Rent it Out to Tourists While You’re Away
If you’re someone who travels a lot and the home is usually left empty while you’re away, you might want to rent out the property and make some money during that time. Using short-term rental platforms such as Airbnb to rent out your home to tourists while you’re not planning on being there can be a good way to make a little extra money. It should at least cover some of the costs of your own travels.
Make it Available for Filming
You might not have fulfilled your ambitions of becoming an Oscar-winning actor, but that doesn’t mean your home can’t take a starring role in the latest TV or movie production. Lots of people make money by renting out their homes to film crews these days, and it’s something you might want to look into. It can be very lucrative for some homeowners.
Release Equity from the Mortgage
If you have a mortgage but your home has increased in value since you took out that mortgage, you might want to release some of the equity you’ve built up over the years. This is when you take out a loan against the home essentially. It won’t be the ideal solution for everyone, but if you need a lump sum for a particular reason, this can be a good option.
Rent Out the Spare Room
Renting out the spare room in your home is definitely something you might want to consider. Maybe your kids have grown up and moved out so you have a spare room or two in your home. Or you have a room that’s full of clutter; once you find where to store your stuff, you can use that room and rent it out to someone who’s looking for an affordable place to live. This idea can generate a lot of extra money.
Rent Out Your Garage or Driveway
Finally, you should think about renting out your garage or your driveway to someone who’s looking for a parking space. Lots of people are looking for secure parking if they don’t have access to their own, and that’s why you can make a lot of money from doing this.
As you can see, there’s no shortage of ways in which you can start to earn a little extra money as a homeowner. It’s up to you to find ways that work best for you, but each of the options discussed above will offer you a good place to start, depending on what your situation is.