The chances are that over the years, you’ve spent a fair bit of money on your home. If this is the case and you need extra cash, why not make money from it? We all are aware of trying to make ends meet through working hard, unexpected bills, paying taxes and finding your mortgage money every month. Although many of us can make money from your home, sometimes our cash flow needs an extra boost. And the good news is that you don’t have to sell your house or apartment just to raise that extra cash. Quite the opposite: you can actually get creative from the comfort of your own home and earn money back from it!
Before you start
While not all the ideas below are suitable for everyone, it’s always worth checking in case you’re missing out on a great source of income. For example, your insurance company might have something to say if your policy doesn’t cover certain risks. Therefore, ensure that any official paperwork reflects the ways you’re using your home to make money.
Start with the indoors
You might be wondering where to begin when using your home to make you some extra cash so it’s a good idea to start off with what you’ve already got. Opportunities can include renting out a spare room, either for a lodger, as a storage option, and even as a workshop or an office. You could also use the property as collateral to boost your funds in one fell swoop. According to the company, All Reverse Mortgage, “There are several ways borrowers can receive funds from a reverse mortgage and repayments are not immediately necessary.”
As a result, this has the potential to reduce mortgage payments to practically zero, allowing the extra cash available to start something that produces revenue.
Use your outdoor space
Parking is considered a major problem for those commuting into a city, so if this sounds like a suitable option, think about renting out your driveway, especially if you live close to public transport links. Alternatively, use your garden and consider growing flowers, fruit or vegetables to sell locally. If you have a large outdoor area, you could rent it out for people to camp in it, or start boarding pets, if your space is big enough, in your backyard to supplement your income.
Profit from your skills
If you don’t fancy strangers in your home, why not use your hobbies or skills to your advantage? Starting a home business can easily provide you with extra income and could even turn into a profitable business in the long run. Are you a great cook? Crafter or photographer? Or do you have amazing IT skills? The possibilities of running a side hustle business from your home will have tax benefits so it is worth looking into for extra income. Think about what you’re already good at, and then research how you can make it profitable.
Turn it into a holiday home
If you don’t like the idea of sharing your home with strangers in the long term, then there are alternatives. For example, you could rent out your entire home when you’re on your own vacation for it to become your home vacation investment for other tourists. There are plenty of places to advertise, such as Airbnb, and the chances are it will pay for your travel expenses while you’re away. Similarly, these platforms allow you to rent out a room as and when you wish, so when you need a cash boost, just pick and choose your time. On the other hand, you could be your own boss, and run a B&B which will also allow you to choose your available times.
Cash in your junk
One good thing about selling unwanted items in your home is that it gives you a chance to have a proper clear-out of everything you might have hoarded over time. Do you still use that exercise bike in the garage? Maybe, the kids’ toys are taking over in the bedrooms. Start off going through each room individually and sell items through online platforms such as eBay. Alternatively, you could sell everything in one go and have a yard sale. Just think how much cleaner, and richer, you’ll be afterwards. Plus, you might even find a family heirloom that’s worth a small fortune!
Whether you want to rent out your home to a film set, put a caravan in the garden to rent or start your own business from home, you’re guaranteed to generate an extra income. Just consider what you would like to do, and then find an opportunity to do it!
