15 Ways to Make Money With Your Home

15 Ways to Make Money With Your Home

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The money can be pretty good but you’re on your own, and for some people, that’s the best part

According to data from the Federal Reserve, consumers ended 2021 with debt totaling a staggering $15.6 trillion. In the fourth quarter alone this was a year-over-year jump of $333 billion. In addition to the biggest quarterly gain since 2007, the largest annual gain was recorded going back to 2003.

What was the biggest increase in debt load? Well, it should come as no surprise that this comes from mortgages–which comprised 87 percent of consumer debt. By the end of 2021, balances skyrocketed by nearly $11 trillion, including $890 billion in the fourth quarter. The year saw record mortgage originations exceeding $4.5 trillion.

Since a majority of people in the United State own a home, 65.5 percent to be exact as of April 2022, this can be a huge financial burden. This is especially true for those who are struggling to pay the bills or have to fund an emergency.

The good news is: It is possible to make money from your home. This can usually be an passive source of income meaning you do not have to invest too much effort, time or money. This extra income can be used to repay your debts or pay for expenses such as property taxes, utility bills, homeowner’s insurance, and so on.

So, without further ado, here are 15 ways that you can make money with your home. Seriously.

1. Get a Roommate

Roommates have long been a good way to save on rent–especially when in college or just starting out with your career. They can also be a source of income for homeowners. You can earn extra money by sharing your room with roommates to help pay off your mortgage quicker or share the costs of utilities. They can help you with chores and be your companion, if they are cool.

At the same time, it’s not always easy living with roommates–particularly when the homeowners have priority. You may need to make tough decisions when sharing a room with your roommate. You can avoid such problems by setting clear guidelines and having your roommate sign an extended lease.

*) Although you could post your listing on Craigslist or other sites, word-of mouth is my favorite method. A friend or relative can vouch on a roommate so that you know that their personalities match and they don’t charge extra for rent.
*How much money can you make with your roomie? It depends. However, with one roommate, you could earn back 30 percent of your housing costs each month. If you have three roommates, you could earn back 50 percent.

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2. You can add a rental suite

If you live in an area where it is possible, your home could be made into a rental unit . You can also build an in-law or basement suite.
If space is available, you could convert your garage to an in-law unit or create a separate structure.
*) Research the local regulations before you remodel or build a legal room. A separate entrance is required for a legal rental suite. It also needs a fully equipped kitchen and bathroom.
This gives each person more privacy and space than a roommate. You can also charge more for them because they will have their own space.
*Before you decide to build a suite make sure that you understand how much income it will produce. After you’ve spent the renovation money, calculate when your landlord income will begin to grow. The Rentometer is an excellent tool for checking rental prices in your area.

3. Be an Airbnb host

*)There are many ways to earn money from your home, but Airbnb is the most well-known. Airbnb allows you to list your second home, guest house, spare bedroom, and other properties for potential rent. And, depending on your schedule, you can rent your home or spare room whenever you like.

In North America, the average Airbnb host will make $41,026 in host earnings on Airbnb in 2021, but some will make more. The location you reside and the area you are listing will impact your earnings. Renting a room within your home with shared amenities will bring you less than renting out a whole basement that has its own bathroom and entrance.

4. Make Your Lot Available to Tiny House Dwellers

People are opting to downsize their lifestyle and save money by moving into tiny homes. Tiny homeowners have to overcome many obstacles including finding a place to park. Many counties won’t permit tiny houses unless the homes are adjacent to traditional ones.

If you own a lot of land or live in the countryside, it is possible to rent your home to small-scale house dwellers. You can charge more if water, electricity or septic hookups are provided.
*You may be able rent your property even if you don’t have access to utilities. Many tiny home owners can live off the grid with the aid of water reservoir stations and solar panels.

On sites like Try It Tiny, you may be able to charge anywhere from $350 to $1,500 per month, depending on your location and the amenities you provide. To ensure that your rental is legal, you should check the local ordinances and zoning laws.

5. Stockpile Other People’s Stuff

Do you have lots of space in your home? What about an unutilized garage? You could even rent it as storage.

There are many people looking for affordable, corporate alternatives to storage units because they cost around $108 a month–and are rising.

*) You can also sell your storage space, if it isn’t needed. Households in transition who require temporary storage space can rent short-term spaces. You may also decide to rent your garage out for the entire season in order to store an RV or boat. My uncle rents his garage to mechanics to make a recurring income stream.

6. Share Out Your Driveway

By using websites such as CurbFlip.com, you can rent out your space when you don’t need it. You can list your parking spaces at hourly, daily and monthly rates on these websites. When you make a listing, be sure to connect your PayPal or bank account in order to receive renters’ money.

*Note: Parking is most in demand near major attractions and public transport. These include concert venues and trendy neighborhoods. Residents and tourists living in metropolitan areas might be more willing to park in your driveway than fighting for parking spaces, or for a spot in an expensive garage.

FYI, these sites do charge a fee. As an example, CurbFlip charges 16 percent for completed transactions.

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7. Run a B&B

If you own several rooms and want to increase your rental income, your home could be ideal as a Bed and breakfast. Your gross income will increase the more rooms that you have.

Bath and breakfasts do not make a lot of money. “This is not a business you go into to make a lot of money,” warns Nancy Sandstrom, a former lecturer on B&B startups and innkeeper. You can still make money, but many of your expenses will be covered. It’s not a decision that you make every day. Selling .”

will bring you the greatest return.

