If you own a home it is one of the biggest assets that you possess. Homeownership doesn’t only bring you money when you sell your home. There are lots of ways you can make money from your home while still living in it.
If you take advantage of the opportunity you could even end up paying off your mortgage sooner than you would expect. You may also be able to use the side income to make any other goals you have become a reality.
Here is a look at some of the main ways in which you can make money off your home.
Rent It
One of the main ways that you can make money off your home is by becoming a landlord. If you can rent out your basement, renovate an attic or even renovate an entire floor of your home then you have a chance to make money.
You can also try renovating a garage and renting that out as an apartment as well. Renting out your home is a great way to earn extra money so you can pay off your mortgage a lot sooner or be able to take that vacation you’ve always dreamed about.
Host Someone
One easy way to make some money especially if you live in a college town is to rent a room on your property to international students. Homestays can be for any length of time that you wish.
Many of them range from a few months to even a year for international students. You may need to enter into an AST tenancy agreement if you live in England or Wales.
You can even host more than one student at a time. You can include the cost of meals separately if you plan on providing the students with three meals a day.
Parking
If you live in a suburban area of a big city you can make money by providing storage. People may have issues with finding affordable storage in big cities. You can rent your driveway or even your garage to people who need it to park their vehicles for extended periods.
You can offer storage services for boats and even motorcycles during the wintertime. This is a growing side hustle that you need to take advantage of now before more people get on board and start doing this.
Start a Bed and Breakfast
Starting a bed and breakfast is a great way for you to earn money off your home. People traveling from one place to the next often need a room or two for the night where they can stay and then get breakfast in the morning. The prices you can charge can vary depending on the luxury of the accommodations you can provide as well as the area.
Renting your home out in this way requires that you be prepared to take on the challenges of preparing breakfast, keeping your home tidy, and changing sheets whenever necessary. However, if you can do this then you can easily earn a lot of extra money.
Rent the Land
It’s not just your home that you can make a lot of extra money from. You can also make extra money if you live on large acres of land as well.
You don’t have to rent a room in your house but you can make use of the land that is around you. Even if you raise livestock on the land yourself or do other types of farming, you can also rent out portions of her farmland to others who may want to raise livestock or grow crops.
Get a Roommate
When many people think about getting a roommate, they often think about doing so because they have a rental property. However, when it comes to making money off your home roommates are also a great idea.
When you get a roommate you will get someone to give you extra cash so you can pay off your mortgage faster and they will even be able to split the utility bills with you.
You can have your roommates sign some kind of lease agreement so that you can make it official. Make sure that you get a lot of good references for a roommate before you bring them into your home.
Host an Airbnb
One of the most popular ways to make money from your home is to become an Airbnb host.
With Airbnb, you can put your home up as a guest house for people who are passing through the area and would like somewhere to stay. You can rent your home for some time or simply rent it overnight or for a few days.
Start a Home Business
Starting a business out of your home is another great way for you to use your home to make money. There are several businesses that you can launch from the comfort of your home. You can keep your business there indefinitely or you can eventually expand to an office if your business gets too much for your home.
With a computer and the internet, there are several businesses that you can start. For example, you can start a pet sitting or pet grooming business, a barber shop, salon, seamstress services, and dry cleaning services just to name a few.
Get Started
As you can see there are several ways for you to make money from your home. You do not have to wait until you are ready to sell your home to make a profit from it.
You can continue living in it and make a profit from it at the same time.
Several ideas have been presented here. You can use one of them to make a side income from your home or you can choose to use more than one. It all depends on your situation and the amount of money you want to make from the property.
