Are mortgage payments driving you up the wall? Fortunately, there are ways your biggest asset can generate income for you.

For starters, renting out your home on Airbnb.
“Skip [this option] if local zoning bylaws or regulations prohibit short-term rentals,” however, if it’s legal in your area, you could be earning $128 or more each night based on the big city average.
Here are five other tips for homeowners who want to generate income from their homes:

  • Rent out your home as a film or commercial location.This gig could generate $500 to $1,000 per day. However, you’ll need to meet municipal bylaws and have a plan for damages.
  • Rent out your empty garage.This could be turned into a band’s rehearsal space, an artist’s studio, or mechanic’s auto repair shop. Starting rent could be $220 per month.
  • Open your home to other people’s pets.This could make you $25 to $40 per night if you’re willing to shelter pets for owners who’re on vacation.
  • Host an international student.A spare bedroom could generate you $600 to $800 in rental income if you provide room and board.
  • Lease your roof to a solar energy company.Your roof should be in good shape. If it is, the average rental is $300 to $450 per year.

These are some great ways to make your largest investment pay dividends.

About The Author

Leave a Reply

Your email address will not be published.