Homes have always been a cost-center. Sure, there is light at the end of the tunnel, but your home will always cost you money. Mortgage payments, property taxes, utility bills, and all that end of the month stuff that makes us realize how small our pay check really is in today’s world. But what if we told you that you could turn your home from a cash-leaker to a money-maker and that you could do it right now? Oh, yeah, we’re totally serious.
The Extra Apartment: As with anything that involves your house, always check the legalities of a renovation. But, in most cases, there is nothing illegal about adding a self-contained property to your estate. It could be that you have a basement that is doing nothing but letting the heat escape from your home in the winter, in which case you should definitely look into renovating it into an apartment to rent out. If you haven’t got this option, then why not have the team from The Renovation Company take a look at your garage and see what they can do with your space. As a little bit of advice, we do recommend that you work out how much this extra self-contained property will make in rent and how much value it will add to your home, and then calculate whether the cost of renovation is worth it. However, the scales usually tip in your favor, especially if you’re clever (which you are!).
The Rental Route: The undisputed king of disrupted technologies is Airbnb and for good reason, too. If you live in an area that is desirable or even within a short distance of some attractive spot, then you could see your home turn into a cash-catching side-earner. What do we mean by desirable? Well, being in a holiday hot spot has its benefits, but so does living close to a hospital, airport, university, popular wedding venue, or a big employer. The other great thing about going down this route is the choice. You could rent out your spare room, both of your spare rooms, or your entire house (and just go and stay with your friends for a few days). You can set the price, boundaries, rules, and the little extras you are willing to offer (yup, we mean breakfast). You could even up your fee by making a few simple home improvements. Trust us, a lot of people are making a lot of money from going down this easy-peasy route.
The Storage Space: Not everyone is cool with the idea of sharing their home with total strangers, whether short-term or long. That’s kind of understandable. However, renting your space out for money doesn’t have to mean inviting people into your castle. You can make a steady income by renting it out as a storage space. The fact that there are now companies like Store Mates proves that there is an ever-growing demand for storage units, and that is what you could offer. It could be people wanting to store their boats or RVs over the winter, in which case your heated garage would be ideal. It could be that someone is moving house and needs to store a load of boxes, which is where your unused attic becomes a money maker. Just remember to treat your listings like any other listing. Good photos and a detailed note of any additional features will go a long way in cranking up your fee.
With a bit of creativity and possible renovations, your home could become your newest money maker in no time!
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