“Overall, if given a choice, people generally don’t want to move. It’s a major hassle, there’s costs that go with it and there are always regrets from having been comfortable with where you were,” – Suzanne Miller, CEO and President of Empire State Properties Via CNBC
Generate Lease Income with Co-Living
Co-living is a great way to generate income from your home without having to sell it. But what does co-living mean?
Essentially, you can rent out rooms in your property and provide shared living spaces for people who are looking for short or long-term accommodation. Deals are flexible and leases tend to be month-to-month, so you can control how much income you want to receive at any given time.
Rent to traveling professionals
This concept is similar to that of renting a room or using Airbnb for your home. There’s tons of travel professionals jobs out there. These people need a need a safe, reliable space to stay in for the duration of their visit. Think: travel nurses, professors, and journalists.
There are hundreds of travel agencies that seek to match professionals with a space to stay for their visit. Lee Nelson from mymortgageinsider.com suggests reaching out to travel companies across the U.S. She says, “Get in touch with them to see what is needed, and what you can charge.”
Participate in Airbnb Experiences or Tours
If you are the adventurous and knowledgeable about your local area, why not become a host on Airbnb Experiences or Tours? You can get paid to share your favorite secrets, from bike rides to giving cooking classes or city tours. It’s an awesome way to turn your home into a money-making asset without selling it!
Rent a room on Airbnb
Another way to utilize Airbnb or other short term rental or niche rental websites to create an income is renting out a room. If you have a spare room in your home, this can be a great way to make some extra money. You set your own prices and availability, and these services often takes care of the payment and booking process. Becoming a host lets you meet new people from all over the world! Be sure to check with your county and city local laws before listing your space to ensure you maintain compliance and license regulations.
Some cities have restrictions on short term rentals, so it’s important to do your research beforehand. Also note where you live. If you’re near an Airbnb hot spot, it’s probably going to generate a decent income. It will also take a small investment to turn part of your home into an Airbnb. You want the place to look as lovely as possible to compete with fellow hosts.
"Even if you’re just renting out a spare room, you’ll likely need to invest in a new bed frame and mattress."- CNBC Make it
Rent out your driveway or parking space
If you live in a busy area or near a popular event venue, you can make money by renting out your driveway or parking space. Websites like JustPark and ParkOnMyDrive allow you to list your space for free and earn money every time someone parks there. This is a great option if you have a spare parking spot that you don’t use, or if you’re willing to park on the street to make some extra cash. Just be sure to check with your local council to make sure you’re allowed to rent out your space.
Host a Yard Sale or Garage Sale
Hosting a yard sale or garage sale is a great way to make some extra cash from the comfort of your own home. Gather up any items you no longer need or want, such as clothing, furniture, and household items, and set them up for sale in your yard or garage. Advertise your sale on social media and in your local community to attract more customers. You can even team up with your neighbors to host a neighborhood-wide sale for even more foot traffic.
Start a home-based business or offer freelance services
A great way to earn an income without selling your home your home is, well right from the comfort of your couch! You can offer home-based business or freelance services. With the rise of the gig economy, there are many opportunities to offer your skills and expertise to clients online. Whether you are a graphic designer, writer, or social media manager, there are platforms like Upwork and Fiverr that connect freelancers with clients in need of their services.
You can also start your own business, such as a catering or baking service, and advertise through social media or local events. The possibilities are endless, and with a little creativity and hard work, you can turn your home into a profitable business.
If you’re considering selling your property for quick cash, we hope you learned a thing or two about how you can utilize your property to earn additional revenue before you make that big decision. Becoming an Airbnb host, co-living, renting your driveway, or renting to traveling professionals are just a few of the ways you can use your home to increase cash flow. Finding a trusted professional who can give you a strategic plan when it comes to anything involving the home is a great asset to have as well. Book a discovery call with an Evergreen Investment agent today and get the support you need.