Many people claim that your home is your biggest asset, but it doesn’t always feel that way when you’re paying your mortgage and monthly bills. Wouldn’t it be great if your house could be used to earn you money? You can take advantage of these seven ways to help your house pay for itself, and the income potential from these ideas in many cases can cover a mortgage payment to let you live for free.
Game Day Rentals
Do you live near a popular sports team? Renting out your place as a game day rental can be a quick way to make some cash. We used to live near a college town with a great football team, and when we were newlyweds, we rented out our little house as a game day rental. We placed an ad through Craigslist, but you can also go through online rental websites. I would recommend taking a refundable security deposit and having a cleaning fee, which we forgot to do the first time. Since people are coming for a specific, popular event, game day rents tend to be two to three times higher than normal overnight rental prices, which puts more money in your pocket. Overall, it gives you the chance to get out of town when it’s crowded with fans, and your home can earn you money overnight.
Lights! Camera! Get Paid!
Have you ever pictured your home as a movie set? You should! This can be an easy and lucrative way to turn your pad into cold, hard cash. Film and commercial producers find that a real house appears more authentic on camera than a movie set, and they often need a variety of locations. Some houses may naturally lend themselves to a romantic or action scene, but often movie crews want middle class, suburban homes. Your house may be the perfect setting, so it’s worth looking into if you can be flexible. Film crews usually need three to five days for production, and they may take an additional day or two for set up and clean up. Be prepared for long days as filming can last up to 12 hours a day, and be flexible. Directors may wish to change some of your decors to fit the scene.
Rent Out A Room to People
This can be a long term or brief option depending on your preferences. If you wish to have a monthly income, consider getting a roommate. Be sure to take your time and pick the right roommate for you to reduce potential friction later on. While there can be stress involved with having a roommate, it’s also nice to know that you have someone else putting money towards your mortgage every month.
Short-term room rentals can also prove lucrative. If you live somewhere with a booming tourism industry, you will probably make more money from this strategy, but check out the going rate in your area as it may surprise you. These days, many people are choosing to stay with a local and are looking for a more personable travel experience, so there are many online companies with which you can list your room and make money.
Rent Out Extra Space
If you have space that you’re not currently using, put it to good work, and rent it out. You can start with the outside of your house, and see if you can rent out your driveway or parking space. Be sure to check with your city’s regulations first, but you may even be able to score a long-term tenant if someone needs a place to store a boat or RV. Another option is to rent out a garage or storage shed. Storage facilities are on the rise, and you can cash in on this by renting out your unused space. A detached garage is usually preferred.
Rent Out Space to Pets
This option may be more hands-on than the others listed, but it’s perfect for people who love pets. Pet sitting can be a lucrative side gig, and it’s ideal if you have outside space for the animals. To increase your credibility, you can pursue certification from Pet Sitters International, and many people charge an hourly or daily rate.
Use Your Home Office
If you have some time and a quiet place in your home, working from home can be a great way to earn money. Many jobs offer a flexible schedule, so you can earn after the kids go to bed or early in the morning. Many options exist and require little to no previous experience. Available work includes being a transcriptionist or virtual assistant, writing for content mills, taking surveys, testing websites, and evaluating search engines. Check with your accountant, but if you take on enough work from home side hustles, you may even be able to claim your home office as a tax write-off.
Refinance Your Home
They say that a pay saved is a penny earned, and one of the best ways to save money is on your largest expenses. A home mortgage is usually the most expensive monthly obligation that you face, so what if you could find some savings there? Interest rates have hit historic lows in the last several years, and you may be able to save hundreds of dollars on your monthly mortgage payments through refinancing.
Was this list helpful for you? Your home is a large expense, but it can also be employed to help pay for itself with these seven tips. Making money with a game day rental was a huge help for us as newlyweds, and I’d love to hear your housing hack suggestions and tweaks in the comments. Please share this article if you enjoyed it.