Most people know that real estate is a sound investment. You can buy properties, rent them out, and earn rental income. However, not everyone knows their family homes can also make them money. Whether you want to earn extra income on the side or pay off your mortgage faster, you might turn your family home into a money-maker by taking these actions:
Get a Roommate
After obtaining a mortgage through Associates Home Loan, you can be the proud owner of a house to call your own. While you can likely afford the mortgage payments comfortably, it doesn’t hurt to have someone else in your home helping you.
In that case, consider advertising for a roommate. A short-term or long-term roommate can pay a set fee for a bedroom in your home and use of communal facilities. You might also charge extra for utilities. Depending on where you live, you might have no problems finding a responsible roommate willing to ease the burden of the rising cost of living.
Advertise for Short-Term Visitors
Not every vacationer wants to or can spend thousands of dollars on hotel and motel rooms in desirable travel destinations. This can be especially true when they’ll only be sleeping in their rooms while they check out popular tourist sites.
If you’re not convinced to share your spare with a full-time roommate, you might at least consider short-term visitors. You can sometimes make just as much from travelers staying for part of the week as you might with a full-time roommate.
Rent Out Your Parking Space
Parking space in busy cities can be expensive. Many people struggle to park near their workplaces and don’t always have easy access to public transport. If you live near a business district and have spare parking spaces on your property, you might be able to make money by renting them out. Many professionals would jump at the chance to lower their parking costs and enjoy stable, guaranteed parking every day.
Rent Out Your Garage
Not everyone needs all their available garage space. You might not have a car, or your home has plenty of storage to avoid needing to store things in the garage. Not everyone is in that desirable position, so they seek additional storage space.
You could be the very person to offer what someone is looking for. Consider advertising your garage space online, such as on a local community social media page. It might not be long until you find someone willing to pay for your desirable spare space.
Sell At the Right Time
You don’t always have to rent a room, parking space, or garage to make extra money. You might make extra money when the time comes to sell your home. Property prices increase with time; if you time the market right, you might make more than expected. However, take note of the timing when you decide to sell your family home. If you sell within one year or less of owning it, you may need to pay capital gains tax.
You don’t need to be a property investor to make money on your property. Your family home might make you a significant sum of money when you take these actions above.