Everyone knows that buying a house is an investment; in fact it is one of the key markers of success in most suburban towns. Property ownership has a long tradition of pros and cons associated with it, but none can deny the feeling of satisfaction a home owner feels upon becoming the “lord of their land”. That being said, most people cannot afford to buy their homes outright, and those that do end up taking a loan to buy their house often have to face large mortgages.
It can sometimes feel as though buying a house is a way to lose money, not make it.
But this can all change! Making money off of your house is something almost anyone can do if they are willing to make the slight accommodations required to start profiting off of something that is already an asset.
Renting Part of Your Home
For the first and most obvious step that one can take is to rent out space in their home. If you are living in a large house and are a small, single family, or a young couple with no kids – consider renting out your basement, or portion of your house. Many immigrant families, young couples just starting out, or recently graduated students are looking for a cheap place to stay and can’t afford the expensive costs of getting a place all to themselves.
The benefit of this option is that you are maximizing the assets you already have, with probably little work on your part. If you really don’t need the extra room, then by all means it makes sense to rent it out! Offering your tenants amenities like Internet and cable (often at little or no cost to extend the service you already have) can enable you to raise the cost of rent as well, possibly netting you a decent bit of extra money!
Renting your Outdoor Space
If you have a large backyard, or front yard, you may consider taking some care to make your property look especially beautiful. People pay a premium to have access to a good, scenic venue for events such as a kid’s birthday party, barbeques, etc. If you have the space can advertise your outdoor property as a fun place where parents can throw parties or anyone can rent for a barbeque.
Again, if you have a scenic home, you may consider monetizing that beauty by letting agencies that do wedding photos and the like about your home and its availability as a location for pictures. Even better, if you’re an entrepreneur at heart, you may offer the photo service yourself! If your home is beautiful and large enough, you may consider doing an occasional wedding or event combined with a whole photo-shoot option. The limits are only up to your property and your creativity. It can quite a profit if you are able to successfully commodity something you already own in this way!
Transform into Home Office Space
If you are a business owner, you may consider transforming your home into a office space. This can help you cut external rent spots and also get you certain tax benefits that you can write off because your home is also your place of employment. If you are trusting enough, you can transform space you don’t use as office space, and rent it out to someone else looking to start a small business, but can’t afford to get a physical location.
There are many ways to make money off of your home, as you can clearly see. There are inherent risks when you invite people you don’t know onto your property, but if you are taking the chance to let a stranger onto your home, you should definitely do the homework to make sure that the person or people pass your safety standards and that you are comfortable with them.
The examples discussed in this article are just possibilities for what you can do; the bottom line is that your home is an asset and you can find ways to make money off of it if you want to, you just have to be creative and the money can flow in!
Linda Michelle is a freelance writer and blogger on topics related to frugal living, home improvement and other topics related to everyday life. If you’re interested in making money with your property and looking for apartment people reviews, make sure you get in touch with her.