Owning and running a house requires a big chunk of your budget. But did you know that there are several ways to use your home to contribute to its own ongoing costs?
Here are 5 ways on how you can make money from your own home. But keep in mind that not all of these are suitable for everyone. Check with your landlord or mortgage lender first before jumping in.
1. Rent a room in your house.
If you have an extra room in your house and don’t mind sharing it, you can rent out the space to earn extra cash. Make sure that you check the laws first though. Also, screen future tenants tediously and don’t forget to set out the rules.
2. Host your space for travelers.
If you don’t want long-term tenants, you can actually list your space on vacation rental sites like AirBnB, HomeAway, VRBO, or FlipKey. Creating a listing on these sites is free and you get to set the price, availability and reservation requirements for your guests. It’s a fun way to meet different people from all over the world too!
3. Host students.
Another option for renting out your space for permanent tenants is hosting exchange students. But this does not involve just renting out a room alone. This is not just an earning opportunity, but a learning opportunity as well. You get to learn a different culture, gain a new friend, and feel fulfilled that you get to help a young person achieve a dream. It’s definitely a rewarding feeling – both financially and emotionally.
4. Rent out your closet, attic or storage spaces.
If you have an extra storage area at home, you can check online for sites that allow you to list your space, set the price and length of the rental.
5. Rent out your parking space.
If you have an extra space on your driveway, then you can rent it out through sites/app like Just Park and Spot. However, not all cities allow this so check first before creating a listing.