Your home is an asset and, as such, it can be used to generate profit or, at least, boost your household budget. While a lot of people think that the only way in which this works is if you rent out the place while you’re away or sublease a room or a guest house, there are other options and methods you can explore.
Still, in order for some of these methods to become available, you’ll have to invest a bit in your home, which, automatically turns this into a business-like scenario. This also means that you would have to start thinking about things like ROI and break-even point. Either way, while these alternatives are more expensive and more complex they are also more lucrative and more interesting. With that in mind and without further ado, here are several best ways to make money using your home.
1. Start a home-based online business
The first thing you can do is start a home-based business and work online. In a way, this would mean making money from home and not using your home, yet, if you make a proper home office, this can change, as well. In a way, this would mean that alterations that you’ve made to your home directly boost your productivity, meaning that they also contribute to your profit. In other words, your home is making you money.
Apart from this, you can get an even greater ROI from this if you start looking for tax deductions for home-based businesses. In this way, you can reduce your utility bill by a percentage that your business premises (we use this term in the case where you use more than one room for work) take of your home. For this to hold true, nonetheless, you need to use these premises for work only. This means no social visits to this room and, even more importantly, no dual-purpose rooms.
2. Renting it out
Probably the first thing that everyone has in mind when the issue of using your home to make money is mentioned is the idea of renting it out. First of all, you need to consider the model that you wish to use for this business idea. For instance, you can rent out your room or a guest house permanently or go through an app like Airbnb in order to find a tenant for a couple of days. This latter part is incredibly lucrative, yet, also highly unreliable. Finding a reliable, neat and a quiet tenant is incredibly hard and it’s much harder (probably even impossible) to find one every several days.
The next thing you should understand is that you, as a landlord, also have some responsibilities towards your tenants. You need to prepare the place, properly outfit it and keep it clean and neat between visits. In other words, it’s still a business, which is why it requires an investment. Moreover, chances are that the room you’re aiming to lease out is the one you’re not using that often, meaning that it’s either empty (devoid of all significant furniture) or in a ruinous state. In that scenario, looking for low rate personal loans to help you furnish it may be a great idea.
3. Start a private practice
This may seem like something fairly similar to what we’ve previously discussed, yet, welcoming clients in your own home is something else entirely. First of all, there are only so many professions that you can do this as. Most commonly, we’re talking about a profession of a fitness trainer, a life coach, a therapist and much more.
This, on the other hand, also means that you have to further customize your home. Making a therapist’s office is much harder than making an office for a telecommuter. There’s a reason why psychiatrist’s couch exists, it’s not only a Hollywood stereotype. Moreover, you’ll need to invest in brochure holders and even hang pieces of art that raise questions around the room. If you’re a physiatrist you might need a massage table, a customized treadmill and more. As a personal trainer, you can make your own gym and invite clients over. This will give them a chance to work on their physique in a more private environment, which is usually a selling point for newcomers.
4. Remodeling and selling your home
This too is a fairly standard option, seeing as how it’s how most people who make money with their property do so. This is, nonetheless, an extremely tricky plan, seeing as how not every innovation and not every remodeling project leads to a positive ROI. Pressure cleaning your façade and your fence, improving your patio and painting the place can return the investment multiple times over. Redoing the roof may not. This is why the latter investment is most often worth if you aim to stay in this home for a series of years afterwards. For this reason, it’s also much better to leave this to professionals, after telling them your exact goal.
5. Become a market gardener
Finally, you can use your backyard to grow some vegetables and herbs that you can later sell on a farmer’s market. If you can’t be bothered to go that far, you can always sell to your closest neighbours. This will be fairly easy, seeing as how you’ll always be a more reliable of healthy and organic food. Due to the fact that you’re working with small quantities, you’ll be able to dedicate a lot of time and effort into growing the best crops possible. Even if you just decide to grow the food for your own needs, you’ll still make a massive saving, therefore benefiting the budget of your home.
As you can see, some of these options (working from home or working at home) can eventually become a full-time job or an amazing business opportunity. Other entries on this list can be used to give your budget a slight boost. Either way, it would be a shame to let this amazing potential to go to waste if there’s something you can do about it.