Owning a house is great. You get to live in your own space and have complete control over who comes in and out. Plus, you get all the benefits that come with being a homeowner, like potential tax breaks and increased equity. But did you know that your home can also be a source of income?
Here are 4 ways you can make some money from your home.
Lease Out a Room
One of the most popular ways to make money from your home is by leasing out a room. You can get this done in different ways.
For example, you can hire a property leasing service to find a tenant for you and handle all the paperwork. This is a good idea especially if you want tenants to be screened. Or, if you’d rather handle everything yourself, you can list your room on websites like Airbnb or VRBO.
If you choose the second option, you should be aware of the risks of leasing your home and how to take steps to mitigate the risks yourself. For example, a tenant might damage your property. You can mitigate this risk by having them sign a lease agreement that outlines the expectations for the care of your property.
Another risk is that your tenant might not pay rent on time or at all. To help mitigate this risk, you can insist on the first and last month’s rent upfront.
Rent Out Your Garage
If you have an extra garage or one you don’t use, you can rent it out as a storage space. Plenty of people need storage space but don’t have the room in their own homes. Read more about How Is Wholesale Real Estate Different In California?
It’s as easy as listing your garage on websites like Craigslist. Just be sure to set clear expectations with potential renters. For example, you should make it clear if the space is only accessible during daylight hours.
You should also consider getting renters insurance to protect your property.
Rent Out Your Driveway
Parking space is in very high demand because of factors like rapid population growth and an increase in cars per household. If you live in an urban area, you can list your driveway on websites like JustPark.
You can also contact local businesses to see if they’d be interested in renting out your space for their employees or customers. For example, a nearby restaurant might want to rent out your driveway for their delivery drivers or parking for customers.
Base of Operations
You can also use your home as a base of operations to offer services like pet-sitting, or childcare.
If you choose to offer services like these, be sure to do your research first so you’re in accordance with the law. For example, if you’re going to offer childcare, you should be CPR certified and have a solid understanding of child development.
You should also create a business plan that outlines things like your pricing, target market, and marketing strategy. These are just a few of the ways you can make money from your home. So if you’re looking for a little extra cash, see what opportunities are available to you right in your own backyard.