Houses are considered assets for a reason. But are you utilizing your house to its full potential?
Many people don’t realize that their homes can be lucrative revenue streams. Sure, you’re probably retaining your home’s value by performing regular maintenance and adding a few renovations here and there. However, you might want to consider converting your home into a money-generating machine.
Here are four crafty ways you can turn your home — or parts of your home — into a business.
1. Make room for renters. With more than 60 million total guests in tens of thousands of cities, Airbnb offers a large pool of potential customers — and money. If you have a spare room or extra space, become a host and cash in on short-term renters.
“People are traveling more than ever it seems,” says Ryan Carrigan, co-founder of moveBuddha, which provides moving quotes, in an email. “Plus, renting, in general, is on the up because a lot of young people aren’t big on homeownership. This is ideal for renting out rooms to boarders.”
And thanks to Airbnb and similar companies that provide demand and convenience, it’s become easier for hosts to make a significant amount of money. For example, the weekly average you could earn renting out a private room through Airbnb in New York City is $590. That means you could make more than $1,000 if you just rent out a room twice a year when you go home for the holidays or take a vacation, for example.
[See: The Best Side Business Ideas for Busy People.]
But if you’re really looking to make some serious cash, why stop at just renting out one room? One man had the potential to earn up to $144,000 a year by renting out six apartments, according to a 2013 Fast Company article.
2. Share your garage or parking space — for a price. If you have a garage or parking space you never use, it might be time to fix it up and put it to work. How? Rent out that unused space to people who need it for parking.
Many cities suffer from limited parking availability, high parking fees or a mixture of both. The District of Columbia had the biggest shortage of street parking among seven major cities, according to a 2016 Trulia and Parknav study. Depending on the neighborhood, the monthly price advertised for a parking spot ranged from $75 to $225 on Craigslist. But in San Francisco prices were higher at $200 to $400.
[Read: 5 Unusual Ways to Make Extra Money.]
If there’s a demand for more affordable parking in your neighborhood, perhaps this could be your new side hustle. Fortunately, renting out your garage or space is pretty easy these days. You can use parking websites like JustPark.com, which lets you list your space for free online. You’ll want to tidy up your garage and ensure that both the garage door and opener work properly.
3. Rent out your yard. Yards are similar to parking spaces — they’re not always available, depending on where you live. And like your garage or spare parking spot, you can stand to make money by renting your yard to those who want it.
Hosting an event can be a costly escapade, especially if you have to resort to renting a convention room or restaurant. However, renting a resident’s yard — especially in a city starved of private and outdoor spaces — can be a low-cost way for people to host an event and an easy way for you to supplement your income.
San Francisco, for example, is seeing the spread of yard renting. In fact, SF Gate reports that a new app called Nookzy has emerged in the Bay Area. It draws comparisons to Airbnb — but for yards and their amenities. To become a “host” on the app, tell Nookzy about your space, and it will help you figure out how to make the most of it, list it on the app and make it available for reservations.
[See: How to Save $500 This Month.]
But parties and events are hardly the only limits. With sites like Gamping.com, you can open up your backyard to campers by turning your land into a campsite. For the campers, your backyard could be a cheap and unique way for them to enjoy the outdoors. And for you, it’s a relatively simple way to make a profit.
4. Set up a doggy daycare. People love their pets. But unfortunately, it’s hard for many to take their pets with them when they go out of town for business or vacation. To avoid the inconvenience and high costs of traveling with animals, these people are willing to pay others to take care of their furry family members. Setting up a simple pet care operation from your home could be your next additional revenue stream.
Many cities have commercial pet daycare facilities, but some pet owners might feel more comfortable leaving their dogs and cats in the care of an individual and will pay for private babysitting with a neighbor or friend over a regular doggy daycare. You can take care of a friend’s pet for a one-off payout or kick your pet daycare into high gear and make more money — but with some careful research. There are important business and legal considerations involved in opening a pet daycare, such as zoning restrictions, permits and more. Do your due diligence before diving into this business.
Or take advantage of sites like Rover.com, which is a large network of dog sitters. By joining, you can become a dog sitter and possibly earn $1,000 or more per month, according to the site. You’ll need to create a profile and get approved, but once you’re a sitter, you’ll be able to choose your own schedule and set your own rates.
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4 Crafty Ways to Use Your Home to Make Extra Cash originally appeared on usnews.com
