home. If you are not a people person, this might not be the right choice for you.
Offering office space
If you do not work from home and spend most of your day outside, you can also consider renting out your space to companies. In case you have a large living room or a roomy well-designed garage, you can find a startup that is looking for a temporary office.
This is such an easy way to make a profit seeing as how your house is earning you money even when you are not there. Another upside is that the people will be gone when you come home from work. However, you should talk to the tenants to see whether they are trustworthy as you need to make sure they can pay you and you do not want your property damaged.
Storing items
Maybe you don’t want to be a landlord. Luckily, there is another passive way of making an income. You can decide to rent out your spare room, attic, basement or garage as a storage unit. If you offer an affordable price, people are bound to contact you. Make sure you take good pictures and note all special features that space has when posting the ad.
Some people need their vehicles stored during winter, while others are looking for storage solutions all year round. Come up with a payment schedule. Make sure you have a contract and look into insurance options. Check the laws in your country to see whether you are allowed to sell the stuff if the owner refuses to pay or doesn’t come back for it.
Renting parking spaces
In urban areas, it can be really hard to find a parking spot. If you have a garage and a driveway with a few parking spaces, you can offer them to other people.
Come up with a solid payment system so that you don’t get cheated. Find a site or app where you can post the ad, and if you live in a busy neighbourhood, the money will start pouring in.
Renting your roof
Besides your driveway, you can also rent your roof. Energy suppliers are looking for houses with suitable roofs where they can install solar panels. If you do not want to install your own panels but are worried about the environment, this might be the way to go.
These companies usually offer free installation and let you have free energy when you need it while the rest of the energy is being sold.
Holding events
Depending on the type of house you have, you might even be able to rent out the space for various events. In case you have enough space, you can use it for various outdoor events, from concerts to fairs. Outdoor weddings are all the rage now as well. Many landowners also turn to agritourism. You can organize farm tours, provide hayrides or set up mazes and labyrinths.
However, don’t forget to check whether these activities are allowed where you live. Some might be prohibited or require permits.
Growing your produce
In case your house has the acreage, you can turn to growing your own produce. Even if you live on a small lot, you still have options such as growing plants in small containers or opting for smaller herbs. If you have a green thumb, this is a very lucrative option, as the organic food industry is booming.
You can often see roadside stands offering fresh veggies and fruits or even flowers. You can also go to the farmers’ market and sell your products. In case you have a full-time job and no time for selling your products directly to the customers, you can find a partner or distributor. Just remember to get all the licenses you need for selling food.
These eight options are definitely not your only choices. Some people rent their couches for one night to budget travellers, others offer their home to be used as a set for various TV shows and movies. People also rent their appliances and their garden space if they don’t have a green thumb. You just have to get creative when thinking about this topic. However, make sure you get proper insurance and check whether you need permits for any of these options. Good luck!
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