Our homes are our biggest investment…so why shouldn’t they be giving us a return when we sink so much money into them?
There are dozens – maybe even more – ways to make money at home…from home based businesses to leasing out your property, you can make your biggest investment pay you back some of what you’ve put into it.
Here are just some of the proven ways homeowners can bring in some extra cash:
1. Add a mother-in-law suite/room over garage
Known as an Accessory Dwelling Unit (ADU), secondary suite or mother-in-law suite, in some areas it’s possible to add a rental suite to your property.
The suite should normally include its own, separate entrance, a kitchen, bath, bedroom and living area.
If you have the space and zoning allows, you could build a separate structure on your property, otherwise, it’s common to either build an apartment over the top of an existing garage or even convert the garage itself.
However, before doing anything find out what the rental prices are in the area to determine if it’s worth the expense you’ll incur.
Other options to make space you can rent out include:
- ⬥Add an exterior door, bathroom and kitchenette to an empty bedroom
- ⬥Add a kitchenette to your existing master bed and bath
Unlike the mother-in-law suite, this option makes use of empty rooms you have in your home right now.
Note: Check with local zoning to make sure you’re compliant with regulations before making any changes to your home.
2. Sign up your home for AirBNB
While you might imagine that you need a posh home on the beach or in the mountains, that’s not necessarily the case.
If you live close to amenities such as a college, university, a hospital or even in an area where rentals are scarce, your home may be just what someone is looking for.
Tip: To maximize the income potential, offer up your master bed and bath and if it makes sense financially and you live in a tourist area, consider renting your home out for the entire season.
3. Rent out storage space
Instead of renting out your home to people, you can rent it out to their stuff!
Boats, RVs, motorbikes…even collector cars…are just some of the things people are willing to pay money to protect from winter weather.
And in some cases, they need year round storage for their belongings.
You can use your existing garage, shed or barn, or if you have the room and zoning allows it, you could build storage sheds – or even use shipping containers – to offer more storage and increase your income potential.
And if you’d prefer not to build or use your existing structures you can offer outdoor storage instead.
4. Set up camping spaces
Of course it depends on where you live, but if you live close to wilderness areas or even annual, multi-day events you can rent out space in your yard for campers to stay.
There are a number of websites that will help you connect with campers who would pay to stay on your land. (e.g. AirBNB)
Note: You don’t have to offer any amenities, but it might be a good idea to invest in an outhouse.
5. Hold Events
If you have a farm or have several acres you could make money by holding events, such as:
- ⬥Music festivals
- ⬥Agritourism (e.g. hayrides, pumpkin patch, farm tours, demonstrations, labyrinths and mazes and dinner events)
- ⬥Outdoor weddings
Note: Check with local laws and regulations to make sure your plans won’t be ruined
6. Rent space to a tiny house owner
More and more people are searching for ways to reduce their consumption and downsize their lifestyle.
The tiny home movement is a big part of that and it’s not going anywhere soon. Unfortunately, these homeowners are often finding it difficult to find places they can live, because so many communities are changing laws to keep them out.
If you’re fortunate enough to live in a locality that either looks favorably on tiny homes, or hasn’t passed laws against them, you could rent to one or more tiny house enthusiasts.
While you could charge more by offering amenities, most tiny homes are fully self sufficient, so that may not be necessary.
7. Open up your home for commercial filming
Did you know that advertising agencies are always on the lookout for homes they can use in their commercials?
It may be surprising, but you don’t have to live in a mansion for your home to be rented – often, the producers are looking for modest houses, so your home could definitely be chosen.
You could make as much as $1,500 a day, according to Set Scouter, a tool that producers use to help them find homes for their commercials.
Obviously, this strategy is not something you can count on as a monthly income, but it is an interesting way to make some extra cash…and to see your home on TV!