In all likelihood, your house is the most expensive purchase you'll ever make in your life. As such, you'll want to get the most out of your investment. Instead of waiting for decades for your home to increase in value before selling it, you can use it as a constant source of extra income.
There are plenty of ways to make extra money with your home and, if you're motivated enough, you could be earning thousands of extra dollars each month. What's more, you can make use of every part of your property, from the garden to your spare room and even your attic. Here are 11 smart ways to make extra money with your home.
Rent It Out While You're Away
One of the best ways to make extra income from your home is to rent it out while you're not using it. Platforms such as Airbnb and Vrbo make it exceptionally easy to rent out your home to tourists or people passing through your town, and people will pay good money to stay in a safe and comfortable location.
Of course, this isn't practical if you're using your home for most of the year. However, if you go on regular vacations or know that you'll be away for a few weeks, renting your home out is a smart way to make some extra money. Alternatively, you can rent out your spare room via Airbnb and make regular dough.
Convert Your Basement Or Attic Into An Apartment
One of the biggest mistakes people make with their property is not making use of their basement or attic. Many people use these rooms as nothing more than messy storage spaces. However, as long as you have enough space, you could convert one of these rooms into an entire apartment.
Simply adding a bathroom, kitchen, and some furniture and decor to your basement can make it into its own living space. You can also do this with your attic. Once you've converted your extra space into a spare apartment, you can either rent it out as a holiday rental or even find a long-term tenant and start making passive income monthly.
Rent Out Space In Your Garden
If you have plenty of space in your garden and you're not sure what to do with it, you might want to start using it to make extra money. Platforms such as YardYum and SharedEarth allow you to rent out space in your backyard for gardening or storage purposes.
Alternatively, you might want to get creative with your extra outdoor space. Just like you can turn your basement or attic into an apartment, you might want to turn a trailer, caravan, or even a shed in your backyard into a tiny house. Properties like these often get snapped up by tourists who want to go "glamping", especially if you live in a desirable area.
Grow Fruits And Vegetables To Sell
Another fun way to use your garden for extra income is to start growing fruits and vegetables. If you have a knack for gardening and plenty of space to grow onions, potatoes, apples, blueberries, and other nutritious goodies, you can turn your homegrown products into extra cash.
You might want to start by offering fruits and vegetables to your neighbors. If things take off, you might want to reach out to local restaurants or even open a weekend stall at the local farmer's market. You don't have to stop at fruit and veg, either. You can also start growing flowers, herbs, and all kinds of other plants to sell.
Whether you have an inviting living room, a well-equipped kitchen, or a beautiful garden, you can start renting out your home for all kinds of events. People often rent houses for things like business retreats, cooking classes, or even wedding parties.
This is one of the greatest ways to earn extra income from your property, especially as you can rent out your home for just one afternoon or night and get paid by the hour. If you're looking to rent out part of your home for events, check out platforms like Splacer.
Have A Yard Sale
One of the best ways to make extra income in your spare time is to declutter your home and sell the things you don't need. However, instead of selling your unused clothes and electronics on eBay or Amazon and paying a hefty commission fee, you can just sell them right outside your property.
Hosting a yard sale is an excellent way to meet your neighbors while simultaneously decluttering your home and selling your spare things. The best thing about it is that you take every part of the profits and you can set your prices as high or as low as you like. You might even want to advertise your yard sale via social media and Craigslist to get more customers.
Rent Your Home To Film Crews
Another fun way to make extra money with your home is to rent it to film crews. Small film crews and even major movie companies often need to find suitable locations for filming scenes. Even if you have a regular family home, it could become the set for the next big blockbuster.
Much like renting out your house for events, this only requires you to be out of the house for a short period and can land you a significant chunk of passive income. Film crews often pay anywhere from $1000 to $4000 per day to rent out homes for shoots. You might want to do this via a platform like Giggster or LocationsHub or even get in touch with agencies to offer your home as a regular filming location.
Become A Local Pet Sitter
If you love animals and want to make a little extra pocket money, you might want to turn your home into a pet daycare. Many people will be happy to pay you to look after their pets while they're at work or away on vacation.
You can advertise your pet sitting services via social media, word-of-mouth, or even send out flyers. You'll need to be prepared to clean up after the pets and give them enough food and exercise. Nonetheless, this can be a fun and rewarding way to earn some cash on the side while also making use of your house and garden.
Rent Out Storage Space
Maybe you don't have enough space to rent out your garden or even a spare room. But even if all you have is a garage or even an empty closet, you can still make passive income by renting out storage space in your home.
Renting a storage unit can be extremely expensive. As such, platforms like Sparefoot and Store At My House allow people to rent out storage space in their homes to anyone who needs it. From local businesses to people that are moving out, many people will pay handsomely to store their stuff securely at your place.
Make Improvements To Boost Its Value
While many of these methods can help you instantly gain some passive income, sometimes it's best to play the long game. Most homes increase in value as the market and the local area improve, but you can significantly enhance your property value by making regular upgrades.
Something as simple as a fresh lick of paint can instantly enhance your property value. However, you might also want to upgrade your kitchen, renovate your bathroom, or redecorate your living room. Not only will these upgrades boost your property value, but they can also make your home much more attractive as a rental location for tourists, event hosts, or film crews.
Create A Home Office
Another smart way to use your home to reach your financial goals is to make a designated home office. This can potentially boost the value of your property but, more importantly, it can become a space for you to focus on all kinds of money-making ventures.
A home office can help you become more productive if you work from home. Alternatively, it can be used as a space to focus on other ventures such as selling products online or listing your property on rental websites. If you're a budding entrepreneur, you could even start an online business from your fresh new home office.
If you aren't making extra income from your property, you're missing out. There are tons of ways you can use your home for passive income and many of these methods can net you hundreds or even thousands of extra dollars each month.
While not all of these methods will work for everyone, there's at least one suitable method for pretty much every homeowner. Whether you have a spare room or extra space in your garden, figure out which methods are the most practical for you and start using these tips to boost your bank balance. You'll be surprised at just how easily they can help you earn extra income each month.