Turn Your Mortgage Into Money: 4 Ways to Make Money as a Homeowner
Owning a home can be very expensive, and that is why you might want to look for new ways to earn some extra money. With a little ingenuity and some hard work, your home could potentially pay for itself.
Create an In-Law Suite
In-law suites have become very popular over the last few years, and that type of living space is relatively easy to create.
Once you have built your in-law suite, you can rent it out or have a family member move in and help you cover some of your expenses.
To create an in-law suite, you will need an area of your home that has its own entrance and access to a private bathroom.
Some of these suites also have small cooking areas, but those aren’t always necessary.
Rent Out Your Home on the Weekends
You might want to buy a home simply to rent it out to tourists and travelers. Short-term rental properties can be very lucrative when they are properly taken care of, and there are dozens of companies that will connect you to potential clients.
These types of living spaces are especially popular in scenic areas and city centers where hotels tend to be very expensive.
You also have the option of renting out your home whenever you plan on being out of town for more than a few days.
Install Solar Panels
Solar panels are more affordable than ever, and installing a solar energy system could actually make you thousands of dollars in the coming years.
Most states have created laws that allow homeowners to sell their excess electricity back to an energy company.
You will probably use most of the energy that the panels produce during the hottest months of the year, but a solar panel array might result in a steady passive income once the weather cools off.
Turn a Spare Room Into an Office
Starting a side business is another great way to make some extra money, but renting out a workspace is going to eat into your profits.
In order to work from home, you should consider turning a spare room, attic, or garage into an office.
Having a private workspace inside your home will give you quite a bit of flexibility, and you won’t have to worry about commuting or renting out any additional space.
If you plan on renting out rooms or creating a home office, then you need to take a fresh look at your homeowner’s insurance.
That type of insurance doesn’t usually cover commercial use of residential property, and that means you will need to add a rider to your current policy or look for a new insurance provider.
Category: Housing
