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HOW TO USE YOUR PROPERTY TO MAKE MONEY

– 5 IDEAS

Chances are, you’ve heard of making money from home. In fact, remote working is more popular than ever with over 5 million people in the U.S. alone working from home at least some of the time. But, did you know that your home can actually work for you?

If you’re like most people, you’re probably always on the hunt for quick ways to make extra cash. So, you might not think of anything that deals with your home as a way to do that, since it’s such a big undertaking.

But, there are ways in which the house you live in could actually provide you with extra income each month. Passive income from your home can be used to offset your mortgage or to save up for a new place. You can even use it to pay off debts.

The best part? It doesn’t have to be complicated! Now, if you’re looking for a large lump sum of money all at once, you might want to consider the pros and cons of something like an equity release. But, if you want fast, consistent cash, keep reading for some ideas of how you can use your property to make money.

1. Rent Out an Extra Lot

Does your home sit on a lot of property? Do you have tons of acreage that you’ve never been able to do anything with? Maybe there is a large wooded area behind your home that you’ve always thought could be transformed into something else.

Maybe you don’t want someone else to build a house on your property, but that doesn’t mean you can’t rent out any extra space to campers, people with mobile homes, or even those who want to live in a tiny house.

The tiny house movement has become huge in recent years, with over 10,000 in the U.S. Typical tiny homes are around 500 square feet or less, so it won’t take up too much room on your land, and you can rent out the lot for a fair price.

Tiny homeowners usually “own” their houses without a mortgage since they are fairly inexpensive to build. But, finding land for small homes can be challenging. So, you can provide a solution to anyone with a tiny home while earning a passive monthly income without doing a thing.

Your rental agreement can include whatever you might like to make your life easier. For example, you could ensure that the tiny homeowners are the ones who will take care of landscaping for a specific area. You’re not a “landlord” in this situation, so anything that goes wrong with the home itself would be on the homeowners. It’s a great way to make extra money without all of the responsibilities of having tenants.

2. List Your House on Airbnb

This is perhaps the most obvious way to make money on your house, but it’s also one of the easiest.

You don’t necessarily have to have a big property in order to rent out a room, a section of your house, or even the whole thing (if you’re not there for certain periods of time, etc.). When you use a site like Airbnb, it essentially does most of the work for you. So, you can enjoy all the benefits of renting your home out without a lot of stress or hassle.

All it takes is a few pictures of your home and a description, as well as how much you want to charge each day. Within just a few minutes, you can have your home listed and see who is interested. It can be especially useful if you’re in a tourist hot spot where hotels are expensive or are often full.

3. Sell Parking Spots

Have you ever been to a college or professional sports game? Have you seen people with signs in their front gardens charging £20 to park there? It might seem like a simple plan (because it is!), but it’s also a highly effective way to earn cash quickly. You can capitalise on that, just as easily. Whether you want to go down the sign route or try something more permanent, selling out parking space at your home is a great way to earn extra cash without actually having to let anyone into your home.

The best part? You don’t need to live by a sports arena to take advantage of it. If you live in a city or an area that tends to get a lot of commuters, offer up your driveway as a safe and secure parking spot for people who need to take public transportation to work.

You can set up ‘contracts’ with commuters and get paid each month by offering them a place to keep their vehicle each day. Depending on how much room you have on your driveway, you could have multiple people parking there to boost that passive income.

On the other hand, if you do happen to live by a popular event centre or arena, don’t be afraid to market your home ahead of time for parking. Map out your parking area so you can determine how many people will fit. From there, you can choose to charge a one-time fee for drivers or charge them by the hour. If you live in a location that frequently hosts events, you can make a lot of passive income each month just by letting people park in your driveway.

4. Rent Storage Space

If you don’t necessarily want to rent out a part of your home for people to stay in, you can still rent out the space for storage. Maybe you have an extra-large garage, shed, or barn on your property. That can be a big draw for people who have things like Motorhomes or boats and need to store them for the winter.

Or, if you have a lot of internal storage space (like a large basement or attic), you can advertise that as well if anyone has smaller items that need to be stored away. People who live in tiny homes, apartments, or other rental properties are always looking for ways to safely store their belongings, and standard storage units can be quite pricey.

In fact, if you live in a busy city, a storage unit can cost over £200 each month for a climate-controlled environment. Even if you cut that in half and offer up storage space to someone for just £100 each month, you’ll be making an extra £1,200 each year without having to do very much at all.

By offering a fair price and ensuring that all items will be safe and not tampered with, opening up your home as a makeshift storage unit is an excellent option for gaining income without having to give up any aspect of your current lifestyle.

5. Hold Unique Events

Do you have a unique space in your home, or on your property? Do you live on an old farm or have a lot of land that could be used for other things? People are always looking for unique spaces to hold events, and your home or land could be the perfect option!

For example, barn weddings have become hugely popular in recent years. If you have an old barn on your property, it may be worthwhile to fix it up, invest in restoration, and use it as an event space for weddings, parties, etc.

Even if you have a lot of open land and a beautiful backdrop, you can advertise the space, invest in a large tent, chairs, etc., and find yourself booked for parties, weddings, and more all year long. Again, this gives you the opportunity to make money from your property without having to actually let anyone into your home.

Of course, if you really want to go all out with this venture, you can certainly include your home in the event space, offering up amenities to those who rent out the property for an additional fee. That could include things like the use of the bathrooms and kitchens for guests.

Bonus: Start a Business From Your Home

Starting an in-home business might not mean your house itself is making you money, but it does give you a place to grow your business so it can thrive. Do you love working with kids? Why not offer babysitting services or even pet-care services from your home? With the right training and certifications, you may even be able to start nursery or pet-care centre without having to leave your house.

As you can see, there are plenty of ways you can use your property to make money. Some of these options require very little effort, while others can be an investment. But, if you look at your own home as a business opportunity, an initial investment and a little time and effort can go a long way.

Don’t be afraid to get creative when it comes to different ways your home can earn you passive income. You might be surprised at how quickly it adds up, and what you can do with that income once it starts rolling in.

How to Use Your Property to Make Money – 5 Ideas