5 Quick Ways Your Home Can Make You Money

Today our friend Andy from the Marriage Kids and Money blog is stopping by with a post on how to make money on your home.

Note that many of these ideas apply to renters as well!

Mortgages. Electric bills. Unexpected repairs.

Owning a home can be quite expensive. Every day, it seems like there is a new bill to pay or something to fix. Didn’t someone tell us owning a home was a great investment at one point in our lives? We are spending so much to maintain this “asset” that sometimes it doesn’t feel like it’s worth it.

I’d like to flip the typical script on costly home ownership and talk about ways that this asset of ours can make us some money.

Here are 5 quick ways your home can make you money.

 

1) Get a Roommate

 
When I was 22, I bought my first home after I graduated from college. I thought that buying a home right away was the smartest thing I could do with the money I had saved up. I quickly realized that I completely underestimated the cost of true home ownership. Almost immediately, the home needed repairs and the bills started to pile up.

My quick solution: Get a roommate.

With a new roommate, I calculated that I’d be able to pull in an extra $400/month. This would help me pay my bills and alleviate some of the stress that came from home ownership.

When it was all said and done, this was one of the best home ownership decisions I ever made. Not only did getting a roommate help monetarily, my first roommate is one of my best friends today. We had a blast living together. We would go out on the town, be each other’s wingman and make some great memories.
 

80’s Party with Roommates in 2006

 
Since the roommate thing worked so well for me, I decided to get another one … and then another one. Why not, right? I had two empty rooms in my house. Eventually, my entire mortgage payment was paid for each month by the rental income I was receiving. I continued this lucrative and fun rental situation for the next 5 years.

Today, I am still close friends with the majority of the 11 roommates (just counted that in my head – wow, that’s a lot of people!) that lived with me over those 5 years.

My new roommates today, Zoey (4) and Calvin (2), don’t pay any rent … freeloaders!
 

Freeloading Roommates in 2017

 
 
How do I find a roommate?
 
Here are a few top ranked roommate resources to consider:

Craigslist: Free and familiar if you use it for its thousand other services. Go with your gut though. If the new roommate you’re considering seems unreliable, then they probably are. Do your vetting and you’ll meet some great potential roommates on Craigslist. I did.

Roommates.com: This was my favorite service bar none. This service helped me get some life long friends. There is a monthly fee, but it’s definitely worth it.

Roomie Match: This one is a newer service that helps weed out the spam accounts that sometimes appear on Craigslist.

DC here. While our roommate has a separate space and separate entrance so technically is a renter and we are their landlord, we have found success simply by posting on Facebook to our friends that we are looking for someone to rent from us. This works just as well for roommates and you may be surprised who responds.

I also second Andy’s suggestion of Craigslist. My sister has found roommates on Craigslist and some have become her best friends!

 

2) List your Extra Space on Airbnb

 
If you’re not interested in someone living with you permanently, but you’d be open to a cash-producing visitor every once in awhile, Airbnb could be a great option.

On my podcast a couple months ago, I interviewed Victor Mangona, an entrepreneur who is making a killing on Airbnb. He lives in the metro Dallas area and rents out his home on Airbnb for a pretty penny. He and his wife Kate rent it out on certain dates when they are planning on not being there. “We are now making enough money to save 75% of our income each month and cover the cost of our mortgage,” said Mangona referencing their current Airbnb situation.

You may not want to rent your entire home to someone. Totally understandable. How about renting a room in your house on a non-permanent basis? A lot of people on Airbnb will rent a room in their home to business travelers who would prefer to stay in someone’s home than a hotel.

As a guy who travels a lot for business, I know that when I travel to major cities like San Francisco, Boston or New York, it can be hard to find available and moderately priced rooms. Take advantage of this business traveler market and start generating some income with the available rooms in your house! Depending on where you live this could mean some major cash in your pocket immediately.

 

How do I know if my place would do well on Airbnb?
 
“Airbnb is very location dependent,” said Mangona. “If you’re near a city center or an entertainment district, those places can Airbnb very well.”

Go on Airbnb and check out your area. Does your area have other similar rentals? If so, grab a handful of comparable homes and see how much they are renting for. This will give you a good basis for comparison and help you to price your home or available room competitively.