Bed and Breakfast hosts are expected to provide more than just a place for guests. If guests are staying at the Bed and Breakfast, they should also provide breakfast. It may be necessary to renovate your home and buy the bedding and towels you need. You will need to obtain a variety of licenses or permits from both the county and city.

8. Your Yard

Can Be Rent

Does your home have appealing amenities such as a swimming pool or a renovated barn? You can list your property’s amenities for an hourly, or even daily rate if you choose.

It is also possible to use apps. Among them is Sniffspot. This basically turns your home into a dog park that neighbors can use for training or exercise. Likewise, Swimply lets you charge others an hourly rate to swim in your pool.

These investments will not cover the entire amount of your mortgage, but can provide an excellent boost to expenses such as maintenance or insurance.

9. Create a Star Home

It is possible to make anywhere from $1,000 to $5,000, or even more, per day renting out your home for filming. Your mortgage payment will be the average daily rental rate. Say you have a $2,000 monthly mortgage. You can earn $2,000 a day. This can vary depending on where you live, how big your house is, as well as the production budget.

A producer can search for homes in their area with Set Scouter. This tool allows you to post your property.
You could book three commercials in a month and not be booked again for the following year. Commercials are unpredictable and should not be considered regular income.

10. Event Host
*If you have a lot of space you could host weddings or concerts. You may need to obtain permits and outdoor electricals. Bathroom arrangements can also be required. This could be very costly. It is possible to have a large event that generates thousands of dollars within a single day.
*) Rural or agricultural areas may host agritourism events, such as mini-markets, wine tastings and seasonal mazes to celebrate local food production. A barn was also renovated by family members, which is used now for wedding and baby showers .

11. Be a pet sitter

Are your animal lovers? Become a pet sitter through an online service such as Rover.com, which claims to have over 150,000 sitters who specialize in dog-only in-home boarding.

*A background check may be required but certification is not necessary. In addition to providing training resources, the site charges sitters a 20 percent fee per booking for taking care of pets. Rover is a happy customer. It’s great that I don’t have to take my dog with me when I go out of town. Ad after just a few visits my dog is looking forward to the visits with her sitter.

12. Start Your Own Market Garden
*) It is possible to cultivate enough vegetables and fruits to make enough money even with a very small lot. If you own several acres, your options for growing can be expanded even more. A ubiquitous stand at the side of roads sells local fruits, vegetables, and fresh flowers during peak seasons in many areas.
*) As people are more aware about food safety and health, the demand for local fresh foods is increasing. If you are able to, put your green thumb on the job and make your products available at your local farmer’s market.

13. You can either sell your clutter or rent it
*) If you are like many people you probably have clothes that you don’t use and kitchen cabinets full of old appliances. You also have all the baby gear that you don’t use anymore in your garage or basement.

Keep this in mind when you next do some spring cleaning. You can sell your items online at sites like Tradesy.com or Poshmark.com. These items must be in good condition. There are also fees.

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*) If you aren’t willing to part with the items you can still make a profit from them. How? You can rent them on websites like Fat Llama or BabyQuip.

14. Launch a Home-Based Business

Regardless if this is a side gig or a full-time work-from-home position, there’s no shortage of home-based business ideas. Even better? These business opportunities are possible to start today using your internet connection and your computer.

While this isn’t a comprehensive list, there are 20 suggestions that you could consider ;

.

  • Start a blog
  • Freelance
  • Self-publish a book
  • Create and sell handmade products
  • Refurbish and upcycle furniture
  • Launch a podcast or YouTube channel
  • Virtual call center
  • Online teaching or tutoring
  • Home bakery
  • Catering service
  • Childcare
  • Barbershop or salon
  • Dropshipping
  • At-home car-wash
  • Drop-off repair service
  • Business consulting
  • Accounting and tax preparing
  • Launch a subscription service
  • Private tutor or instruction, such as offering music lessons
  • Invest in stocks or real estate

15. Tap Into Your Home Equity

The equity in your home is the amount you have paid. This is the difference between the value of your home and the amount you still owe on your mortgage, explains Diane Costagliola for Bankrate. Many people consider equity from homeownership a crucial part of their long-term wealth building strategy. As your house’s value rises and you repay the principal on your mortgage, equity in it will increase.

“Equity offers many options for homeowners as it’s both a source of savings and financing,” said Glenn Brunker from Ally Home. For example, equity built up in a starter house may be used to finance a bigger home later on as the family grows. This is a proven way to create wealth .”

*Home equity can be a more cost-effective financing method than personal or credit card debts for large expenses. Home equity can be used to consolidate debt, cover emergencies, pay for education or even pay for a wedding.
Equity can be accessed via HELOCs and home equity loans as well as cash out refinances.

Final Words Of Advice

Renting your house or a part of your home can help you earn extra income. These opportunities are worth exploring, but there are 2 things you need to keep in mind.
*First of all, insurance can pose risks. If you are using the property for any reason not stated on the policy, it could cause your insurance to be cancelled. In any case, your property must be properly insured, and you must secure the necessary licenses and permits.
The second thing to avoid is overextending yourself. Renovations can prove to be both physically and financially demanding. A home-based business, such as a B&B or wedding venue, is not for everyone.

However, you should have considered these two things carefully. Why wait until you can make money from your house when you could start making it right away?

By John Rampton

The Epoch Times Copyright (c) 2022 The views and opinions expressed are only those of the authors. These opinions and views are for informational purposes only. They should not be taken as solicitation or recommendation. The Epoch Times is not a source of investment, tax or legal advice, nor does it provide financial planning or estate planning services. The Epoch Times is not responsible for any errors or delays in the information.

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