Monetize Your House to Create a New Income Stream

Your home is probably your biggest investment. It might have drained you bank account all these years but not anymore. You can now turn your home into a money making machine. Read further to know more about these innovative and not so innovative ideas to make money off your home while you still live in it.

Rental homes in Phoenix, Arizona.

Rent out a room

This is certainly the simplest way to cash out from your house. If you have a spare room in your cozy abode people out there would love to rent it. You can offer a bed and breakfast facility to travelers who visit your city for a few days and earn several hundred dollars per month. You may get your home listed on websites like AirBnb and VBRO to capitalize on such opportunities.

Boarding students that come to study in your city is yet another lucrative option. You can earn anything between $400 to $900 per student every month by providing a separate bedroom and meals. Such business deals may last for several months, a couple of years or more, till the students complete their education. You can get your home registered on popular classified sites like Craiglist.

You may even rent out entire house in case you plan to go on a long vacation. It will be a wise decision if you hire a property manager to arrange for good tenants. You will have a peace of mind while you’re away from your home. What can be better than your home making money even when you are not around?

If you live in a rented place then ‘subletting’ is for you. Subletting makes it possible for you to rent out your rental home or a spare room in your rental home. What’s the harm in letting in a tenant when you are running short of cash? Make sure your landlord doesn’t have a problem with you subletting your rental home.

Driveway for rent

Renting out your driveway to people to park their vehicles is a hassle free way to earn a couple of hundred dollars a month. This idea can be a goldmine if you reside somewhere where parking comes at a premium. The empty driveway can be put to a good use and it benefits both the parties. You can put up a board outside your home to attract people’s attention. You might even put up ads over the parking websites for a small annual fee. People would be more than happy to find someone like you who rents out parking spaces!

Your home on silver screen!

Have you ever given a thought of offering your home to production companies for shooting films and TV programs? If you have a gorgeous home then this one is definitely for you. If your home is chosen for a shoot you can easily make $1,500 to $3,000 per day. However, make sure the production company has an insurance cover to replace the things in your home in case they get damaged during the shoot.

Money grows on trees

If you have a sprawling backyard that runs into a couple of hundred square feet or more, you can turn it into a kitchen garden. You can save a hefty amount by planting vegetables like cucumbers, okra and tomatoes etc that are generally expensive.

Become a tree hugger

You can earn money off your love for nature. You can choose to invest in the set-up to harness the sources of alternative energy like wind turbines and solar panels. The initial investment may lighten your pocket considerably, but will surely yield fair returns for the next quarter of a century. You also get to save on your electricity bills. Talk to your local authorities to negotiate on the terms and get the best price for every kilowatt you generate.

Why not gain from the fact that you live at a right place? Implement these simple ideas to make your biggest investment start paying you returns.

photo by: The Rent Giant

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