 

3) Turn Your Trash Into Cash

 
Did you know there is money hanging in your closet? There’s also money in that drawer you haven’t opened for a year. There’s even $50 sitting in your kid’s toy box!

I’m not talking about loose cash. I’m talking about taking the stuff that we don’t use anymore like clothing, electronics, furniture and toys and selling them for fast money.

Over the last couple of years, my wife and I have sold over $1,000 worth of our used things on Craigslist, eBay and Facebook Marketplace (mobile only). It has not only put money in our pockets, but it has given us a sense of freedom by eliminating the STUFF that’s not really needed in our lives.

Set aside some time this weekend and walk around to each room in your house and look for items that you simply don’t use anymore. When you come across an item you are considering selling, ask yourself some questions:

• Do I really NEED this?

• Does this item bring me joy?

• Do I want to keep it more than I want cash in my pocket today?

 

What type of things will sell easily?
 
Here are 12 items that sell well that could be sitting around your house right now:

• Clothing
• Designer Handbags
• Jewelry
• Computers
• Smart Phones
• Furniture
• Gift Cards
• Instruments
• Bikes
• Baby Supplies
• Appliances
• Kid’s Toys

One important thing to remember … if you’re selling on Craigslist, Facebook Marketplace or any other in- person exchange, only accept cash. No checks. No money orders. No IOUs. Show me the money!

 

4) Rent Your Driveway or Parking Space

 
If you live in a major city, parking can be a nightmare. Trying to find the best parking option is a hassle and when you do find a spot the costs can be tough to swallow.

In this on-demand world we live in, businesses like Monkey Parking, Just Park and Spot are helping commuters find a better way. These apps and services allow people to post available parking spaces they own or have access to and rent them for money.

Imagine someone in Chicago who lives near Wrigley Field where the Cubs play. They have a driveway, but they don’t own a car because they use they use public transportation. Don’t you think this person would be able to rent their parking space easily? Oh yeah! Now they can do this more easily with the help of these new services.

You can also rent spots on a daily, weekly and even monthly basis. This would support people who are looking for a prime parking spot near their place of work. They get a better spot and you get the money. Win-win!

These apps work well in big cities like Boston, Chicago, San Francisco, DC, Los Angeles and Miami. Just Park is also well established in the UK.

 

5) Start a Home Based Business

 
Your home can be an excellent place for you to start your next entrepreneurial adventure. Some of the world’s most successful entrepreneurs started their business from their home. Steve Wozniak and Steve Jobs started the multi-billion dollar tech giant Apple in their garage!

Yes, you may not have the tech genius of Wozniak and the marketing prowess of Jobs, but with the right attitude, drive and determination anyone can start their own business. And if you start the business in your home, talk about a short commute to work!

Here are a few home-based businesses to consider:

 

Day Care
 
Love kids? Start a home-based day care. On average, parents in the United States spend $11,666 per year ($972 per month) on day care. As the population of working mothers continues to rise, there will be a continuing need for child care.

Be sure to consider all of the rules and regulations in your state before starting your business. This could be an excellent choice for someone who loves children, has a safe home environment and needs some extra cash. Care.com is a great resource to consider.

 

Dog Sitting
 
Does spending time with dogs make you smile? Consider offering up your home and time to taking care of someone’s dog while they are out of town or at work.

People spend between $15-$35 to board their pets while they are away and for those that want to spend additional cash to make their pooch feel happier, they spend up to $90 per day on a “pet hotel”. Take advantage of the huge pet market and earn some green while playing with Fido.

 

Blogging
 
Successful bloggers can make a six-figure income working from the comfort of their own home. As a blogger, you write about a niche that you feel passionate about, connect with people who have similar interests as yours and make money while doing it.

There are various different income streams that can be created through affiliate marketing, advertising, partnerships, sponsorships, book sales and many other routes. Check out DC’s excellent step-by-step article that takes you through how to start a blog.

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Now it is time to take action. Take control of your home and make some money today!

 
What success have you had making money at home? What other ways can you make money from home?
 
 
Author Bio: Andy Hill, a mid-30’s father of two living in the metro Detroit area, pens the MarriageKidsandMoney.com (MKM) blog and hosts the MKM Podcast taking you through the trials and tribulations of being a young parent and husband who is planning for his family’s future and winning with money.