Last Updated on April 27, 2023 by Melissa S.
It would be nice to make some extra money as a homeowner, whether to work on that important home renovation project or go on the holiday of your dreams. You and the other 63% of homeowners might need to learn that your house can help provide you with that additional income without you having to do too much.
Getting the money together for a a home renovation such as a Multiliving bathroom makeover or new carpets can be a large amount to save for. So why not let your home make the money for you? Are you interested in finding out how your house can work for you? Here are three excellent ways to earn extra money from your house.
- Rent your home while away
Instead of hiring a house sitter when you have to be away, whether for a holiday or work trip, why not rent your home and make some passive income off your house? Fortunately, it’s much easier to rent out your home thanks to home rental sites that allow you to list your home and find tenants. It’s fairly simple to register your home on these sites. Please determine the cost, available dates, and other policies, such as refunds and additional charges. Before you set up your listing, ensure that you familiarise yourself with your local laws regarding short-term rentals.
- Tap into your home’s equity
If you’ve been paying your home’s mortgage regularly as your home’s value increases, you likely have a decent amount of equity built up over that period. You can borrow against that value, especially when you need cash. There are two main types of equity release strategies, with the most popular one being taking a lump sum amount with the option of paying back every month at a fixed interest rate. Consider what you’ll use the money for when tapping into your home’s equity. If anything, you can use it to improve the value of your lot.
- Turn your home into a film set
Think about all those iconic homes featured in movies and how many are still relevant today. If you believe your house has that charm and appeal, you can make extra money by offering it to location scouts working for film production companies. Your first search should be online, as there are many sites where you can put up your property to attract scouts. You can make a decent amount of money from using your home in TV and film productions, but that depends on how long your property would be in use, its location, and what the shoot is about. However, you must be entirely sure that you want to use your home for productions, as it can get overwhelming at times, and it could become a spot for fans to visit, which can cause privacy issues. But who knows, you might run into your favourite actor.
Your home can be an excellent source of extra income. Hopefully, with these tips, you can see how your home can work for you and passively contribute to your finances. If any of these tips interest you, ensure that you conduct further research to help you make sound decisions and keep that extra cash coming in.