Are you looking for ways to maximize your property and earn some extra income? If so, you’ve come to the right place! From renting out a room to storing someone’s vehicle, there are plenty of ways to turn your home into an income-generating asset. So if you’re ready to start earning extra money with your property, let’s uncover some of the best ways to make money with your home.
Short-term rental (Airbnb, VRBO)
One of the most popular ways to make money with your home is through Airbnb or VRBO. This platform allows you to rent out your home or a room in your home on a short-term basis to travelers looking for a place to stay.
If you’re looking to earn some extra income from your primary home, Airbnb can be a great option. Not only can you earn money by renting out your unoccupied room, but you can also meet new people from around the world and potentially even make some friends. Another option is to rent out your entire home while you’re gone on vacation. I’ve done this many times, and it’s actually paid for the cost of my family’s vacation – win/win!
To analyze how much income you can make in your neighborhood, do some research on similar listings in your area. Look at their rental prices, availability, and reviews to get an idea of what travelers are looking for in your area. You can also use price suggestion tools from either AirBnb, Airbits or AirDNA, to get a sense of what you should charge for your available room.
Keep in mind that many counties or neighborhoods have regulations about offering a short-term rentals, so make sure to check with your local government before listing your own home on Airbnb. To ensure that your home is ready for short-term rentals to use, make sure it is clean and well-maintained.
Consider investing in high-quality bedding and towels to provide a comfortable experience for your guests. You may also want to create a guidebook with local recommendations for restaurants and attractions to make their stay even more enjoyable.
Overall, Airbnb can be a great income source for homeowners looking to make some extra money with their homes. Whether you’re renting out a spare room or your entire home, this platform can help you maximize your property and make money.
Rent out a room long term
Renting out a room in your home is a popular way to generate income by the vast majority of homeowners. This income source is especially useful for those who live in areas close to downtown, major attractions, have extra space in their primary residence, or want to supplement their income to help cover the mortgage payments.
It’s a great way to put your unused space to work and maximize your property’s potential. Check your local area for how much rooms or shared residences are going for with online websites like Craigslist, Hotpads, Roomster, or Rent-o-meter.
If you’re renting to a couple consider adjusting the rent higher to accommodate for two person’s use of utilities and space.
When considering renting out a room, it’s important to ensure safety and reliability for yourself and your tenants. To do so, start by screening potential tenants carefully.
Conduct background checks, check references, and ensure that they have the means to pay rent on time. You should also draft a clear and concise rental agreement that outlines terms, rent amount, bathroom arrangements, the parking spot and any other important details.
To further ensure safety and reliability, it may be helpful to have a separate entrance for your tenant, provide a keyless entry system, or even install a security camera system. This will provide your tenant with the privacy they need and give you the peace of mind knowing that you’re covered in case of any issues.
By renting out a room, your home can earn additional income that can help cover bills or save money for a vacation or other expenses. Overall, renting out a room in your home is a reliable income source that can help you maximize your property’s potential. With careful screening and preparation, you can ensure a safe and reliable rental experience for both yourself and your tenant.
Offer Pet-sitting Services
If you’re an animal lover, pet care can be a fun and rewarding way to earn some money from home. With more and more pet owners looking for reliable care for their furry four-legged friends, there is a growing demand for short-term pet care services.
Pet sitting from your home is a flexible option that allows you to choose the number of pets you want to care for and the type of animals you feel comfortable with. Whether you’re a cat person, a dog lover or prefer smaller pets like hamsters and rabbits, there are pet owners looking for a reliable pet sitter.
But, there are a few things to consider before offering pet sitting services from your home. Firstly, you’ll want to ensure that your house is a safe and comfortable space for pets. Keep in mind that different animals have different needs, so be sure to do your research beforehand and set up your home accordingly.
Additionally, it’s important to think about potential issues that may arise when caring for multiple pets. What if one pet doesn’t get along with another? To avoid any issues, it’s important to screen potential clients and make sure you feel comfortable with their pets in your home.
