Purchasing a home is one of the best investments you could make in your lifetime. Not only will you build equity by holding onto the property, but you also have the ability to use your home as a way to earn passive income. Whether you’re looking to cover the mortgage or simply bring your living expenses down, here are 5 ways to leverage your home and earn additional income.
1. Rent out a room to short-term or long-term tenants
If you have a spare bedroom and don’t mind living with roommates, renting out a room can be one of the most lucrative ways to earn money from your home. Long-term tenants offer guaranteed rent, paid every month. However, if you live in a desirable location, you may be able to earn more money from a nightly rate through short-term rentals, like Airbnb. Either way, renting out your space is a great way to help pay the mortgage.
2. List your space for hourly rental accommodations
With platforms like Peerspace, you can rent out your home or a space in your home by the hour. Peerspace allows users to book a unique venue for practically anything; photo or video shoots, meetings, parties, workshops - you name it. If you have a creative or unique space, this could be the perfect outlet for generating extra cash. You can learn more about listing your space here.
3. Grow a garden and sell your produce
If you’re lucky enough to have a green thumb (and a lot of patience), you can put it to work and make a little money on the side through gardening. Planting, harvesting, and selling vegetables and herbs at local farmer's markets could be a great way to earn additional income. We all know people love fresh produce and supporting local!
4. Hold a yard sale
There could be money hiding in the unnecessary clutter scattered throughout your home. You can easily make a few bucks by organizing a yard sale or utilizing online selling platforms to sell the things you no longer use or need. This isn’t necessarily reoccurring revenue, but it’s an easy way to make a quick buck. Facebook Marketplace, Offerup, and Let Go are great options for selling unwanted items.
5. Start an in-home pet-sitting side hustle
Do you love animals? If so, consider starting a pet-sitting side hustle and offer in-home pet care for a flat daily, weekend, or weekly rate. Let friends and family know you're willing to take care of their fur babies while they’re away as opposed to having to board them.
There you have it - 5 ways to use your home for profit. If you haven’t invested in a home, but you’re ready to take the next step toward home ownership.
