Designing Your Home to Be Self-Funding
Want to make money off your house? From renting out space on Airbnb to starting a garden and farming livestock, homeowners can creatively renovate their homes to make them income-generating machines. Whether it’s making extra cash through passive income streams or leveraging existing assets, discover how easy it is to make money with your house.
Renting Out Your Home
Renting out your house is a timeless real estate investment. If you’re looking to supplement your income or reduce the costs of home ownership, renting out all or part of your residence is a viable option.
Adding a legal rental suite to your home or turning it into a duplex are excellent ways to generate extra income. Before deciding to create a rental suite, looking into local ordinances and zoning laws that could affect the kind of space you can legally rent is essential. It’s also important to check similar accommodations in the area so that you know how much rent you should charge and what amenities are expected by renters in the area. In addition to adding a rental suite, homeowners can try converting out other areas of their property, such as garages or sheds.
Short-Term Rentals For Long-Term Income
Not into the idea of being a full-time landlord? No problem. Short-term rentals can provide just as much revenue with a fraction of the time commitment. If you only want to rent out your house for a few days a year, you can simply remove your valuable personal belongings and vacate while guests are present.
However, you may also choose to remain in the home while renting it out to vacationers. If you want to protect your comfort and your guest’s privacy, adding an additional floor to your home or turning your attic into a living space could be a good idea. This way, you and your guests can have separate living spaces, entrances, and bedrooms.
Start a Garden & Grow Your Income
Starting a low-maintenance garden at home can provide homeowners with fresh and healthy produce and also be a great way to earn a little extra money. For starters, growing your own produce can significantly reduce your grocery bill and save money in the long run. You can then put those savings into other investments.
If you have surplus produce, you can sell it at a local farmer’s market, through community-supported agriculture (CSA) programs, or directly to neighbors or friends.
Here are some tips for homeowners who want to make money from their home garden:
- Plan your garden: Before planting your garden, learn the types of produce that grow best in your region and choose crops that have high demand within your community.
- Maximize your space: Make the most of your garden space by using vertical gardening techniques, companion planting, and intercropping.
- Market your produce: Advertise your products through social media, local community groups, and farmers’ markets. Consider starting a blog or website to showcase your produce and share gardening tips.
- Offer value-added products: Consider creating value-added products such as jams, pickles, and sauces using your garden produce to increase your revenue streams.
- Maintain quality: Ensure that your produce is of high quality and is free from pesticides and chemicals. Provide excellent customer service to build a loyal customer base.
In addition to adding income to your annual budget, having a backyard garden is a great outdoor home renovation that increases your property values and entices home shoppers if you’re looking to sell.
Chickens & Goats Make Dollars & Cents
Raising chickens or goats can be an excellent way to make extra money. Commonly known as “urban farming,” raising livestock in cities has become increasingly popular over the past few years. Chickens provided highly desirable eggs that can be sold to restaurants, farmers’ markets, and neighbors. The same goes for goat milk and even baby chicks!
As with any other home business venture, there are local laws and regulations that you need to consider when starting your own urban farm. Some cities and towns have restrictions on the number of goats you can keep, types of shelters you can use, and even the distance between your goat shelter and neighboring properties. Make sure to work with a reputable contractor to ensure you’re designing a legally compliant space for your livestock to live.
Your home can pay for itself if you’re willing to get creative! It’s feasible to monetize one’s home without investing a lot of effort or resources just by being imaginative and getting the right home renovations. Take control of your finances and maximize the value of your home by learning how to make money with it.