Homeownership is always a massive financial investment. Even after successfully acquiring your home, there are several monthly expenses you’ll have to deal with. That’s why the opportunity to create extra streams of income from your property or from best money making apps should come as welcome news to almost every homeowner. And who can say no to a chance to make extra income? Suppose you are dealing with mortgage issues, or your monthly home expenses are becoming too much. In that case, here are tried and tested ways to make money off your home.
Bring in a roommate
One way to earn extra cash from your home is to get a roommate or housemate. According to some experts, one roommate can earn you back up to 30% on your monthly housing cost. How many roommates you can bring in depends on how much space you have. But the more roommates you have, the more you can earn. Experts suggest that having five roommates as tenants can earn you up to 50% on your monthly housing expenses.
However, living with roommates comes with its own set of issues, so you need to be sure you’re comfortable with this option. If you need to make any expansion or create a rental suite, be sure to speak with trusted architects to ensure that the remodeling poses no harm to your building.
Rent out your space to tiny home dwellers
Believe it or not, the tiny home movement is booming as more and more people shift to smaller, mobile homes. Many of these tiny home dwellers are looking for space to park their tiny homes, as space is currently the most significant issue they face. In most areas, it’s illegal to live in a tiny home unless it is part of a traditional home. That means if your building comes with any usable outside space, you can earn some extra cash by making your space available for rent for tiny home dwellers. You can even earn more by providing them with water, electricity, and other amenities.
Sell your clutter
Decluttering offers you two huge benefits. First, it helps keep your home’s interior organized and gives your living space the lift it needs. Secondly, you can make a few bucks from selling the things you no longer need. Take the time to look around your house for valuable stuff you hardly use. These could range from clothes to artwork and furniture – anything at all that has value. You can hold a yard or garage sale and make quick cash from them.
Create areas for storage
If your home comes with extra garage space or a safe shed you hardly use, you can rent such spaces out for storage. An average storage solution can cost about $90 a month and even more, depending on how long you let the space. You can also make much more if you equip your storage space with climate-controlled units. Thankfully, there are loads of people searching for temporary storage solutions to rent for personal and business purposes.