How To Make Money In Your Home – Do you own your house? If yes, then you need to know how to make money from your house. There are so many ways to use the space you already have to make a decent side income. If you love hosting or have other people close to (or maybe IN) your apartment, here’s how you can make extra money!
Yes! Whether your home is your primary residence or you are buying a home as a second home, you can make money by renting out your home to generate both active and passive income.
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Keep in mind that renting out your home may have different laws and rules depending on where you live. Be sure to speak to your local city ordinance and understand your state’s laws regarding taxes, renting your home, and landlord laws, if necessary.
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I wouldn’t suggest that. Yes, you can (usually) rent out your house. But you must notify your lender.
If you rent out your home and don’t tell them, there could be consequences. They may require additional insurance coverage, or there may be requirements that require you to reside in the residence for a certain period of time before renting it out.
That depends on your mortgage documents. I suggest you contact your lender and see if this is possible for you.
Under many different homeowner insurance policies, certain issues are not covered if your home has been vacant for more than 30-60 days. This includes theft and damage.
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There are a few things you need to do before turning your home into an investment property. In addition to speaking to your lender to confirm that you can and speaking to the insurance company about coverage, there are a few people you can contact.
If you have a homeowners association, the first thing you need to check is whether and how you can rent out your house.
Do they allow short or long term rentals (or both)? Do you need to fill out additional information? Or do you need specific documents? While some HOAs allow rental properties, others do not.
Next, be sure to speak with an accountant about any tax changes that may affect you. And speak to your local church if you have a homestead exemption.
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Finally, you may need a permit to operate your residential property as a rental. These types of permits aren’t usually expensive, but they could protect you if something happens. This also requires an inspection for specific areas, checking your heating and cooling, outlets, electrical and plumbing. Otherwise, it shouldn’t take long to get approval when needed.
This mainly depends on your mortgage lender and if they allow it. But you can usually rent out parts of your main residence and in some cases the whole house.
In most cases, you must declare all rental income on your tax return. But you can also take advantage of tax benefits. Be sure to talk to an accountant about how you can save on taxes.
Once in a while! As usual, it depends on your mortgage lender and your city/state (some don’t allow short term rentals or have blackout periods). If you can’t have a short term rental or Airbnb, there may be other ways to make money from your home. Just keep reading!
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As you can see, there are a few steps you need to take before you can start making money from your house.
But here’s how to make money from an empty house and how to make money from empty rooms!
First things first, the easiest way to make money is by having a roommate or roommates! You can do this if you NEED to live in your primary residence but still need to make some extra cash or a house hack. If you have enough rooms, rent them out and make a few hundred (or thousands) more every month.
Of course, technically you would still be a landlord in a situation like this. So, you should check with an accountant, get a lease, and decide whether you want your roommates to speak to you or contact a property management company about any issues.
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Another option is to rent your home to college kids, especially if the home is vacant and near a college. You can rent out every room and essentially make more money per month than if you rent out the house as a single family home.
There may be rules and laws about renting to college kids (and some cities may have rent caps), but it’s a great way to fill the rooms and make extra money every month. Like a roommate, you become a landlord with this option. So, familiarize yourself with the laws and learn how to make your tenants’ lives easier. If you take care of them, they take care of your home!
If you want to monetize your house, you can try putting it on Airbnb. This way you can offer it as a short term rental and rent it out at any time.
For example, some Airbnb hosts rent out their homes or rooms in their homes when they’re on vacation, traveling for work, or just need some extra cash. You don’t have to have your home available all year round, but the more often you can book, the more money you can make.
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If you want to make money from your property but use your home as your primary residence, you may be able to have an ADU (also known as an Accessory Dwelling Unit).
ADUs can be anything from a basement or garage apartment to a shed you’ve decked out in the back. As long as it has electricity, running water and is self-sufficient, you can rent it out for additional income. And bonus points; You can give it its own entrance/exit and keep your home locked while still renting out a space!
Of course, check with your city, county, and state to see if you can add an ADU to your property and what all is required to do so. This can be an expensive endeavor, so make sure it’s legal before you dive in!
Another way to make money from your home is to rent out a storage space or your garage when you’re not using it. We all know that self-storage units can add up over time and get expensive!
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If you have a garage, shed, outbuilding, or even a basement with its own entrance, you can rent out the raw space as a storage space. Unlike an ADU, these areas do not need to be self-contained as people will not (or should not) live in them.
Yes, you can even make money from your house without renting out an enclosed space. If you have a driveway or even a carport, you can rent it out.
Basically, people who need parking or have boats, RVs, or extra vehicles need storage. And if you have a portion of the driveway that suits their needs, they’ll pay you monthly for the rental.
Again, you can use sites like Neighbor.com (and even rent out your driveway and storage space!) or a site like Spacer.
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If you don’t want to rent your space to tenants, you can try a short-term solution and rent it out to artists. Many artists and designers need studio space to work during the day and receive clients.
While not staying in a studio, you may need amenities like WiFi, a dark room, or lots of windows. If you can meet these requirements, you can rent the space out as a main workspace (similar to a co-working space!)
Another great short-term rental solution is to rent out your home, backyard, or other space as an event option. For example, barn weddings are popular in more rural areas, so renting out your back barn can be lucrative!
While you can rent out the space for events, you can also make even more money if you can rent out other items. This includes decoration (like lights, tables, chairs, and a wedding arch) and charges for catering, alcohol, etc. (if you offer services or want to charge a small fee for bringing outside help).
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As you can see, there are many ways to make money from your home, both short-term and long-term options! And many of these don’t require you to leave your home either, as long as you’re comfortable around other people!
Are you ready to make money from your home? What will you try? Tell us in the comments below!
Kim Studdard is a project manager for online entrepreneurs and small businesses. When she’s not spending time with her daughter and husband or reading her growing stack of horror books, she’s working on her HR degree and working on FIRE. As the cost-of-living crisis bites, there are many ways to make extra money, from taking on a lodger to renting parking spaces
Your home could bring extra income – and you might not even have to pay taxes on that money. Image: Jamie Wignall
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However, your home could provide additional income, and you may not even have to pay taxes on that money.
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