When looking to make extra money, people often forget about a resource that is literally right around them—their home!
In which case, here are eight ways to leverage your home for some extra cash.
#1 Rent Out to College StudentsIf you live near a college city or town, renting a spare room or space out to college students is a fantastic way to generate passive income. Your tenants will come and go with the beginning and end of academic semesters. This makes rentals short term and easy to manage.
You might even consider “colleging up” the space. Consider using fairy lights to create that cozy dorm room vibe, or adding extra beds in a room so students-on-a-budget can share the space.
#2 Rent Out to VacationersYou can use platforms like Airbnb to rent out your house, or a part of it, to vacationers. A benefit that vacation renters share with the college student demographic is that they’re seasonal and thus, also short term.
Once August rolls in and they pack up their flip-flops, they’ll also leave your property to resume their lives elsewhere. Make sure to update your insurance if you’re renting out your space.
#3 Use Your Pad to Pet SitWhat do you do with pets when they’re going on vacation? A tough problem that services like Rover have created a solution for, they find someone with a house who would love to take care of someone else’s pet.
If you like working with animals, and like to get paid to work with animals, then this could be a viable option for some extra cash.
Pet-sitting options in your own house include:
- Dog Boarding – This involves taking care of pets overnight.
- Doggy Daycare – You’ll be able to take care of pets during the day while working from home.
- Dog Walking – You don’t need a house for this one, but if you have one with a big backyard, you could walk a dog from the comfort of your own home.
#4 Start a Business Based Out Of Your HomeHave you always had a passion for art? Baking? Creating pet portraits from leaves on the ground? You can use the space in your home to start a business. For instance, consider using your living room to stream yoga classes, or fit your kitchen with extra ovens to start cake catering (caketering?).
If you only have a small apartment, you could always move things around to free up more space.
#5 Rent Out Your Driveway or GarageIf you live in a city where real estate is precious and parking garage prices seem like a holdup, you could rent out space in your driveway for people to park their cars.
Depending on your location, you could make up to around 20 dollars a day and around 300 dollars a month. You could also rent out your garage for people to store possessions, including vehicles.
#6 Consider a Reverse MortgagePeople sometimes think that avoiding loans is mutually exclusive to avoiding financial mistakes. This is a common misconception.
Loans can be helpful when used correctly. For instance, consider the reverse mortgage, which lends you money (with interest charged) based on the value of your house.
Once the owner dies, sells the house, or moves out, the loan is repaid, usually with the money gained from selling the house. A Florida, Texas, or Colorado reverse mortgage – or anywhere you live – will free up cash that you can use however you’d like.
#7 Have Your Space be The Star Of The ShowThe houses on TV shows and movies seem so dreamy and far away.
Did you know that your home could be one of those houses? Get into contact with a location scout in your area. They’ll appraise your house (so make sure to bring the "wow" factor out beforehand). Afterwards, there’s a possibility they’ll use your house in a movie or show.
In which case, they’ll pay you for it.
#8 Use Your House Or Yard to Hold EventsIf you have a large or picturesque property, consider renting it out to hold events. People want to hold events in photogenic areas. Check with your zoning laws to ensure you can legally do so, then consider renting out the space for any events that fit the size.
Cash Comes To The CreativeUse these strategies verbatim or think creatively about how to turn your home into cash. Is it a reverse mortgage? A new home business? Renting it out? The options are many and it all comes down to your individual circumstance.
However, real estate—barring a market collapse—is a gift that keeps on giving. Leverage it to your benefit!
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