Wouldn’t it be nice to make some money off your house since you are paying for taxes, your mortgage and insurance? Well, there are plenty of ways to do just that with a little effort, creativity and research.
You could actually make enough money possibly to pay for the mortgage. Or, you might just make enough to save for a great vacation or a downpayment on a new car. The possibilities are endless of what some extra cash could do for your life. But first contact your accountant to make sure the new income won’t put you in a new income bracket where your taxes are more than what you are making.
So, where do you start? Here are a few ideas to consider:
Rent a room or entire house
Airbnb can make it easy. It is an online community marketplace where people list and book short-term lodging around the world.
“Depending on where you are and what you have, this is a great additional source of income,” says Bruce Ailion, attorney and associate broker at Re/MAX Town & Country in Alpharetta, Ga.
You can take advantage of high-demand times in your area (such as a big sports event or festival) to make some extra bucks. You don’t have to do it all year long. The website helps you figure out what to charge, and you can interview the people before they rent from you. You don’t even have to handle the money.
Lease indoor storage
People always need a place to put their stuff. You might have a closet, basement storage room or extra bedroom where people can pay you to put their belongings. Depending on where you live, the price of storage will vary considerably.
According to Life Storage Inc., the average monthly cost to rent a 10’ x 10’ unit is $112. A climate-controlled unit is higher at $133. That size of an area can hold the contents of a one-bedroom apartment along with a few large appliances.
Run a business out of your home
Ailion has one client who runs a pet sitting business. “In my market, veterinary kennels charge $35-$60 a day. My client keeps 1-3 dogs at his home.”
He has found clients renting out a basement apartment or other spaces in their homes for other people’s entrepreneur efforts.
“Countless businesses started out of a bedroom or garage such as HP and Apple.” He, himself, runs his own real estate business from his 1,200 square foot office in part of his home instead of renting additional office space. “Saving money is the same as making money,” he adds.
Let it shine in movies and televisions shows
Renting your home out (or your backyard or farm) to production companies has become much more common, Ailion says. “In metro Atlanta, we are now the largest location for film production.”
There are several websites such as LocationsHub and SetScouter to sign up your home. Also, many states have their own film offices to help you market your property for this use such as California’s Film Commission.
Rent to traveling professionals
If you have an extra bedroom and possible bathroom, you can rent it to a travel nurse or other professionals who take on assignments all over the country. There are hundreds of travel agencies that help these professionals find the right housing. Get in touch with them to see what is needed, and what you can charge.
Grow produce to sell
People love their farmer’s markets. You could be part of that by growing fresh fruit, vegetables and flowers. You can even make the jams and jellies from that fruit to sell, too. You can sell it roadside, too, if you check to see what your area’s laws are for selling produce. It doesn’t take a huge yard to have a green thumb. Start out small with some tomato plants and cucumbers. Then continually increase the amount when you are more comfortable with what you are doing.
Consider holding events
If your acreage has breathtaking views or your home has beautiful big rooms, you could become a place where people gather for showers, wedding rehearsals, fundraisers and so much more. According to DoItYourself website, if you rent your home out for events for less than 15 days a year, the income does not need to be claimed on your tax return.
Collecting a security deposit should be one of the first things you do with a client. After the event is done, you can check out if everything is in order and nothing is damaged. Then, you return the deposit. You can use you’re the deductible on your homeowner’s insurance as a guide for that deposit. Check out websites such as Peerspace, UniqueVenues, EventUp, Splacer and VenueBook for help in getting people to check out your location.