One final consideration is keeping your home clean and odor-free. Nobody wants their house to smell like pets, so make sure to keep your home tidy and clean any areas where pets may have accidents. Perhaps you have a yard for them to explore and stay active.
When it comes to pricing your home pet service, it’s important to research what other pet sitters in your area are charging. You can find customers and estimate how much to charge through sites like Rover. Generally, rates can range from $20 to $300 per day, depending on the services you offer, the type of pets you’re caring for, and your location.
I remember a couple who took a ski trip and brought their dogs along for the trip. While on the slopes and visiting friends, they used a service that charged them $300 per day and groomed their dogs.
Rent out your garage space
If you’re looking for creative ways for your home to make you money, renting out part of or your entire garage can be a great option.
Why is renting out your garage a good idea? For starters, it can be a great way to monetize space that you’re not currently using. Additionally, garage rentals are often in high demand in many areas, especially in urban or suburban locations where parking is limited.
Some people never park their cars in their own garage. So, it may be a good idea to allow the owner of a registered vehicle to store it there. Make sure to set rules of access which include the hours and days or how many times per month.
Another option is to rent out your garage space to local music bands who need a place to practice. This is probably best if the garage is a separate structure. If storage units in your area are in high demand, you may be able to find people who need storage space for their belongings on a short-term or long-term basis.
If you have a garage then you have a driveway which provides you with another popular option. You can rent one-half of your two-car driveway parking space to daily or weekly commuters, who need a place to park their car during the work week from 8am to 6pm.
Some websites to use include Neighbor.com and justpark.com. I personally used neighor.com to park my car in a garage vs. an airport parking lot where everyone seems to park as close to your door as possible.
This can be a convenient and affordable alternative to expensive city parking options. This can be a great way to earn passive income without having to put in a lot of work.
Rent out your whole home to a business
Another way to make money with your home is to rent out the entire place from 3 days to as much as 10 days. If your home is located in an area that is desirable for events, such as a wedding venue or corporate retreats, this can be a great opportunity to earn some extra cash.
Location scouts for TV shows, movies, or commercial shoots are always looking for the right home for their production. If your home has a unique or appealing design, or is located in a scenic or historic area, it could be a great fit for a variety of filming locations.
Check out websites such as LocationsHub or PeerSpace to connect with these types of clients. I have a friend who bought a home in the hills near Culver City with a great split floorplan, french glass doors that lead to a patio, swimming pool and a view of the entire canyon and downtown L.A. He rented it out 3 days to a musician producing a rap video for $10,000.
Renting out your whole home for a weekend can be a lucrative way to make some extra money. Just be sure to do your research on local zoning laws and regulations for short term rentals in your area.
Build and rent an ADU
One of the more permanent ways to earn some extra income from your home is by building an Accessory Dwelling Unit (ADU). An ADU is a self-contained living unit, or rental suite, typically built on the same lot as an existing home.
Building an ADU can be a significant investment, but the return on investment can be well worth it. An ADU can be used as a long-term rental property, generating monthly income from tenants, as well as a short-term rental through platforms like Airbnb or VRBO allowing homeowners to earn more money per night.
The income potential from an ADU can be substantial, especially in areas with high demand for housing. Some homeowners have reported earning up to $3,500 per month renting out their ADU. These units usually have their own entrance and with high-end interior may command enough rental income to cover the entire mortgage payment.
However, it’s important to consider the costs associated with building an ADU, such as fees for special permits, property taxes, construction costs, and additional insurance coverage. If your home’s equity has risen you may want to consider using some of that home equity to pay for home improvements.
It is wise to do an analysis of how long it will take, interest rates, and how soon will your income start to make income for you. Once you’re comfortable with the costs, it’s important to do your research and ensure your city’s zoning laws will allow the size and type of ADU you want to be built. By offering a separate, self-contained living space, homeowners can generate regular income through both long-term and short-term rentals.
