Owning a residential property doesn’t come cheap. You have a lot of expenses you need to pay, such as property taxes, mortgage insurance and utility bills.
If you’re having difficulty paying off some of your expenses, you could consider turning your house into an asset. By doing so, you can pay off your bills easily and help grow your savings to achieve your financial goals.
Here are eight suggestions to turn your residential property into a source of income:
- Build a Suite to Rent
You could add a rental suite to your home if your city allows it. See if you could turn a garage or some other part of your house into a freestanding structure. If you’re seriously considering this route, do your homework by studying the regulations in your area and securing the necessary permits.
Also, if you’re going to rent out your house, make sure that you acquire the appropriate insurance coverage for your situation. When you have a vacation home that you want to rent out, for instance, getting a second home insurance policy may not be enough. You may need landlord insurance, as well. Get in touch with an insurance agent to find what coverage is best for your needs.
- Run a Bed and Breakfast
If you have a few rooms to spare in your house, think of starting a bed and breakfast. Rent out a few rooms and enjoy easy income from this business venture. If you do a lot of work-related travel that requires you to be away for weeks, you could also rent out the entire property on sites, like Airbnb.
- Rent Out Your Storage Space
If you’re not into the idea of hosting your house or taking up the role of a landlord, another option you could choose would be to rent out the available space in your home.
Some individuals have vehicles, such as motorbikes and boats, which they’d like to safeguard during wintertime but have no space to keep them. Others are looking for year-round storage options for their bulky valuables. Whatever client you choose, you could transform your empty barn, garage or shed as a storage facility and earn monthly income.
When advertising the storage space of your house, take quality pictures of your space. Also, make sure to note down unique selling points that will make your rental space stand out from the crowd. An example is a heated space that helps preserve a person’s belongings.
- Grow Produce in Your Property
Do you have a green thumb? Put your passion for gardening to good use by becoming a market gardener. Even if the location of your home is in a suburban lot, you could grow enough vegetables and fruits. Then, sell your goods on your local market.
- Hold Events
If you have a small farm that’s just sitting there, you could earn some extra income holding events in this space. You don’t have to hold a huge music concert or festival on your property. You could enjoy a decent profit from agritourism – agriculturally based activities that attract visitors to a farm. Some ideas you could consider are farm tours, hayrides and seasonal corn mazes.
When holding any type of event, check with your state to find out the commercial activities you could do on your land before you begin operations.
- Rent Out Your Driveway
If your residential property is near places like stadiums or coliseums, you could rent out your parking space or driveway to tourists visiting your area. This is perfect if you don’t drive (or choose not to), but have parking space on your property. You can earn from this business venture during big events, such as sold-out concerts and championship matches held in arenas near your home.
- Launch a Business from Your Home
Instead of running your business away from home, take that business in your property. This has many advantages. You could help minimize the overhead expenses of your business and stay home with your little ones while earning income.
- Turn Your House into a Film Set
List your home with talent companies and get a chance to get your house featured on the screen. If your house has charm and character, film scouts may select it for their next TV commercial or movie. The home improvement projects you did for your interior may just pay off if you could get multiple talent companies to use your property for filming.
Turn your house into a money-making property. By finding more uses for your house, you’ll see properties as worthwhile assets instead of mere liabilities.
