How Your Home Can Help You Make Money
Thursday, January 11, 2018, 6:00 AM | Leave Comment
You may be very familiar with the many different ways that you can save money around the house.
For example, you can adjust your thermostat, upgrade to EnergyStar appliances, change your light bulbs and more.
You may not realize, however, that you can also put your home to use in different ways to make money, and some of these options may not inconvenience your own use of the home in any way.
When you realize how to turn your home into a money-making asset, you may wonder why you did not think about putting some of these ideas to work for you much sooner.
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Become a Host
Renting out your home for a profit is a fairly obvious option, but you do not have to move out of your house and sign away usage rights for six to 12 months or longer.
When you use Airbnb or other short-term house rental platforms, you can find tenants who want to stay in your home for a shorter period of time.
These may be travelers who want to rent your entire home or who only need access to one bedroom. It is up to you to decide which option suits your lifestyle better.
There are other house rental options available as well. For example, you could rent out your home for a few months while you are on an extended vacation. You could even start a bed and breakfast lodging facility.
This is an ideal solution for individuals who want to share their space with others and who are interested in showing them exceptional hospitality in the process.
However, a bed and breakfast is a long-term venture and requires regular effort.
Both of these money-making ideas also usually involve a fully-furnished home rather than a vacant property.
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Rent Out Your Unused Space
Space is a hot commodity in many areas, and some people are willing to pay a handsome rate for it.
For example, in urban areas, you may be able to rent your garage out for several hundred dollars per month to someone who needs a safe and dedicated place to park their car.
You may also be able to use your land to store RVs and boats for a monthly rental rate.
A business may even consider renting space in your basement to store their extra marketing material, miscellaneous seasonal décor and more.
Research the storage needs in your area before deciding if this is a cost-effective way to use your home’s extra space.
You may also consider researching other rental rates in the area so that you can obtain a reasonable amount of money for the use of your space.
Some homeowners may be able to rent multiple areas of the home to different people or entities to turn a more substantial profit.
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Make Your Home a Celebrity
You may not realize it, but movie and TV production studios may pay you up to $1,000 per day or more to shoot scenes in your front- or backyard, and even more if they have to come in.
In most cases, they will need your kitchen or bedroom, but they may consider other rooms as well.
However, have in mind that the production company may need to change the look of these spaces. They may need to remove walls or punch holes in walls to allow space for the camera and lighting.
Usually, the demand is for newer homes that are recently decorated, but even if you have an older home, you can place it in a database for movie and TV producers to consider.
You should be prepared to have movie crews, actors and others in your home for at least a few days or even weeks.
A Money-Making Home
Saving money around the house is a primary goal for many homeowners, but you can take this effort a step further if you turn your home into a money-maker. Analyze each of these options carefully to determine which options will work best for you. Through these strategies, you may make a sizable amount of money each year.
Throw us a like at Facebook.com/doable.financeAuthor Bio
Michelle Laurey is a freelance writer who enjoys fitness, relaxing in the fresh air, trying to live a healthy life and daydreaming about visiting new places (and actually visiting them). Her best ideas and problem solutions appear while she’s riding her bicycle. You can reach her via Twitter: @michelle_laurey.
