Still stressing about inflation? It’s scary and overwhelming, but just worrying about it won’t solve anything. Instead of spending all your time thinking about how prices are rapidly rising, spend it thinking about ways to keep up a.k.a ways to make more money.
Having a home is one of the biggest things many people are thankful for. It’s also one of the biggest things people get stressed about. Owning a home can be a big burden when it comes to finances. Aside from the mortgage, there are also other things like upkeep, maintenance, repairs, and renovations that can drain your savings.
Luckily, there are plenty of ways to make money with and from your home. Whether you’re looking for a way to earn passive income while still doing your day job or you’re actually more interested in making it your main source of active income and shifting away from your traditional 9 to 5, we have plenty of great ideas that will help you be more financially flexible by making the most out of your home.
#1 Rent out your spare room/s
Most people look for roommates to split the rent with but you can also do this as a homeowner to earn extra cash to help you pay for your mortgage faster or to use for utilities and whatever expenses you usually incur for your home in general.
Roommates can also help make taking care of the house easier since they’ll be in charge of cleaning the room/s that they’re renting and some of the communal spaces around the home.
If you’re hesitant about letting a complete stranger live in your home, you can always ask family and friends to recommend you to the people they know that are looking to rent a room. Otherwise, there are plenty of places online where you can find potential roomies like Cirtru, Diggz, or even Craigslist. You can also join local Facebook groups for people looking for roommates.
#2 Apply as an Airbnb host
If you’re not sure about sharing your home long-term, you can do short-term rentals instead and still make good money from it. A good start would be to apply as an Airbnb host.
What’s great about this is that you’re in total control of who gets to stay in your home and when. You’ll also be operating under a well-known platform so finding renters won’t be a problem at all. This also means that, in case of any problems with the guest, you can always ask Airbnb for help.
Wondering how much an Airbnb host makes on average? In North America, the average amount is set somewhere around $40,000. That’s the average amount a host makes per year but you can certainly make more, depending on your run your business.
#3 Hop in on the tiny living trend
As more people aim to downsize their lifestyles, more and more people are opting to live in tiny homes and it’s creating an excellent opportunity for homeowners like you to earn extra income from their homes.
So, how do you make money from this trend? Well, there are two options. The first option is to build a tiny home in your backyard and rent it out to others. This will cost a bit more upfront, but will definitely pay off in the future.
If you don’t have the money to build an additional rental tiny house, you can rent out your space to those who already have a tiny home but have nowhere to park it. This is one of the biggest problems of tiny house owners so you’re sure to find one or two that you can rent your yard out to, depending on how big it is.
Before posting that listing, make sure to read up on tiny house laws in your state. If you’re in Atlanta, you can get that information here.
#4 Open a mini storage facility in your basement
Everyone’s always running out of space to store their stuff in so why not open your own mini-storage facility for family, friends, and neighbors (and maybe some referrals)? You can use the extra space in your garage and your basement for this or, if you live alone with a few extra room/s to spare, you can convert those into storage spaces, too.
You can offer long-term storage and short-term storage (which would work really well for neighbors who are moving out, by the way) as long as you have the space for it.
#5 Turn your home into an events space
You’ve worked so hard and spent so much to make your home look and feel glamorous, it only makes sense to make a bit of profit off of it, right?
If you’re not into the whole idea of having other people living in your home, whether short-term or long-term, and you’re not open to keeping other people’s — ahem — junk in your house, another option you have to make money with your home is to use it as an events space.
You can charge people by the hour to use your home’s amenities like your swimming pool for parties or your gorgeous outdoor fireplace for a cozy nighttime picnic date. If you have a balcony or a deck with a stunning view, you can rent that out for photoshoots. Got a spacious garden filled with seasonal blooms? That space can be used for weddings! Start taking pictures of these spaces in your home and post them online and wait for the inquiries and bookings to roll in.
A house is one of the best investments you can make. Don’t let it stress you and let it start working and earning money for you with these tips. Looking for a home to turn into a wealth-generating venture? Feel free to contact us.