How To Make Money Off The House You Live In

How to Make Money off of the House You Already Live in

With the unprecedented rise in companies like Uber and Airbnb, we are living in a time where renting time, space, and resources from other people is a regular, day-to-day occurrence. Renting cars and houses has been standard for a while, but in recent years processes like these have been streamlined. Why rent a car when you can rent a driver for a specific journey? This way, there is no longer any need to sign a contract or deal with all the other paperwork that used to be a necessity.

Vacation Rentals

Nowadays, with services like Airbnb, we can open our phones and in just a few minutes, be fully set up to rent someone else's apartment out for just a few days at a time. Vacation rentals are incredibly popular among those who want to travel hassle-free, so it can be one of the easiest ways for you to make money without investing an entirely new property. Instead, invest your time and money into renovating your own home into a highly sought-after rental property. Making your home into a rental property can be a great option if you frequently travel, as you can offer your house or apartment to other travelers and make money while you are away. Alternatively, convert a section of your property—be it a vacant room, an unused garage, or your basement or attic—into space you can rent out. With larger areas, you can even make your own studio apartments in which people can stay. There are plenty of resources online to help you with this, like this guide from CNBC and this Forbes article.

Tiny Houses

In the same vein, investing in a tiny house or even a mobile home can provide the same opportunity to make more money from real estate without relocating. This kind of property is particularly desirable for people to rent out if they are parked/located in an attractive area. In fact, Escape Homes' Rental Program makes it possible to profit from tiny house rentals without even owning one if you have land available in desirable areas, Escape will handle the house rentals as long as you provide the place for it to sit.

Flat Sharing/Spare Rooms

If you have friends or coworkers in need of a place to stay, or you want to get into the rental real estate business, consider investing in a decent-sized property and renting out rooms. If you can, purchase a house and rent out each room, whether to people you know or other people in need of a room. Flat sharing or spare rooms can be an excellent opportunity for students, though people of all ages are now looking for places to share. You may even have an extra room to rent out on a more consistent basis for an Airbnb listing. Make sure you know what you are precisely getting into with these types of rentals, but if you do it right, they can be a fantastic way to make extra money from the property in which you already live.