With the increased popularity of online marketplaces like Airbnb and VRBO, many homeowners have started viewing their properties in a whole new, moneymaking light. While these income opportunities seem like a win-win, there are hidden risks property owners should be aware of before going down this path. That doesn’t mean however, that there aren’t plenty of other unique ways to turn your home into profitable property. Here are some of the more creative possibilities available.
While you may opt out of short-term rental for your home, you could play it safer with a long-term situation. If you have an extra room in your home or basement, why not use it to generate extra income? This is a great fit for homeowners in urban areas or near colleges, where individuals often just need a room and not a whole home. As the landlord, you can do background checks, interviews and set guidelines to ensure a smooth experience for everyone. Just be sure to check the laws in your area, as this set-up isn’t always allowed.
Become a foreign exchange host
Similar to renting out your room, you could also host a foreign exchange student for extra income. The amount you can receive depends on your proximity to the school as well as if you are willing to provide other services like meals. In addition to the added money, it’s a way to meet interesting people and help them acclimate to a new culture.
Rent your driveway
Another fantastic advantage for urban dwellers is the value of your driveway. If you live close enough to a downtown area, you can rent parking spots in your driveway or yard during big events.
Cell tower site leases
Don’t want to deal with people? How about looking into cell tower leases? Many property owners have found that they are in the right location to get cell towers somewhere on their roofs or property. These cell towers can generate additional income each month for rent. It’s a totally out of the box way to make money without any additional output once the negotiating is complete. Keep in mind though that cell tower companies have a lot of experience with lease negotiations whereas most property owners have none. This means property owners often miss out on better terms and protection. Contact a cell tower lease expert before signing any contracts.
Host product parties
Do you have a home people love to gather in? If so, put it to good use and strategically partner up with some product consultants (think BeautyCounter, CaBi and LuLaRoe) to host parties. You would be in charge of cleaning and staging while the host brings the products and the clients. This works because people are far more likely to buy goods when they are sold in a friendly, nice home. For the product rep, it’s worth a small fee to the homeowner if the property has an atmosphere that encourages people to purchase. Another option would be to negotiate free products. For some homeowners, this could be just as advantageous as cash!
These unique strategies may not let you quit your day job, but they are all excellent ways to make your home a moneymaking property. After looking into each one more fully, you may just find a few hundred dollars in your bank account each month!