Your home is probably one of your largest expenses. You pay rent or a mortgage, bills, repairs, insurance, and more. But, what if you could use your home to earn extra money as well? This would offset some of your outgoings and put more cash in your pocket. Here are 9 ways to earn extra money from your home.
1. Rent Out a Parking Space
If you live in a city with limited parking and have a driveway or reserved parking space, why not rent it out to make some extra cash? This is a great money earner if you don’t drive, and even if you do have a car you can still profit from the space when you aren’t using it. It’s as simple as listing your parking space on a parking app, and how much you charge to use it. Rent the spot while you are at work or out of town. Or, you can choose a longer period, like a monthly or yearly rental.
Maybe you live close to a stadium or popular venue? If so, you can sell your parking space at a premium rate. One thing you need to check before listing your parking space is if it’s legal to do so in your area. Some cities have outlawed this kind of rental. Check your HOA guidelines if you live in a restricted neighborhood.
2. Pet Sitting
Do you love animals? If you’ve got some extra space in your home, then you should consider boarding pets in your home. Build a kennel in your backyard or jump on the in-home boarding trend that lets someone else’s dog, cat, or parrot stay in your home.
To get started, list your services, fees, and availability on a pet sitter app. You can offer doggy daycare, dog walking, and pet grooming too. Once the good reviews start rolling in, you’ll have a fully-fledged business on your hands.
3. Use Your Yard to Sell Things
If you live in an area that lots of people walk or drive by each day, you can use this traffic by selling items in your front yard. You can sell unwanted items from your garage or basement, things that you make, extra produce from your garden, or firewood. If your neighborhood allows it you could put up a sign that advertises products or services that you sell.
You might be thinking that it would be a hassle to man your yard all day, but you can leave out an honor box, so customers can pay for smaller items. If you're selling larger items, leave your contact details so people can contact you about purchasing. This will allow you to go about your day as normal.
4. Rent Out Your Home to a Film Company
Did you know you can get your home featured in a movie and get paid for it?
Film companies are always scouting for locations to shoot films – you don’t need to own a mansion to be considered either. It’s as easy as listing your home of a few location scouting websites and seeing what happens. According to Locationshub.com, the daily rate for renting your property is roughly equal to a month’s mortgage payment. If you rent your home for less than 15 days per year, there’s no need to report this income to the IRS. That means tax-free earnings!
5. Rent Out Camping Ground
While you probably knew that you can rent spare rooms on Airbnb, it’s also possible to rent space in your yard to pitch a tent or park an RV. This could be a good money earner if you don’t like to invite strangers into your own home – especially if you live in an area that will appeal to campers. Set guidelines for what campers can do on your grounds – think campfires, bathroom facilities, electrical hook-up, etc.
6. Rent Our Your Shed
As well as your basement, attic, and garage. You can rent your extra space out to those who will happily pay you for storage. If your basement or other space is already full of stuff, have a yard sale to clear it all out.
Then, measure up your free space, take some photos, and list them on a storage app. If the area is pest-free and climate controlled or has easy outdoor access, make sure you mention this in the listing. Mention which things you are and aren’t willing to store, as well as what times they’ll be able to access their stuff.
7. Host a Foreign Exchange Student
If you’ve got a spare bedroom, you could use it to host a foreign exchange student. You’ll get an interesting house guest and earn money. If you can offer meals, a private bathroom, rides, or laundry, you’ll be able to make even more.
Foreign exchanges last roughly 6-weeks to 6-months, so it doesn’t have to be a big commitment. You can even try it short-term first, to see if it’s a good fit for you and your family. To get started, go to your local colleges and universities and speak to the housing department. The process of getting approved can be quite long, as it will include an interview, background check, and home visit. But, once you’re accepted it can be a good money earner.