Have you considered using your home to generate passive income?
Indeed, being a homeowner means that you don’t have to worry about monthly rent. Moreover, you also decide how to leverage your home without needing permission from a landlord.
However, did you know that you can turn your home into a money-making asset? Indeed, several ways are available to achieve this, and you only need to choose what works best for you. Here are a few worth considering.
Convert your basement into a rental unit
If you wish to rent space in your home without sacrificing privacy, you can consider converting your basement into a rental unit. This way, you can generate passive income while your tenant can enjoy their personal space.
However, you want to familiarize yourself with local and zoning requirements to determine if converting your basement is legal. Consequently, understand the occupancy tax requirements, and acquire the needed permits and licenses to undergo your project.
Since it’s a rental unit, you may consider adding a kitchen and bath. However, this will require extensive pipe-laying and a great deal of professional experience, so keep this in mind.
You also want to inspect your basement for cracked walls and repair them before starting any renovation. As a tip, work with professionals to get the best help with cracked basement walls. Tenants will appreciate a window or egress that allows natural light into their living space, so feel free to consider this.
Provide storage spaces
The need for storage spaces won’t die any time soon. Indeed, people own valuable items like vintage cars, motorbikes, RVs, etc., that they want to protect from the weather but can’t store in their homes due to limited space.
Moreover, people who are relocating to new homes, cities, or countries may need to store some of their personal belongings somewhere until they are ready to move them. If you have empty rooms, a shed, a garage, or a barn in your home, you can generate passive income by renting them out as storage spaces.
This can also work well if you don’t like renting them out for people to live in. Obtaining the necessary permits before starting your storage business is essential to prevent run-ins with the law. You can also leverage flyers and social media platforms to bring awareness to your business.
Rent your lot to tiny house dwellers
Statistics indicate that the demand for tiny homes is increasing. Indeed, tiny homes are more affordable, making them perfect for people who downsize for various reasons.
This could mean a new income generator if you have enough land to spare. Some people may not have enough money to acquire land, while others may be restricted due to state regulations.
Either way, you can rent your land to tiny home dwellers. You can even charge more if you include water, septic hookups, and electricity in your package. However, you want to be abreast with the zoning laws governing tiny homes. Also, you’ll find it helpful to advertise your land on online platforms like Craigslist, Nextdoor, and social media platforms.