7 Ways To Earn Money From Your House
You don’t need to be an expert in real estate investment to earn passive income from your property.
1. Take On A Roommate
If you have a spare room or extra space in your house, rental income from a roommate can add a significant amount of cash to your monthly income and help offset the mortgage payment and utilities. With the help of a roommate, you can pay off your mortgage payment each month without actually having to use your own money to do so.
Living with someone isn’t always easy, though. You will need to evaluate the challenges that come with having a roommate – such as lack of privacy and having to share common spaces – to determine if it is worth it to you. Depending on your age or lifestyle, this may be more feasible for some than others.
If you are considering taking in a roommate, first do some market research to see the going rate for a room in your area. Be sure to compare to other room rentals and not full homes, which can rent for much more than a single room.
You may also need to look into additional costs, like increased utilities or special insurance for any damages a renter might cause. You may also need to work in some upfront costs, such as furnishing the room with new furniture before they move in if you don’t have the minimum and they don’t have anything to bring with them.
For homeowners who need to make a lot of consistent income off their home, getting a renter can be the easiest way to do that. Be very diligent in who you rent to; be realistic about the value of the space and it could be a great long-term income for you.
2. Create An Airbnb Or Vacation Rental
Homeowners who do not want a longer term tenancy could consider turning a home into an Airbnb, bed and breakfast or other vacation rental. This can be done with the whole house or just a room.
If you want to pursue this option, the first thing that you need to do is research the legalities of short term rentals in your area. Check with the city and your HOA, if you have one. Many have rules against short-term rentals.
Then, research the approximate value of the space. If you live somewhere touristy, it will likely be easier to rent out compared to more residential areas. But, look into what is already available in your area and how it is priced. This will help you to determine the viability of renting out a room in your home and if it’s worth the hassle.
3. Rent Out A Parking Space
If you don’t want to rent out a room in your home, you might consider renting out a parking spot. Many people pay to park, especially in downtown areas with limited parking.
First, you will have to assess if anyone wants to park near your home. Are there any buyers? If you live deep in the suburbs, this probably isn’t a feasible option for you. Then, research what the going rate for parking is. Finally, you will need to list the spot for rent. There aren’t usually marketplaces for parking, like there is for an AirBnb, so you will need to think outside the box.
Consider who might want to park there and market to them specifically. For example, if you are near a university, try to list the space on the college marketplace. The app Neighbor is also designed to help connect people with extra parking spaces with those who’d like to rent them.
4. Turn Extra Space Into A Storage Unit
Homeowners with extra space in their attic, basem*nt or garage can rent it as a storage unit. Storage units are pricey and can be hard to find – why not offer your unused space, too. However, be careful and be cautious when renting your home out in this way. You do not want to deal with someone coming and going through your home all the time, and you certainly don’t want to become a host for nefarious business.
The best way to rent out your storage space is to someone fairly local to you. Consider posting on Facebook Marketplace or the NextDoor app to offer the space to people in your immediate area.
Then, set parameters with a potential renter with what they will be allowed to store, where they can store it, and how often they can access the space. Make sure you have all the details in place, including how either of you can get out of the arrangement if need be.
5. Become An Event Host
Homeowners with a pool, sprawling backyard or large indoor space could capitalize on this space by renting the area out for parties and events. People are always looking for venues for weddings, birthday parties and family reunions.
You will want your yard to look picture-ready in order to get the highest possible rate for your space. For homeowners who are able, a cash-out refinance might be a good way to pay for any home improvement projects designed to make a space more attractive for event hosting.
If you are renting out something like your pool, consider any liabilities that could be in play and make sure you have all your ducks in a row before going forward with this path.
6. Audition Your Home For Hollywood
This option will only apply to homeowners in certain cities or regions with certain types of houses, but if you can have your home used as a set for TV or films, you could get a big payday.
Reach out to your local film commission and ask to have your home added to their database of spaces available for rent. Then, you just have to wait to see if something films in your area and if the scouts like your space.
Honestly, it’s a long shot, but it could be very exciting – and lucrative – if you are selected.
7. Become A Pet Sitter
Love animals? Make it a business! So many people have pets and cannot always travel with them. Being an in-home pet sitter can be a great money making opportunity. Plus, it’s easy to get into. List yourself on an app like Rover or just post on your local marketplace or neighborhood group.
Being a pet sitter can be a lot of work – pets are a big commitment, after all – but people treat them like their children and are definitely willing to pay high rates for them to be well cared for. If you’re able to offer an affordable option that looks clean and safe for their pet, people will be happy to choose you over a kennel.
