For most people, the biggest purchase they make in their lifetimes would be buying a home. Sure, it’s the American dream to own a home with a fence, a family, and two dogs. One unfortunate reality is the mortgage can eat up to 20 percent of your monthly income or more. Well, what if you could turn your home into a money making property to offset your mortgage and perhaps make some extra income on the side? Keep reading to learn more.
1. Create A Rental Suite
If you have the space, or a spare room, why not create a rental suite? For this step, it’s important to determine whether it’s legal to do at your location. If regulations allow, you can convert your basement or even a garage. You might even consider building a separate structure, such as a tiny home. And, before you create one, do research on how much income you can expect and the average for rental prices in your area. You might want to take a look at an Estate Agents property listings to see what kind of rental prices there are in your area. You might even make it particularly unique by using metal roofing. Of course, you should consult the experts. Ethan Harris from Architectural Cladding Suppliers says that metal walling, roofing, or cladding should use high quality material, look good, and be safe. In this instance, it’s important to find the right Architectural Cladding Suppliers in your area.
2. List Your Entire Home Or A Rental Suite On A Site Like Airbnb
Since its debut in 2008, Airbnb has grown exponentially. Many travelers enjoy the ability to rent a place to stay that feels just like home. The good news is you don’t have to list your space as a hotel. Just set it up on Airbnb or a similar site. It only takes a few minutes. Through Airbnb, you can earn several hundred or several thousand dollars in extra income per month.
3. Offer Pet Boarding
Again, this is another option where you should first check your area’s laws and regulations regarding pet boarding. If all is in the clear, then you can offer pet boarding services at whatever fee you feel is fair. Pet boarding companies can charge anywhere from $14 to $60 per day depending on the amenities. If you love pets, and want to work from home, it’s the perfect money making solution. You could board five pets a day to make an extra $100. Of course, you will need to ensure your space is pet-friendly, that you have experience with pets, and that the pets have clean spaces and options to get outside as well.
4. Allow Filming In Your Home
Another way to turn your home into a money maker is to open it up to film production studios. Whether it’s for commercials or movies, you can make a great side income this way. Plus, it’s always fun when you turn on the TV and see your home on the screen. It can be your little claim to fame.
5. Rent Your Yard Space To Tiny Home Owners
You want to verify your zoning laws first, but renting out a lot can be quite profitable. There are sites such as Try It Tiny, where you can list your space. Moreover, you can offer rates starting at $350 per month on up. Since many homeowners are investing in the tiny home market, this might be a lucrative venture.
And there it is, five things you can do to make your home into a money making property. Which ones will you try?