According to CNBC, real estate prices have risen at a faster rate than people’s incomes. If you’re one of many Americans who are struggling to make ends meet, nobody would blame you for Googling phrases like “how to make money from your home”.
In all the discussion around driving for Uber or picking up extra weekend shifts, there’s a side hustle income source that many homeowners don’t realize they have — their houses.
How would you like to be earning money from your home as soon as next week? How would your life change if you never had to worry about putting aside money for property taxes and utilities ever again?
Keep reading to see our list of five proven ways to make money from your home.
Rent Out Your Driveway
Do you live near a university? Are people in your part of town always complaining about how they’d love to watch more football games if the parking wasn’t so difficult?
If you’ve got a driveway, you can offer local residents a low-cost parking space during evenings and business hours.
The best part about this approach to making money from your home is the fact that it doesn’t require you to go out of your way. You can post in local Facebook groups or approach nearby businesses to see if anyone wants an affordable parking space. Your driveway will be booked up for weeks on end and you’ll have a few hundred extra dollars in your bank account every month.
It’s a win-win situation for everyone.
Rent a Room To Make Money
Most houses have one or two spare bedrooms that are kept free for guests and special occasions. If you’re already going to the trouble of changing the sheets and dusting the furniture in your guest rooms, why not use that extra space to start earning money from your home?
While services like Airbnb make it easier for you to book your spare rooms, you can also consider running a bed and breakfast or taking on a full-time renter.
Of course, each approach has its pros and cons. Short-term and medium-term rentals can put more money in your pocket right away. But with long-term renters, you don’t have to wonder where your next booking will come from.
Regardless of which option you favor, however, room rentals are a fantastic means of turning your spare rooms into a dependable source of income.
Provide Storage Space
They say that along with housing, long-term storage providers get a solid real estate ROI. If you’ve got extra space in your garage but you don’t love the idea of taking on another tenant, this might be a rental option worth pursuing.
From boats and rare cars to art and motorcycles, people are always looking for an affordable place to stash their belongings in the colder months. This is your chance to squeeze a little more cash out of your home rental opportunities.
Of course, this advice does have its limits. Homeowners who routinely have excessive amounts of unused space in their homes may need to ask themselves if they’re better off downsizing. If you’re looking at your home and you’re not sure if relocating should be on the table, you can use these six tips to get a better sense of your options going forward.
Whether you intend to make this rental option a long-term side hustle or a stop-gap, there’s one thing that you can count on as a homeowner — you’ll have no shortage of clients to choose from.
Let Production Companies Film in Your Home
Have you ever wondered how some commercials almost look like they were filmed in a real house? In some cases, the ad probably was filmed in an actual house. As it turns out, many commercials, sitcoms, and movies like to film on-set.
Here’s a taste of how the process works:
Companies can scout out locations and approach people for filming purposes. But most of the time, they don’t. Instead, they’ll often look at a catalog of buildings and sites that they can film in — and if they find a location that suits their fancy, they go with it.
With the help of a camera and a compelling write-up. You too can let production companies know that your house is available for on-set filming. Of course, there are no guarantees with this money-making method. However, when your property is booked, the funds can be substantial.
For most people, giving up everything to make it big in Hollywood is a recipe for disaster. As far as making money goes, your house can be a star at little to no cost to you.
Host Events to Make Money
Every year, people are looking to celebrate weddings, host gender reveals, and get together with friends. If you play your cards right, these regular events could be a chance for you to make a little more money.
Imagine you’re one-half of an engaged couple and you’re looking for a reception venue. Maybe restaurants are a little too impersonal but the ceremony venue doesn’t have a proper kitchen. If you’ve got a knack for decorating and people are always visiting your house and saying things like. “I would love to have my baby shower here!”, you can’t go wrong renting your house out for events.
The clean-up and takedown might be a little more extensive, but you won’t have to run events too often. Plus, for acreage and farm owners, there’s the added option of being able to host outdoors.
Could Your Home Become Your Next Side Hustle?
Let’s face facts.
For many people, the post-pandemic world is an uncertain place. The job market is as tough as it’s ever been and many Americans are struggling to make ends meet. If that sounds like you, your home could be a potential goldmine.
Between your spare rooms, your driveway space, and your garage. You could be making hundreds and thousands of dollars every month. Once you get started with this route, you’ll be wondering why you didn’t think of this before.
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