A Little Money on the Side: 9 Easy Ideas for Making a House Work for You
Houses don’t come cheap.
In fact, last year the median house price in the United States reached a staggering $280,000. That price can vary massively too, depending on the state you’re in. In Washington DC, for instance, the median listing price for a house was almost $600,000.
Those are considerable sums of money by anyone’s standard.
That’s one reason why many people seek to use their home to earn some of that cash back. Indeed, it turns out there are many possible ways of doing this. Honestly, your home can serve as a useful money making machine if you know how.
Intrigued? Looking for ideas on how to make money from your house?
Keep reading to learn 9 ways of making a house work for you.
9 Ways of Making a House Work for You
Looking to earn a little income on the side? Your house provides you with a fantastic tool to start doing just that. Check out the following 9 ways you can earn money with your house.
1. Rent Out a Room
Renting out spare bedrooms in your house is a great way to make money with your home.
Why not leverage any extra space you have by taking on a lodger? You’ll bring in extra monthly income and provide a home to someone who needs it in the process.
Of course, it requires sharing your space with someone who may be a total stranger, to begin with. Be sure to meet them before you offer them a room! Oh, and check out the legal responsibilities you have in your state too.
Speak to a lawyer if you’re at all unsure whether you can legally take on a lodger in your home.
2. Run a Bed and Breakfast
Running a bed and breakfast is another way many people choose
This may be of particular interest to people looking for a change in vocation. If you’re tired of your job and want to step back, then running a B&B may be right up your street.
It can be a lot of work and you’ll need to love your job. But this can be a perfect way to make some extra money from your home. You could also pop your house on Airbnb. This has its own set of rules for hosts, but is arguably a more hands-off take on the traditional B&B job description!
3. Rent Out a Parking Space
Do you live in a busy, built up area? Is there tough competition for parking spaces in your neighborhood?
If you answered yes to either of the above questions, then you could seriously consider renting out a parking space. This can be particularly valuable in areas close to cities.
4. Start a Home Business
Anyone who has toyed with the idea of running their own business could consider doing it from the comfort of their own home.
The benefits of doing so are numerous. For instance, you avoid the costs of renting office space, and are able to work in pajamas all day!
Again, there are usually legal implications for doing this. Do your research beforehand to understand your obligations. And speak to a lawyer if you’re at all unsure!
5. Throw a Yard Sale
Got a bunch of old stuff cluttering up your house?
Let’s be honest, most of us do. It is ridiculously easy to accumulate clothes, equipment and random household items that we rarely (if ever!) use.
Take the chance to earn a bit of extra cash by sorting through it all and throwing a yard sale. You’ll create masses of extra space in your home, and earn some money in the process.
6. Get a Reverse Mortgage
This one’s a little out of left field.
But have you considered getting a reverse mortgage? This is a form of mortgage loan where you tap into the unencumbered value of your house. It’s usually for older people, but it means you could access the money you’ve built up in equity right now.
Interested? Check out these 17 reverse mortgage facts for more information.
7. Host a Foreign Exchange Student
People hoping to travel on a foreign exchange program are often in need of a place to stay.
And they’ll pay for the privilege. You can also claim some limited tax deductions from the government. There are programs that run around the country too, which will offer you money in exchange for some sort of tuition alongside the hosting.
It sometimes depends on your credentials and experience. But it’s definitely worth looking into.
8. Host Events in Your Home
Your house might be the ideal location to hold events.
Fundraisers, fetes, kid’s parties…no matter what the event might be, you could be the one to host it. Think about your house and the space you have available. Do you have an awesome garden, living, or dining area?
You might need a bit of redecorating, but otherwise, you could be good to go to host events at your home!
Likewise, some film studios pay people to film in their homes. This could be another outlet for earning some extra cash.
9. Start Pet Sitting
Love spending time with animals?
You could open up your home to take care of other peoples’ pets. Pet owners going away for any period of time often give their animals to trusted individuals to take care of.
You get paid to take care of someone else’s pets. They rest assured their pet is in capable hands and loving home. Everyone’s a winner!
Time to Start Earning
There you have it: 9 ways to start making a house work for you.
Houses here in the US aren’t cheap. However, the methods we’ve talked about here can help you earn some of your money back. Likewise, you may just be looking for an extra source of income!
Rent out a room, start a bed and breakfast, rent out a parking space, or begin your own business. Throw a yard sale, get a reverse mortgage, host a foreign exchange student, hold events, or pet sit for absent pet owners.
Any or all of the above will be making you money through your home in no time.
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