If you are looking for ways to make some extra money then the house you live in may provide you with a few methods to do just that. Your house is a large and expensive investment, so finding ways to get it to help pay your mortgage is smart. Here are a few ideas that may help you make some extra cash from your property.
1. Rent out your entire house.
If you have a vacation house you rarely use then you can turn it into a rental property when you don’t need it and make some good money from it. You can also rent out the house you live in when you are off on vacation. Sometimes opportunities come along that may make it worth your while to vacate your house temporarily so that you can rent it out too. Perhaps there is a convention or other event in town that has resulted in all the hotels being booked out? Or perhaps a film crew is shooting something in your area and needs extra accommodation, or even a house for a film set?
2. Rent out a room in your house.
Got a spare room in your house you have no use for? If you are prepared to put up with someone else sharing your house with you then you can rent it out and make some money from it. Bear in mind that this may mean that you will also be sharing a bathroom, kitchen, etc with them too. Make sure you pick someone that you feel you will get along with as your tenant.
3. Rent out your parking space.
In busy urban environments car parking spaces are often in short supply. Perhaps you live next to large family with a lot of cars and have extra parking space that you can hire to them? Or maybe you live near a business area with expensive or limited parking spots? If you don’t need that parking space yourself and can find someone who will pay to hire it from you then you can make some nice extra cash.
4. Rent out your yard as a private campsite.
Got a large backyard? Maybe you live near a nature reserve where no camping is allowed? You can rent out your yard as a private campsite to give campers easy access to the reserve for their bush-walking and other
nature activities. You can also rent out your yard to people who want to go camping but also want access to modern amenities. Many people want to test out the camping experience in a controlled environment before they go camping for real, but don’t have the yard space themselves.
5. Rent out your storage space.
If you have a shed, attic, basement, or some other storage space that you are not using then you might be able to find someone who will rent it off you to store their own stuff in.
6. Managing your rental property projects.
Whatever method you choose to use to make some extra cash from your home may end up involving a lot of management overhead. If you’d rather pass those management headaches to someone else then a property management company may be what you are looking for. In addition to saving you time these companies can also save you trouble from problems that require professional expertise to prevent or resolve.
Property management companies provide a buffer between you and any tenant, etc that you may have. They ensure that rent gets collected and any issues get resolved with minimum friction. When you are dealing with a tenant who you may know personally it can be hard to say no to them if they start making unreasonable demands. Being able to tell them that they need to take it up with the management company can give you some solid peace of mind.
There are a variety of methods you can use to make money off of your home. With a bit of imagination you can probably even come up with a few that aren’t listed here. These ideas should help get you started thinking in the right direction though, so take a look around your property and try to think up ways you can get it bringing in some cash.