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10 Unique Ways to Make Money With Your New House
Homeownership can be a terrific financial opportunity. With each mortgage payment, you build home equity and create wealth for yourself. This is how making mortgage payments is different from paying rent. Mortgages benefit you, and rent benefits your landlord.
As a first-time homebuyer, your priority is to select a monthly payment that works for your income. An at-home side hustle or passive income opportunity related to your home can pay your real estate taxes, homeowners insurance, and even upgrades to your home.
Here are 10 ways to make money with your new house.
Note: Some of these income streams may not align with current COVID-19 safety procedures and may be less viable considering current events.
1. Get a Roommate
For generations, roommates have been a go-to way to save on rent, and roommates are just as beneficial when you own your home. Roommates help you cover your mortgage costs with cash each month, split your utility costs, and help with chores around the house — saving you time and money.
Living with roommates isn’t always smooth sailing, though, and you have priority as the homeowner. This may cause conflict and force you to make difficult decisions. To minimize complications, set clear guidelines with your roommate(s) and have them sign a lease to protect your long-term investment.
2. Rent Out Your Yard
Amenities including big yards, backyard pools, and guest houses can help you pay your bills and get to know your neighbors. Advertise and share your home’s amenities at hourly or nightly rates that you set.
There are apps that can help, too. Sniffspot, for example, lets you share your yard with your four-legged neighbors. They get a safe play experience and you earn a couple of dollars an hour.
Similarly, Swimply lets you set an hourly rate for others to enjoy your pool. Neither venture is likely to cover your entire mortgage payment, but they’re excellent boosts to help you pay for maintenance and other expenses.
3. Grow a Garden
Gardens are beautiful to look at, and they grow delicious food. Fresh fruit and veggies are simple to grow in most climates, and you can sell your extra produce fresh, or make pickles, jams, and other preserves to sell year-round.
Additionally, flower gardens produce beautiful blooms and seeds you can sell, and you can rent a larger garden for photography and small events. For crafters, consider how you might dry flowers for use in jewelry, prints, and more to make the most of the natural beauty.
4. Create and Sell Products
Your new home may be the perfect place to launch a small business. Running a business from home can be convenient and offers the added bonus of home office tax deductions.
Here are a few popular home business ideas you may consider:
- Home baking business
- Pet treats and accessories
- Jewelry art
- Woodworking and furniture refurbishing
Some home businesses require certifications, licensing, or permits to operate from a home, so be sure to check with your local city government.
5. Offer Extra Space for Storage
For homes with extra space in a garage or a shed, consider renting that space as storage. Storage units cost an average of $90 a month, and climate-controlled units are even more expensive. There are plenty of people in search of affordable, corporate alternatives, which you may be able to provide.
Selling your extra storage space can also be a flexible venture. You may choose to accommodate short-term rentals for households who are in-between spaces and need to store some boxes temporarily. Alternatively, you may choose to rent your garage for a whole season to house an RV or a boat — whatever fits your lifestyle best.
6. Open a Home Studio
Home studios can be the perfect place to nurture a creative hobby and make some extra cash. Hobby artists, livestream gamers, and others can designate a space in the home to establish a brand and generate a profit.
The best part is that you’ll be doing what you love.
7. Turn Your Home Into a Set
Owning a home in a popular film city like Atlanta or Palm Springs offers the unique opportunity to rent your home as a movie set. You don’t need a million-dollar mansion, either, since many movies and shows feature ordinary American homes.
Even smaller cities get their share of work. Commercial shoots and advertising agencies also need home sets. If you’re interested in seeing your home on the big (or small) screen, connect with location agents, local film commissions, or check out apps like Giggster.
8. Host Events
A large property is super versatile and you can rent your space for weddings, concerts, and other events. This may require special permits, outdoor electricity, and bathroom arrangements — which can get costly. The good news is that one large event can bring in thousands of dollars in one day.
If you live in a rural or agricultural area, consider agri-tourism activities like seasonal mazes, wine tastings, and mini-markets as popular ways to celebrate small-scale food production and community.
9. Share Your Parking Space
Parking can be pricey, especially when your home is in a densely-populated area. If your home has extra room in its garage or a parking space, apps like JustPark make it easy to advertise and rent your space for short-term and long-term rentals.
Similarly, if your home is near an event space or sports stadium, you can sell parking permission on your property for the duration of events. Again, this is super flexible and you can commit to a weekend hustle or a once-a-month venture.
10. Try Tutoring From Home
If you have a teachable skill, make extra money by sharing your expertise. Artistic lessons for musical instruments or painting and academic tutoring across an array of subjects are always in demand and can be conducted from your home or even virtually.
As a homeowner, you have opportunities to earn extra income that aren’t available when you’re renting where you live. No matter which side hustle you choose, your home can make it happen.
Get pre-approved for a mortgage today.