A home is probably one of the biggest investments you’ll ever make. As with all investments, you hope to get the best possible returns. You can make your home work for you and make substantial money from it even while you’re living there yourself.
Have a look at the following tips. I’m sure you’ll be able to use at least a few of them to make your home a moneymaking entity.
Renting out the driveway
This is a cool option if you live close to an event venue and have spare parking space. You’ll find that many attendees will be more than willing to pay you parking fees for the convenience of proximity to the venue. The charges that you can ask for will be based on the area you’re staying.
Allowing movie shoots
If you have a good looking property, there’s no reason for it not to become a star! You could consider renting it out for a few days for shooting of commercials or films. Convey your availability to advertising firms, film studios, and production companies. You’ll earn good money for each day you rent out your house. A wonderful bonus will be the pleasure of seeing your very own abode on screen.
Taking in boarders
You’ll always find people looking for rental accommodation, whether you have a single room or a whole house to spare. If your home is a presentable one with a certain charm, putting in a few marketing hours can help you can transform any spare space into a potential moneymaker.
Here are some options:
- Offer bed & breakfast: If you have a cozy house with a spare room and like playing host, offering bed and breakfast could be ideal. You can enjoy both the company and the extra income.
- Rent out when you’re out: If you’re going on vacation or need to stay away from home for extended periods due to work or other reasons, you can think about renting out your entire house. Calculate the exact period you’ll be away and then let it out. This will help you get the maximum possible rent without being inconvenienced yourself. A professional property manager can guide you better.
- Offer camping space: If you live in the wilderness or near a multi-day festival and don’t really like strangers living inside your house, think about allowing campers on your land. You could invest in an outhouse or ask campers to bring in their own tents.
If you’re inclined towards keeping the planet green, you could choose to harness alternative sources of energy. The main methods of generating energy in-house are wind turbines and solar panels. Both require considerable upfront investment, but the payback is well worth it.
Taking up farming
If you have a green thumb, you could use it to make good money. If your property has some spare growing space, cultivating seasonal produce can yield regular income. Creating an edible garden containing big ticket veggies like tomatoes, green beans, and cucumbers can have you literally growing money on trees while pursuing your hobby.
The Home Loan Advisor can analyze your property, current market conditions, local market comps, and other variables in our proprietary algorithm, but we match you with potential lenders who have products that may help you and provide you with a sense of stability. A little research can mean an easy and pleasant refinancing experience while maximizing your money. To assist you in the refinancing process, you can also get a free home valuation report from Neighborhood IQ and find out what your home is really worth.