Money’s tight for millions of Americans right now. Indeed, almost 70% of people in the US have less than $1,000 set aside for a rainy day. That’s a scary statistic when you realize how many unexpected expenses can occur at any moment!
You could lose your job, your car could breakdown, or you could drop your smartphone on the concrete. The list of possible financial emergencies goes on and on.
Are you trying to earn some extra income to ease the pressure and mitigate the impact of these potential mishaps? Well, your property could provide all the financial solutions you need. Want to find out how?
Let us help. Keep reading to discover a selection of great ways to earn extra income on your property.
Find a Tenant (or Two)
Any spare bedrooms in your house could be an amazing source of extra income. Why not rent those empty rooms out to tenants? Sure, you’ll have to share your space with someone again, but you could earn hundreds (if not thousands) of dollars in return.
You could even think about converting other rooms into additional bedrooms. Imagine having an unused study, library, home gym, or storage area upstairs. Clear them out, put a bed inside, and voila: a brand new bedroom for you to rent out to someone.
Finding tenants is easier than many people think these days too. For one thing, your friends and family may know people looking for a place to stay. For another, the internet’s full of actual tenant-find services that are setup for the task.
Not everybody likes the idea of having full-time tenants staying in their house. And we get it. After all, whether they’re dirty or disrespectful, some people just don’t make great lodgers!
Advertising your spare rooms on Airbnb could be a good alternative. You’d still generate extra money by renting out the space. But guests would come and go on a regular basis, meaning you wouldn’t be tied into long-term arrangements.
It’s worth considering the location of your home though. You’d need to be situated in a sought-after spot for Airbnb to become a viable source of additional income. Only then could you rely upon a steady stream of people coming to stay (and pay).
Rent a Parking Space
Some people won’t want to stay at your house. They might, however, want to park their cars there! It might sound crazy, but this is another clever way that enterprising homeowners have started generating extra money each month:
They rent out space on their driveway, or in their yard, for others to park on.
It’s a clever way to capitalize on the lack of lots and spots in the area. Think about all those commuters going to work each day. They’d bite your hand off to park outside your home if it’s in a convenient location and there’s nowhere else to go.
Start Pet Sitting
Pet sitting has taken off in popularity recently. Homeowners with ample amounts of time, space, and love for all things furry are opening up their homes in droves to take care of peoples’ pets. And they’re earning good money in the process.
You could do the same! Here’s how it works:
Imagine a busy dog lover who doesn’t want to leave their pet pooch at home alone all day. They see your ad for pet sitting services, get in touch, and start bringing their dog to your house for some much-needed company and cuddles while they’re at work. You make a new furry friend and get paid for the privilege.
Start a Home Business
Have you always harbored entrepreneurial intentions? Now could be the time to act on them. Thanks to COVID, more people than ever before are working and starting businesses from home.
And for good reason! The rise of the internet means it’s never been easier to attract an audience and start selling products/services. From selling digital products and becoming a virtual assistant to starting a blog, there are endless opportunities to found a lucrative, high-earning business from home.
Build an Outhouse
Remember our suggestion to rent the rooms in your house? Well, you might also consider renting rooms outside your house. Let us explain…
You could build a small dwelling unit in your yard, or convert your garden shed into a habitable space, and find a tenant to live there. The internet’s full of articles (like this one at https://actonadu.com/blog/the-many-benefits-of-owning-a-san-jose-backyard-home) exclaiming the many advantages of doing so. First and foremost, you’d enjoy the financial benefits of a tenant without having to share your main living area!
Sell Your Possessions
Last but not least, you could start selling any items that you no longer use, want, or need. You may not revel in the thought of parting with your worldly possessions. Trust us, though, it’s often the easiest way for homeowners to get a cash injection from their property (and clear some space at the same time).
You might have thousands of dollars’ worth of goods just gathering dust around the house! Those old shoes, unwanted clothes, outdated electrical items, sports equipment, CDs, and DVDs could all hold value. Photograph, advertise, and sell them online (be it on Craigslist, Facebook Marketplace, or eBay), and you’ll soon start making extra income from home.
Time to Generate Extra Income on Your Property
Money troubles are ubiquitous in America these days. Incomes are low and savings are sparse! Throw an unexpected expense into the mix and making ends meet can become a real challenge.
Know the struggle? Well, your property could hold the keys to a brighter bank balance. As we’ve seen, there's a wide range of ways to leverage your home and earn extra income.
We hope the suggestions above will help in this regard! Keep these extra income ideas in mind and you'll be a few steps closer to easing the financial pressure.
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