Buying a house is an excellent lifetime investment. Paying for a home of your own and not renting lets you modify and use its parts according to your needs. This gives you a chance to relax in a space that you can call your own and make a profit out of it.
As with other essentials, housing prices keep skyrocketing. Besides the mortgage, you also have to pay for other bills, including power costs and property insurance. Though it is a secure investment, the money you have to shell out regularly is no joke. To keep on top of your bills, you can use your home to manage a passive business, just like the ones below.
Build a Granny Pod
Perfect for houses with little interior space but a big outdoor area, a granny pod is a detached guest house. It is similar to a tiny home with all the necessary facilities. If you value your personal space and don’t feel like renting out a room, this is the most viable choice to earn extra income.
Offer Vacant Rooms as Storage
Given the pandemic, it’s understandable if you do not want to receive any tenants. But you can still make money out of your home’s vacant rooms by renting them out as storage space. Leasing out space can be convenient for your neighbors who only need short-term storage and want to check on their belongings from time to time.
Lease Out the Extra Rooms
Unlike the first two, the most popular way of making money out of your home is leasing out extra rooms by taking in tenants. Housemates are also a great way of splitting household bills, letting you reduce your living costs and earn extra at the same time. If you’re using the rooms you plan to rent as storage for personal belongings, move them to another. Choose the right moving and storage company to help you with the process.
Use It as Pet Daycare
If you like spending time with animals, utilizing a part of your home as a pet daycare is the best business opportunity for you. You can turn your patio or garage into a space where pets can play and be comfortable using cat trees, beds, and other fun toys.
Rent Your Garage or Parking Space
Like houses, cars are also huge investments, making it crucial to protect them from elements and other threats. If your home comes with a spacious parking lot or garage, you can do your neighbors a favor or the establishments near you by renting it out. Though it is not as lucrative as other ventures, the money you generate from it is still a welcome addition to your finances.
Make Money Out of Your Pool
There are plenty of things that COVID-19 took away from people’s lives; enjoying a relaxing time at a resort is one. Some households are fortunate enough to have pools in their backyard because they can cool off from the summer heat whenever they please. If you’re one of those households, you can get income from your swimming pool by renting it to intimate groups of people. As long as you follow proper protocols and thoroughly clean up after every guest, you can keep yourself safe from the virus.
Manage a Bed and Breakfast
Although it’s not as passively managed as the ones mentioned above, managing a bed and breakfast business is ideal, especially for houses with plenty of vacant rooms. With a bed and breakfast venture, you can be the top choice for travelers and tourists since your prices are significantly lower than hotels, plus they’d also get to enjoy their stay by making friends with other guests.
Plant Crops in Your Garden
With a spacious outdoor area, you can plant vegetable patches and even have several fruit-bearing trees in your backyard. Your harvest can fill your pantries, or you can also sell it in your town’s farmer’s market. If you’re great at innovating and creating delicious flavors, you can also create vegetable and fruit derivatives, which you can use to start your food business.
Offer It as Set for TV Shows and Movies
Not all homes are created equal. Some look better on camera. It’s not every day that a house gets scouted to star in a film as a protagonist’s or antagonist’s residence. But if you get an offer to make your house a film location, it’s an opportunity you should grab. Renting your home to production companies is an incredibly lucrative way to generate passive income since it pays you daily, so if a movie has plenty of scenes set at home, then you can expect to receive a large sum.
Houses are probably the best investment vehicles you can use if you’re looking for something you can passively manage. Besides giving you a place to relax and be comfortable, you can also establish lucrative ventures without shelling out significant capital.