3 Ways To Make Extra Income With Your House

3 Ways To Make Extra Income With Your House

If you’re a homeowner and looking for creative ways to pad your savings or invest in something new, your house might just be the gold mine you’re looking for. Here are some ways you can make extra income with your house, from renting out a room to transforming storage spaces into monthly income.

Create a Separate Entrance for an ADU

Accessory dwelling units (AUDs) are secondary housing units built on the same property as a primary residence. They can be quite lucrative and are a rising trend for homeowners looking to increase their property value and income.

Exploring ADUs as an Income Source

You can rent out an ADU long-term for a steady, passive income stream. You can also use them to house family members or as a guesthouse.

Considerations and Steps To Take

However, there are a few things you should know before adding an ADU to your property. Ensure you have enough space, check zoning laws, and secure financing for the construction. Also, once built, you’ll need to price and market the unit effectively.

Rent Out a Room

One of the most straightforward ways to make extra income with your house is by renting out a spare room. Whether you have children who have moved out or just a bit of extra space, turning it into a bed and breakfast can be lucrative. Platforms like Airbnb have streamlined the process, making it easier than ever to connect with potential renters.

Benefits and Considerations

The immediate benefit of renting out a room is the additional income, which could help to pay off your mortgage or contribute to your vacation fund. However, be aware that this requires opening up your home to strangers. Strong vetting processes and clear house rules can mitigate risks.

How To Get Started

First, ensure you comply with legal regulations in your area concerning short-term rentals. This might involve obtaining licenses or permits. You’ll also need to ensure your space is inviting and safe, with quality photos and fair pricing to attract guests.

Use Garage or Storage Space

Lastly, consider the space you’re not using. You can convert garages into living spaces or lease any unused square footage as storage.

Converting Underutilized Spaces

Garage conversions are a popular way to create an extra room without building an entire structure. They often come with the benefit of already having water and electricity hookups.

Safety and Legal Considerations

Before any conversion, you need to check local building codes. Safety is important, so hire a professional to ensure the space is up to standard. For storage rental, ensuring all items are secure and protected is key to maintaining a good relationship with your renters.

Your house has the potential to be more than just a home; it can be a source of extra income. The key is to find the method that fits your lifestyle and your property. With the rise of the sharing economy and the need for affordable housing, these opportunities are more accessible than ever for those willing to take the plunge. Experiment, stay informed on local ordinances, and embrace the potential that your property holds.

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