Buying your home is likely to be one of the most if not the most significant financial investments anyone can have. However, homeowners will also admit that housing costs can be pretty expensive, ranging from maintenance to mortgage payments.
In fact, for most of us, a mortgage payment is likely to take the biggest chunk out of your salary each month. Luckily, your home can also serve as a means of making extra income.
Here are some simple ways to make some extra money off your home or property.
Rent out your space
‘House Hacking’ is huge right now all over social media but it isn’t a new concept.
A common way of making extra money off your property is by renting a part of it.
When I was at university, I bought my first house and once I’d renovated it with my dad, I got a lodger in who actually paid me more rent than my mortgage cost. I still made sure that it was less rent than she would have to pay renting somewhere else, so it was win-win in her eyes but I gained so much from this arrangement. It also meant there was always someone to watch rubbish tv with on an evening.
If you don’t live in your property, renting out the entire space is a good idea. If you live in the property, you can rent portions of it, depending on how much space you have.
You can also find ways to expand your home or add additional space to it. For example, you can extend portions of your home like your back garden for added space.
Ensure that you get the assistance of land surveying experts for a planning application for an extension though.
If you have enough outdoor space, you can also rent it out to tiny house dwellers. With the market for smaller homes growing rapidly, don’t be surprised to find several tiny home dwellers looking for spaces to park their little homes.
Sign your home up for temporal accommodation services
If you have several unused rooms available, you can maximise your rental income by making your spaces available for temporary accommodation and hospitality services.
One option is to try running a bed and breakfast service. With this, you can rent out your unused rooms for a night, several days, or even weeks, which can even be more lucrative than opting for monthly rents.
Another option is to sign up for temporary accommodation services like Airbnb. With this, you can make your home available for travellers looking for temporary or short stay accommodations outside hotels.
Do you love animals? Do you love taking care of them? Then you can try pet sitting services in your home. Many pet owners don’t like leaving their fur babies at home when they have to travel for a few days.
Some don’t even want to leave their pets at home when they’re at work. If you don’t mind taking care of pets, you can earn extra money by providing pet boarding services.
Use your home as a temporary storage facility
Another way you can also try is allowing people to store their belongings in your home.
Storage services can be costly for most people. And any opportunity to cut costs by storage in a less expensive facility will be much appreciated by most budget-conscious renters. So, if you have an unused shed, room, or even a spare closet, you can turn it into a temporary storage space for those who need it and earn extra money.
Only ensure that you can keep their stuff secure and consider the impact this would have on your home insurance too.