Squeezing out Extra Income From Your Home
/Financial bumps and rough times can happen. We may feel at a loss of what to do and wonder if there’s a quick way to earn some extra income. And when times are good, it is a good practice to think through ways to boost your time. Whether it’s a side hustle, starting or expanding your business, working extra jobs or finding ways to climb up the career ladder there are lots of ways to earn more money.
Renting out a room
Thanks to services like Airbnb, renting out a room in your home has become easier than ever. As long as you set it up like a hotel room and offer your guests a lot of amenities and privacy, you could get a surprising amount of money each month from just letting people rent it out as a holiday location or for business reasons. This is even better if your home is in a prime location with a lot of local attractions and transport links.
Leasing your land to companies
If you own land then you may be able to take advantage of it by leasing it out to large companies for various reasons. As one example, you could lease it for building a large advertising billboard because you live in a prime area with a lot of foot traffic. With the help of specialists like Vertical Consultants, you could also allow a telecommunications company to build a cell tower on your property and lease it for anything from $100 a year to over $45,000. There are plenty of ways to make use of your land and not necessarily your property, and if big companies are involved then there’s usually big contracts involved too.
Rent your home as a photoshoot location
With the growing number of amateur photographers and filmmakers around, there are plenty of opportunities to rent out your home as a photoshoot or filming location. There are many websites out there that allow you to list your home as a potential location and it’s a fantastic way to make a bit of extra money now and then. However, it’s a good idea to make sure that you’re using a legitimate service to avoid any potential issues or safety concerns, especially if you’re offering a low price.
Even if you’ve just recently purchased your first home, it’s never a bad idea to think about how you can get a bit more profit from your property. After all, paying back that mortgage is going to take a lot of time and you’ll want to squeeze out as much profit as possible from your home. Hopefully, the ideas in this article have helped you think about ways that you could get a bit of extra income from your home to help you pay the bills and deal with monthly expenses.
About Money & Mimosas: Money & Mimosas was started as a passion project by Danetha, a former NFL cheerleader turned entrepreneur and financial journalist. After a brunch conversation with girlfriends, Danetha was inspired to launch a blog to explore her journey of becoming rich, sexy and confident.
