Buying a home is an expensive investment, but it can become your biggest asset. Paying a mortgage throughout your life might have been an unpleasant experience, but the house can earn you some extra money in your golden days.
If you own a house, you can easily adopt a few different ways to make it a passive source of income. You don’t have to put in too much energy or other resources to earn that money. Whether you’re only halfway through your life or have already retired, you can follow the tips below to earn some extra bucks with your home.
List house on Airbnb
Listing houses on Airbnb has become one of the most popular ways of renting your property without renting in the conventional ways. Airbnb is a popular platform that connects homeowners with travelers from around the world who want to experience their travel destination as a local and not as a traveler. They avoid traditional hotels and go for local houses listed on the platform. They pay rent by night or week.
As a host, you will be responsible for the ambiance and amenities, and travelers will leave you a rating based on their experience. It will help attract future customers and will boost your income.
Listing your place on Airbnb is very easy. Check their website or look for blogs online to get step-by-step directions.
Turn it into a storehouse
If a portion of your house is unused, you can turn it into a storehouse. Many businesses don’t have the required space to store their inventory. Some businesses want to expand but can’t do so immediately due to fund shortages. You can lend them a helping hand and offer your house as a store in exchange for a fee.
You can rent a room for a fixed rate (based on the size of the room), or you can rent out the entire house for a business to use as a store.
Open a bread and breakfast
If you manage the required license and paperwork, you can turn your house into a bed and breakfast. You’re more likely to sell if your house is located in a scenic place. Bed and breakfast, however, is not a high-profit business, and there are substantial costs of running one. You have to invest in good bedding and toiletries, and also have to keep the guests entertained. You also have to arrange breakfast for them. So opt for it if you know that you’ll enjoy the process.
Get reverse mortgage
A reverse mortgage is a great way to earn extra money for retirees above the age of 62. Depending on your health, life expectancy, and bank statement, a lender will count the equity of your house and make regular – usually monthly – payments. It indeed is a great source of regular, uninterrupted income, but a reverse mortgage has some pros and cons. Don’t opt for it without consulting a mortgage expert. To understand how much money you can get on your property, use a mortgage calculator, such as the one found on https://reverse.mortgage/calculator.
Rent your garage or yard
If you don’t want to rent out your entire house, you can still make money by renting out your garage or yard. Many people don’t have enough parking spaces in their homes. So, they can use your garage in exchange for a weekly fee. If your house is near a tourist attraction, you can rent it out to visitors for an hourly fee. You can also rent your garage to small businesses that don’t have the financial backing to go for a conventional storehouse.
Similarly, you can rent your yard in creative ways to earn some extra money. If you have a stunning pool, great decorations, comfy seating arrangements, and BBQ facilities, you can rent your yard to people and charge them hourly. They can hang out, use the amenities, and have a great time with friends and family.
Rent out space for events
If you have a large property, you can easily rent out the space for events. Birthdays, weddings, and engagements are popular events where people look for a good house with a great backyard. Although hosting these events can seem exhausting, it can earn you thousands of dollars in a single day.
You can also hold concerts and parties on your property, but you might have to obtain licenses for outdoor music and fireworks.
Buying a home at any stage of your life is a good investment. With proper care and maintenance, it can turn into a long-term asset and become a great source of passive income. Remodel your house every now and then to keep it clean and healthy, and look around for creative opportunities to rent or use it to earn extra cash.
Lynn Martelli is an editor at Readability. She received her MFA in Creative Writing from Antioch University and has worked as an editor for over 10 years. Lynn has edited a wide variety of books, including fiction, non-fiction, memoirs, and more. In her free time, Lynn enjoys reading, writing, and spending time with her family and friends.
