5 Ways to Make Money Off Your Home
If you're a home owner, between mortgage payments and hidden homeownership costs chances are housing is your largest expense. But did you know your home has the potential to give back? Your home can work for you, bringing in extra income and offsetting some of the costs associated with it.
Here are several ways you can make money off your home:
1. Rent a room to travelers
You can make a vacant room in your home available to those passing through your area. Listing a guest room on a site like Airbnb or Vrbo can provide you with extra cash throughout the year.
Cost-conscious travelers are increasingly skipping hotels for budget-friendly home rentals. In fact, over 200 million people have stayed with hosts since Airbnb’s launch in 2008.
These sites vet travelers and offer insurance to help protect you. Plus, you decide which dates to make your home available, which allows you to choose when someone gets to stay with you.
2. Pet sit
Many pet owners don’t like to leave their critters with strangers for the weekend. And chances are you have friends, family and neighbors that need help with pet care while they travel. If you want to make a few new furry friends and some extra cash that can really add up, use your home for doggy or kitty boarding.
If you have a flexible schedule and can accept four-footed family members into your home on a regular basis, look into Rover, a site that can connect you with people in need of a pet sitter where you live.
3. Sell stuff you don't need
There's money to be made it clearing out clutter at your home. Hold a yard sale and sell things you no longer want. Another great option? Sell your unwanted things online, such as on Facebook Marketplace.
It's available via the iOS and Android Facebook apps, as well as desktop browsers, and allows sellers to list items with photos and descriptions, tagged to your general location, for free. Buyers can search for items and browse by location, category, price, etc. Then, you and the buyer agree upon a price and location for in-person item transaction.
4. Store other people’s stuff
Storing extra stuff can be expensive. Once you’ve cleared out your own clutter, use the extra space to store the things that belong to other people. Believe it or not, others might be willing to pay you to keep their things in your attic, basement or storage shed!
Turn that empty space into regular, monthly income. Check out websites like Store At My House, which connect you with people willing to pay to store their belongings in your extra space. It is available all over the country, and it takes just a few minutes to list your space for rent.
5. Rent out a parking space
Do you have room to park other people’s cars? If you live where parking is a hot commodity, you can make money by renting out your unused parking space. Sites like CurbFlip and SpotHero allows you to list your space so it can be found by people on the hunt for parking spaces.
Another option: If you live near an event venue, consider offering parking in your driveway (or your yard) to attendees. You may be able to make decent money in an evening, or over the course of a few days.
Since you already made a huge investment by buying a home, it makes sense to use it to earn more money. Consider using one (or more) of these strategies to earn regular income.