Property investment lore tells us that to make money from your home, you need to sell it at the right time or convert it to a rental. However, the modern era has opened up many more opportunities to think imaginatively about capitalizing your house. Instead of handing your beloved property over to unpredictable renters, or sitting on it until the market turns in your favor, consider activating some of its latent money-making powers with the tips below.
1. Invite travelers into your home
If you like the idea of meeting people from all over the world, then opening up a room, caravan, or even camping space on your lawn might be the perfect way for you to make some extra money from the comfort of your own home.
Whether you use Airbnb or another platform to advertise your space, it’s worth getting Airbnb approved Bluetooth door locks as these will guarantee security for both you and your guests.
2. Share your parking space
If you live close to a railway station or airport, in the heart of your city, or near another high-traffic location, you may be able to earn an easy income from allowing people to park in your driveway.
Even if you’re not close to an airport, many people are in the market for a safe space to leave their car while they go on extended travels. Find a reputable site to list your parking space and you may be surprised at how much extra income you can make each year.
3. Home storage
An excellent option for those who aren’t fond of the idea of having lodgers coming and going is to use your extra space for storage instead. With the cost of self-storage units being quite high, a market has opened up for entrepreneurial homeowners to offer better deals for those looking to temporarily store some gear.
If you’re getting images of having some random person from Craigslist stowing murder weapons or other strange paraphernalia in your home; never fear – there are plenty of reputable sites that handle the transactions for you. So, you can have peace of mind about the items you allow into your space.
4. Turn your garden into a goldmine
Regardless of the size of your garden, there are plenty of ways to make some extra coin from it. You can grow flowers, plants, fruits, vegetables, or herbs to sell at your local market. If you’re environmentally conscious and have the space, you can even start an urban beehive. Then you get to profit from selling the honey while boosting the local bee population. If you’re short on space, you can still grow things like mushrooms, garlic, bulbs, and tubers.
5. Make your home famous
Your house doesn’t have to be of Downton Abbey proportions for you to be able to list it with an agency and make it famous. Advertisers often want real homes in which to shoot commercials as they create a sense of relatability for potential customers. Similarly, films and TV shows sometimes scout real locations rather than building sets. Though you likely won’t make regular money from this, it’s worth looking into, especially if there’s something quirky or unique about your property.
Whether these ideas will work for you and your property or not, you can use them as inspiration to think outside the box when it comes to generating money from your home. It truly is amazing what you can do, and how much money you can make, with a bit of imagination.