3. Use Your Home to Generate Extra Cash
Another angle for homeowners is to simply use their home
itself to generate extra cash. There are many ways to do
this, so we can’t quite be exhaustive here. But here are a
few prime ideas:
•Set up a home office. Renovate, say, your attic or
basement, or simply use a spare bedroom. If you can work
from home even part of the time, you will save lots of
money on transportation expenses. You’ll need a
computer and Internet connection, but most people
already have that anyway, so it’s not an extra cost. And
you can typically deduct the cost of your home office from
your taxes each year as well.
•Offer storage and/or parking. Storage facilities are
very popular these days, and they charge a hefty price
monthly in many cases. If you have an extra shed, garage,
or room, (or if you’re willing to put a new outbuilding up for
the purpose), you may be able to attract people willing to
pay a muchlowerthannormal monthly storagespace
rental fee. Or, if you live in a neighborhood nearby a sports
stadium, concert hall, or other popular venue, you may be
able to advertise cheap, convenient parking and frequently
get takers.
•Take on a roommate. Anyone with a spare bedroom
and bathroom, and who is willing to share their kitchen
and living room with a “reasonable person,” should
consider taking on a roommate. It’s easy to advertise
online, in the newspaper, or on local bulletin boards, and
you can save your new roommate money with lower rent
at the same time you make extra money yourself and
maybe gain a new friend.
3 Unique Way
to Turn Your Property
Into a Moneymaking Machine