7 Extra Ways a Home Can be Used to Generate Income – Greenwich Time

It’s hard to generate income, especially given the pandemic. Businesses and jobs have suffered, and chances are you need money now. Luckily, if you have a house, then it’s possible you’re living on top of a gold mine of wealth.

With a house, you can generate passive income, a great way to earn money without the effort. The only thing you need now is a guide on how. With home maintenance costs on the rise, you’ll need all the help you can get.

Read more about how to start using your home to earn income. We have several great tips for you to follow in our list below.

1. Rent Your Lot Out

One of the best ways to generate income using your house is to rent out your lot. If you have enough space, you can have multiple people staying there. This is due to the tiny house movement which calls for smaller houses and cleaner living.

Depending on your zoning laws, you can advertise your lot to attract people. Rates are flexible and up to you to decide. You can charge up to a thousand dollars a month to let people stay there without doing anything at all.

Most people in the movement prefer to use renewable sources of utility to power their homes. If you decide to provide utility as well, then you can significantly increase the price.

The best part about this is that it doesn’t cause you much to set up. The attention this requires is minimal if you set clear rules. Once you do, prepare to enjoy a whole lot of money for almost no effort!

2. Get a Tenant

If you live near the city or in other metropolitan areas, consider getting a few tenants. Use house hacking to rent out certain parts of your house. So, what is house hacking?

House hacking is simply using your house to gain money by renting rooms. This idea is particularly effective in areas near colleges or businesses.

Begin by advertising your house rooms on ads like craigslist to get attention. A listing must include the house’s location, what utilities are present, and the rate. The trick here is to price rates for exclusive amenities to attract people.

Don’t forget to make your house presentable to acquire more tenants. The income you get from this venture should be enough to cover the costs. If you plan on continuing this, consider scaling up your house by adding more rooms.

Things get better if you have another place to stay other than your house. This means that you can rent out your entire house without a hassle. With living conditions growing, now is the time to cash in.

3. Bed and Breakfast

An offshoot of the tenant idea is the bed and breakfast idea. Renting out rooms to multiple people means more profit for you. While not as lucrative as before due to travel conditions, vaccine production might mean more travelers, so get ready.

As a host, research on the essentials such as healthcare procedures and necessary amenities. Depending on your house, you might want to adjust your rates based on any advantages you see. These advantages include proximity to famous areas and accessibility to tourists.

More importantly, you must show potential residents of your caring nature. Take the extra step by offering increased security to alleviate their concerns. Vet who you accept through passport checking and other background checks.

4. Sell Your Stuff

If you find yourself with too much junk and too little cash, consider starting a garage sale. Use your lot as an open space to advertise and show off your used items. Do a comprehensive search to prioritize what you really need.

A large lot is more likely to attract customers during a garage sale. Make sure to place what you are selling at optimal locations to keep your customers interested.

5. Space for Advertising

Other than letting people live in your house or selling stuff, consider what value your house gives. A house with the right vibe and history is potentially worth a lot to the right people. You can use this opportunity to film commercials in your house or show ads outside yourself.

To take advantage of this opportunity, consider your house’s location. A house near a highway or a busy road is a prime spot for advertisers. Negotiate with them to hang posters or ads outside your house for people to see.

If you’re feeling confident, inquire if commercials require a house for filming. If you can stand having a film crew inside, you can make potentially a thousand dollars a day!

Since many commercials want to appeal to the masses, you don’t need a lavish home to offer your services.

6. Parking Is King

With so many cars on the road today, your empty lot is ripe with opportunity. Living in the city with a huge lot allows for a decent parking space for those in need. All you need is a clear lot with plenty of access and security.

To rake in the cash, decide on how you want to set your parking rates. Hourly rates or a flat rate for the whole day make the difference between earning big and earning huge. Alternatively, rent it out for a whole month for a flat rate.

7. Storage Wars

Storage is no joke as the television show clearly shows. Many people have too much stuff to take care of and don’t always have enough money. This is where you and your house come in.

Offer to store items in empty rooms in your house. Assure customers by adding sufficient protection such as locks or security cameras. Finally, offer the space at a lower price to sell them on the idea.

Use Your House and Generate Income!

You can generate income now without any hassle at all. All you need is a house and enough effort to tide you through.

If you enjoyed reading this article, we invite you to come and check out our other posts! We’ve got more great content for you to discover!

Ben Stern wrote this article on behalf of FreeUp. FreeUp is the fastest-growing freelance marketplace in the US. FreeUp only accepts the top 1% of freelance applicants. Click here to get access to the top freelancers in the world.   

Greenwich Time and Hearst partners may earn revenue when readers click affiliate links in this article.

Leave a Reply

Your email address will not be published. Required fields are marked *