Between property taxes, mortgage payments, maintenance repairs, and utility bills, there are a myriad of costs associated with owning a home. Sure, you hope that all of it will pay off in the long run, but if you’re looking to make a profit off of your home today, you may find yourself at a crossroads.
With these tips, there’s no need to wait until you’re ready to sell your house to make some money off of it. Check out these seven tips to turn your home into cash.
Rent out a room
Airbnb has become the number one alternative to traditional hotel lodging stays, and business is booming for Airbnb hosts all around the world. If you have a vacation home, a guest suite, or even an open bedroom, renting out your free space could earn you thousands of additional income annually. All you need to do is list your space, maintain its cleanliness, and wait for the reservations to pour in.
Create a home studio
Ever wanted to be a small business owner? There’s no time like the present to harness your craft and turn it into a full-fledged side gig. Having a home studio gives you a designated space to be creative and turn your ideas into crafts, concepts, and things people will love. Whether that’s creating jewelry or becoming an at-home yoga instructor, your home studio can serve as your space to turn a passion of yours into income.
Have a garage sale
Own a bunch of stuff that doesn’t get much use? Create a few flyers, set up some tables, and get your yard sale on! A garage sale is the perfect opportunity for you to rid yourself of unnecessary material baggage and make a quick buck while you’re at it. Make sure everything you’re selling is in good, gently-used condition—items that don’t make the cut should be donated.
Use your home’s equity
If you own your property, you may consider using your home’s equity as a source for extra cash. Home equity loans, also known as reverse mortgages, are easy and effective ways to turn your home into immediate cash flow. Whether you’re looking to bolster your retirement savings or simply or pay for home repairs, a reverse mortgage condo, house, or townhouse is your one-stop-shop answer.
Host storage space
The market for storage units is always booming as there will always be people with more stuff than they know what to do with. In fact, a study completed by the Self Storage Association found that 9.4% of U.S. households currently rent out a self-storage unit. The revenue generated from these storage rentals amassed more than $36 billion in 2017 alone.
Want to get in on that action? Consider renting out your extra basement or garage space to someone in need of storage accommodations.
Turn your home into a B&B
If you have multiple rooms available, you could turn your humble abode into a welcoming Bed and Breakfast. Renting out rooms nightly or even weekly can greatly increase your income. Operating a Bed and Breakfast requires a lot more time, patience, and space than what you’d expect from renting out an Airbnb room, so it’s well worth your while to do as much research as necessary to ensure you’re making a good decision for yourself and your lifestyle.
Open your home to an exchange student
It’s no secret that attending high school or college in America is expensive. Between covering basics like food, clothing, and transportation, there are a number of costs foreigners must accommodate if they seek an American degree. However, by opening your home to an exchange student, you can soften the financial blow these eager students face and make some cash on the side.
Foreign exchange housing programs like Universal Student Housingand Borderless Friends pay volunteers willing to open up their homes for hosting an exchange student. Compensation rates, stay duration, and other important details will vary from program to program, but be sure to sign up with a reputable agency above all else.
What’s more, in addition to earning some extra cash, you could make a lifelong friend, learn about a new culture, and better yourself along the way.
Which of these tips are you eager to test out? Let us know in the comments down below!