If there comes a time when you are short of cash, remember you can make extra bucks from what you spend at home. You don’t have to sell a thing, start a home business, or get an extra mortgage. After all, these are hard-earned properties that beautify your house.
Instead, you can levy on home expenses. Read on, and perhaps, there is a way you can make money from your home expenses.
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1. Rent out your pool or backyard
Do you have a pool we can dip in this summer? If yes, why not put it on rent for extra cash? People will love to swim, especially when the weather’s hot. You can rent it out for a private birthday party and will make more cash. In addition, the pool area has space for exercise or underwater tests.
There are many companies ready to help rent out your pool to host. They set the prices and vet guests. However, the prices depend on the location, pool type, and extra amenities. An hourly rental will go between $35 and $200. Of course, there’s a massive bonus if your pool has a hot tub and other perks. People make $10,000 to $20,000 yearly from renting out pools.
2. Become an Airbnb Host
Airbnb is the trending platform for listing a second home, a guest house, or a spare room per night. You can decide the rules of the home while running it as a hotel service. There are Airbnb agents that earn an average of $29,00 annually. This earning depends on location and size. However, a room that shares facilities with the guest won’t earn you much cash, unlike a basement with privacy to the entrance, bathroom, kitchen, etc.
More: How to make a backyard guesthouse welcoming
3. Share your home
Rent is on the loose, and renting out a space in your home will make you extra money. A two-bedroom unit goes for an average of $1,997 which can uplift your mood, including your mortgage, and save your emergency fund. But, of course, a room with privacy will be worth more. But if you have a tiny home in your backyard, that’s another way to levy your home expenses. So either take a housemate for monthly rent or rent the backyard.
4. Rent out a parking spot
Parking lots are a limited resource that you can levy on to make money. For example, you can rent out the extra space if you own a vehicle and live in a home with two garages. In addition, there are platforms where you can advertise, such as Craigslist, Neighbor, Spacer, etc. Some of these sites get people looking for parking space in your neighborhood. People on these sites make more than $500 monthly on parking lots. However, you will eventually make more if you live in a busy or wealthy neighborhood. The learning also depends on whether the parking is outdoor or indoor, size, and location.
Related: Can a shed affect property taxes?
5. Store other people’s stuff.
Having a space in the house is an advantage as you can use it to store people’s stuff. Currently, a rental space goes for $180 per month and rising. You can offer short- or long-term rentals to moving people who need space to store things. You can store people’s RV or boat in your garage for extra cash.
Now, when the economy is tight, we need to conserve all we can and these are just a few tips on making money with your existing resources.