Your home can become a stream of income if you want. In fact, there are several ways we have enlisted to help you turn your home into a money-making property.
Homes cost us money in so many ways, but most of the time, we resolve to the time we sell the property before we can earn from it. But you do not have to stay that long to earn. There are 7 ways enlisted here to help you turn your home into a money-making property.
1. Rent Out Accommodation
You can rent out a part of your property if you reside in a place that’s well-situated to earn well from it. And this doesn’t mean that you have to live in a resort area for your property to be well-situated.
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If your home is close to or in the city with a tight rental market, it can be said to be well-situated. Also, if you stay close to a university or college, a hospital, or you stay near a big employer where people would gladly want to rent, then you can leverage the opportunity to earn from your property.
First of all, consider the most suitable area of your home is best to be put up for rent. For instance, a bedroom that has its own bathroom will be suitable for rent at a higher cost than the one with shared facilities.
Hence you may want to give up the master bedroom for higher revenue if it has an ensuite. Once you have finalized your decision on what to rent, research the likely cost of renting out the space. Take nice photos and sign up for Airbnb as a host or check out Craigslist.
If your home is located in an area that tourists find attractive, you might want to consider moving out of the apartment to take full advantage of the earning potential in that area. But you must be sure your option is worth the decision.
2. Add a Rental Suite
If you don’t have room in your apartment for a classic basement or in-law suite, you might want to convert your garage to a rental structure. If the laws in your area allow, you might also want to build a separate free-standing structure in an area in your compound.
Ensure to move around to find the regulations for legal suites in your area before building or renovating your home. You should consider creating separate entrances for this rental property, including full bathrooms and kitchens.
Check out how much you can earn from your suite. Do your calculation of how long it will take to get back your investment in the property.
3. Run a Bed and Breakfast
Run a Bed and Breakfast to maximize your rental income. This can be so much more lucrative than renting out per month. This method would require more of the host than just letting out a room, but it is very crucial that you research what would be required before you begin.
4. Put Out A Storage Space For Rent
Even when you don’t serve as a host, you can still rent out a storage or office space if it suits a perfect size and characteristics. This can still generate steady income for you every month.
For instance, your garage can house other people’s vehicles, RVs, and motorbikes against harsh winter weather for a fee. Some people need storage options they can trust from year-to-year.
Just as your rooms, take nice shots of the spaces to be considered for rent, and note special features that will make it stand out from competitors. You might also want to consider an acreage with unused space for outdoor storage if you have one.
5. Turn Spaces To Market Garden
With a standard suburban lot, you can become a market gardener growing vegetables, fruits, and flowers to sell. In my place, living on acreage offers you numerous opportunities for growing food.
You’ll find many roadsides stands with nuts, fruits, flowers, and other local produce being sold. And since people are now becoming more concerned about the safety and healthiness of what they eat, there is an increasingly high demand for fresh and local produce. So, if you have an opportunity for a property where you can grow crops and sell, then grab it with both hands.
6. Organize Events
People are tapping into event opportunities to make money on the side. So, if you own acreage or a small farm you can hold events for returns. You do not have to create big events such as music festivals or large concerts – but you should consider them if you have what it takes.
Landowners and farmers take advantage of diverse opportunities for steady profit from agritourism, providing hayrides, setting up seasonal mazes, labyrinths, farm tours, and organizing special event dinners.
If you own agricultural land in a rural location, ensure to see what commercial activities are allowed in the areas where you live before you begin work on it. You may not know, some activities may be prohibited, restricted, or may require special permits.
7. Consider Other Home-Based Businesses
Some home-based businesses ideas are already enlisted above, but there are many other opportunities you can leverage from your home.
You can consider a car wash section in your home if your home is well-situated. Rug cleaning and caregiving are also ideas to consider.
Before You Turn Your Home Property Into an Income Property Think Of These:
First, think of insurance risk. If you violate your insurance policy on the usage of your property, you’ll risk getting your insurance invalidated in the case of a flood, fire, or other catastrophes. But then, whatever measure you are taking, ensure to acquire the proper insurance coverage for it.
Second, avoid gulping beyond what you can chew. Renovations can be quite challenging and expensive, and not everyone is cut out to be the host of a Bed and Breakfast or a wedding venue. However, if you have done your homework properly, then you should get started straight away with turning your home into a money-making property