How to Make Money From Your Home Whilst Still Living There

home

For those who want to make money from their homes, this usually involves buying at a lower price, making substantial improvements, then selling for a profit. However, if you’re looking for a home to live in, there are still ways to make money at the same time.

Take in a lodger

If you purchase a home with one or more extra rooms, you could take in a lodger until you need the space. This will ensure a regular income towards the bills, rather than the room gathering dust until you can make use of it.

If you live in a desired area and have a sought-after home, this will increase your chances of finding someone who is willing to pay what you’re asking for each month. Of course, you should get a contract drawn up and both parties should sign it, to ensure everyone is legally protected. 

If you need help finding a suitable home to buy, Compass can help you. This renowned brokerage lists many homes which you won’t see anywhere else and has over 10 years of experience in helping individuals find the ideal place at the right price. If you see a property you like that needs work, Compass might also upfront the cost of renovations, making the owner more likely to adapt the place to something resembling your dream home.

Let your home when you’re away

If you go away on vacation, then you could make money by letting out your home to people you trust. These could be family or friends who live in another state and are looking for a cheap break, Instead of going abroad, they could pay you less than the cost of a hotel to stay in your home, which would also pay for part of your own vacation.

Rent out parking space

If you have a home with a large drive or additional space for parking, you could hire out this space to people. If you live near an airport, this could be particularly popular. Alternatively, people who drive to work but don’t want to pay for more expensive parking could pay you less to park safely if they work near your home.

Use your extra space to start a business

If you have extra space in your home, such as an unused garage or a spare room, you could start a small business. Ask yourself what you’re good at, and how this space could be the perfect place to make money from this. If you’re an artist, you could adapt the room into a place for painting and drawing, decorating it with inspirational paintings to help you create your own masterpiece.

Alternatively, it could be used as a more traditional home office to start your chosen business venture.

Although some of the money-making options will provide less income than if you sell or rent your home, the added benefit is, that you don’t have to move out and find a new place to live.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.