Using your home to earn extra money is a fast-growing trend that you’ll find surprisingly simple. Check out these 5 incredible ways your home can make you money.
1. Rent Space
If you have an extra room in your home or rental property, then you may want to consider hosting on Airbnb. Airbnb is a popular marketplace that allows you to rent out a mother-in-law suite or spare rooms to guests. Depending on your location and the amenities offered you could earn anywhere from $500 to $5,000 a month. Renting rooms could fund your next vacation or cover the cost of your mortgage.
2. Install Solar Power
Installing solar panels onto your home’s roof will not only reduce your electric bill but make your home more appealing to potential buyers. Solar energy systems can boost your home’s value up to $15,000 or more according to a recent study conducted by the Energy Department at SunShot Initiative. At the end of the day, making the switch to solar energy will likely generate a huge return on investment.
3. List Parking Spaces
Renting out parking spaces at your home or rental property is a great way to make money to pay off your bills with little to no effort. If you’re located near a popular tourist attraction or parking is limited in your area, then there’s a good chance you will want to consider renting your parking spaces. There are tons of online parking apps you can list available spaces on. Before advertising your parking space for rent be sure to check the local township and HOA guidelines.
4. Board Pets
What’s not to love about getting paid for playing with furry friends? If you’re an animal lover, then pet sitting in the comfort of your very own home is the right cash earning hobby for you. Earn up to a $1,000 a month by using a dog boarding app like Rover. With an app like Rover you have the flexibility to set your schedule and prices.
5. Sell Storage
Many people want to earn a little extra income off their unused spaces but want to avoid the hassle of hosting guests in their homes or rental properties. If this is the case for you, renting out empty spaces for storage purposes is an excellent alternative. You can start earning money by listing garages, sheds or loft spaces as storage rentals on websites like StoreWithMe or Store at My House.
Put these 5 tips into action and watch your home turn into a money-making machine.