If you're a homeowner, housing costs can be a huge expense. Mortgage payments can easily take up to 20% of your income every month. But what if you could use your home to make extra money without necessarily working extra hours or starting a side gig elsewhere?
Although the idea might sound unrealistic, it's possible. With some creativity, you can earn hundreds, if not thousands of dollars every month to help you pay for your mortgage and maybe have some leftover to save.
If you're wondering how, here are six ways to make extra money from your home.
Offer Storage Services
Storing extra items can be pretty expensive, and budget-conscious renters are always looking for affordable places to store their belongings. If you have unused closets or shed, offer storage services.
Fortunately, there are many companies that connect renters with homeowners who offer storage services. You can use that empty space to bring in some money every month.
Rent Parking Spaces To Tiny House Enthusiasts
The number of people living in tiny homes has increased over the last couple of years. However, they face a big challenge-where to park their mobile houses. This can offer you a chance to make extra money.
If you own a large lot, rent out space to tiny house dwellers for a couple of dollars. In fact, you can charge more if you offer additional amenities such as water hookups, electric and septic.
Just make sure your local laws permit you to rent out space before doing so. Depending on your location, you can make hundreds to thousands of dollars a month.
Sell Things On Your Yard
How many people walk or drive by your yard every day? If it is a big number, take advantage of offering items for sale to make extra money. These products can range from unused items, garden produce, eggs, and firewood.
If your laws allow, you could even advertise the products you sell in your yard. Just leave your contact details so that customers can contact you whenever they need something. This way, you can go about your day to day activities without necessarily staying outside all day.
List Spare Bedroom On Airbnb
This is an increasingly popular way to make extra money using your own home. Cost-conscious travelers are increasingly looking for cheaper alternatives to hotels, and budget-friendly rentals listed on sites like Airbnb are becoming popular. So instead of letting that spare bedroom sit empty for several months, rent it out for a few nights.
Depending on your home's location, rental charges can add up to hundreds of dollars per month. Most homeowners prefer using Airbnb because it's easy to set up. You can list your home and begin accepting reservations immediately.
Offer Shared Workspaces
Shared workspaces are growing in popularity. One of the biggest drivers of this trend is the startup economy and the demand for flexibility in working spaces. Today, freelancers and companies are looking for shared workspaces.
So if you have some space in your home, turn it into an office and rent out. For starters, allow students and workers to work, hold meeting or study at your home. With time, you can even specialize in renting out office space plus equipment such as pianos, computers, recording equipment and more.
If you love pets, then consider boarding them in your home. This can be fun for you and a way to make extra money. Just construct a simple kennel and welcome someone's cat or dog into your home and take care of them at a fee.
Getting started is not as complicated as you might think. Just list your services, availability, and charges on pet sitter apps and wait for offers. Once you start getting good reviews, you will have created your own side hustle in your home.
Making money from your living space is not impossible. With these tips, you can generate extra income to help you meet your housing costs and probably save more money.