Owning a house is one of the most significant and most exciting accomplishments. However, with all the utilities, property taxes, and mortgage payments you have to make, it starts to feel like a burden really quick. But what if you can turn your home into an income-generating machine that can pay for itself? Here are six ways your home can give you income;
1. Rent to a film company
Film companies are always on the lookout for prime locations to shoot their movies. If your house has that homely feeling or it looks a bit haunted, you could be sitting on a goldmine. According to Locationshub.com, film companies could pay you enough money per day to clear your monthly mortgage payment.
2. Renting out a spare room
Are your kids off to college? Have you turned your attic or garage into a spare room? You can rent out space rooms to a college or exchange student who will not give you any trouble. Be sure to contact a lawyer for the paperwork and also do your due diligence to ensure they are good people.
Airbnbs are the next best thing after the internet and Uber. The app does all the hard work for you, and all you need is to prepare your home. The great thing about this is that you can rent out a few rooms or the whole house depending on how much they are offering. Use a stamp duty calculator to find out how much money you need to source out. You have to get used to sharing your haven with other people, but it’s worth it at the end of the month.
4. Rent out your parking space
If you are fortunate enough to have a house near a popular venue and you have ample driveway, you can rent it out as parking. There are plenty of parking apps like JustPark and ParkLee that you can use to advertise your driveway. Be sure to check with the authorities whether it’s legal first.
5. Add a rental suite
You may not be comfortable sharing your space with some strangers, but you can still have renters if you build a separate rental suite. Make sure the suite is self-contained with a kitchenette, bathroom, and appliances so it can fetch good money. Just like renting your driveway, ensure it’s legal to build a rental suite on your property.
6. Become a gardener
Are you blessed with a big lawn or garden? You can transform it into an organic market where you plant everything from tomatoes, green vegetables, carrots, and fresh herbs. The organic industry has grown in leaps and bounds so your vegetable garden can bring in a good income.
There is no limit to how you can utilize your home to make money. Some people decide to work from home, rent out their garages as storage, and even give out their vast front lawns for events. All you need is a bit of creativity and of course, reading such resources to get ideas.