If you’re a homeowner, chances are housing costs are your largest expense. According to Zillow, the median mortgage payment eats up 20 percent of households’ income each month.
But what if you could cover the cost of your mortgage without working extra hours or taking on a side hustle?
Although that might sound like a pipe dream, it’s actually possible. In fact, with some ingenuity, you can earn passive income that covers your mortgage and have money left over.
Here are five ways you can turn your home into a money-making machine.
1. Rent out your lot to tiny house dwellers
The tiny home movement is booming, as people look to save money and downsize their lifestyle. However, one of the biggest obstacles tiny homeowners face is where to park their house. Many counties prohibit tiny houses unless they are on a lot with a traditional home.
If you have a large lot or live in the country, you can make money by renting the space out to tiny house enthusiasts. You can even charge more if you can offer amenities like electric, septic, or water hookups.
However, even if you don’t have the utilities available, you might be able to rent out a lot anyway. Many tiny homeowners live completely off the grid thanks to solar panels, water reservoir stations, and composting toilets.
Depending on your location and the amenities you offer, you could charge anywhere from $350 to $1,500 per month on sites like Try It Tiny. However, check your local zoning laws and county ordinances to ensure that it’s permitted in your area before renting out your lot.
2. Allow advertising agencies to film commercials in your home
If you’re willing to deal with cameras, a film set, and groups of strangers in your home, you can make an average of $1,500 a day by renting out your home to commercial producers, according to Set Scouter.
You don’t have to live in New York or Los Angeles and your house doesn’t have to be large or lavish, either. Many advertising agencies look for modest houses for their commercials.
You can start earning money by listing your home on Set Scouter, a tool producers use to find homes in the area they’re filming.
Although you can make a lot of money renting out your home, keep in mind that it’s not reliable income. You could book three commercials in one month, and then not book anything else for a year or more.
That unpredictability means you should treat commercial shoots as windfall, and not count on the cash for your regular bills.
3. List your home on Airbnb
Cost-conscious travelers are increasingly skipping hotels for budget-friendly rentals through sites like Airbnb. In fact, over 200 million people have stayed with hosts since Airbnb’s launch in 2008.
If you have a spare bedroom, you can rent out that space for a few nights a month to make extra income. Depending on where you live, the rental fees can add up to hundreds every month.
According to Priceonomics, Airbnb hosts earn $924 a month, on average. Even better, getting started is quick and easy. You can list your home and start accepting reservations in just a few minutes.
4. Sell parking spaces
If you have a seldom-used garage or an empty reserved parking space, you can make as much as $375 a month renting it out, according to one listing found on CurbFlip.
Sites like CurbFlip and JustPark allow you to advertise your space, and travelers or daily commuters can rent it from you.
If you don’t want to give up your parking space for a whole month, you can choose to rent out your space on a daily basis. One listing on CurbFlip near an airport charges $30 per day.
5. Let people store their items in your home
Storing extra stuff can be expensive.
One study from Marcus Millichap found that, as of 2015, the average climate-controlled unit in a self-storage facility costs $1.44 a square foot.
At that rate, a basic 10-by-10-foot unit would cost $144 a month, or $1,728 a year. Sparefoot found that, in more expensive areas like San Francisco, storage space costs are nearly double that number.
Budget-conscious renters looking to save money try to find alternatives. If you have an unused shed, spare bedroom, or closet, you can turn that empty space into regular, monthly income.
Store at my House is a company that connects renters with homeowners who have extra space in their homes. That service claims renters can save as much as 50 percent on storage costs, while you can make passive income from unused space.
For example, if a customer wanted to rent a 300 sq. ft. unit in Brooklyn, New York through American Self Storage, it could cost over $700 a month, or $8,400 a year. If you had the same amount of space available in that area, you could charge $350 per month and earn $4,200 a year without doing any real work.
Store at my House is available all over the country, and it takes just a few minutes to list your space for rent.
Using your house for profit
Since you already made a huge investment by buying a home, it makes sense to use it to earn more money. Consider using one (or more) of these strategies to earn regular income. Sign up with the sites mentioned to make easy money just by being a homeowner.
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