Your home is a big investment. And like the best investments, it can make you some serious money. There are people happy to stay in your spare room, park in your driveway, or even pitch a tent in your back yard — and pay good money for it. Don’t let opportunities slip by. Follow these tips to turn your property into a money-maker.
1. Rent Out Your Driveway
Do you have more parking space than cars to fill it? If you live near an event space or major urban center, you can collect parking fees from attendees willing to pay for proximity. The price you can charge varies with the supply and demand of the area. In Boston, someone can expect to earn about $100 per month. But make sure your home maintenance is up to snuff so as not to put off potential “customers.” Bonus: You’ll impress the neighbors with your rotating fleet of different cars.
2. Make Your Home a Star
If your property’s got the face for close-ups, you might want to rent it out for film or catalog shoots. Shop it around to film studios, production companies, and advertising firms. If a scout picks your house, you can earn about $2,000 to $4,000 per day — not to mention the chance to watch your abode on the silver screen.
3. Go Green
If you have a soft spot for the environment, you might choose to invest in alternative energy sources in order to sell electricity back to the power company. The two main methods of producing energy at home are solar panels and wind turbines.
Both will require a significant investment upfront. A wind turbine requires at least an acre of property as well as other location criteria. But the payback is worth it. Mother Earth will thank you, and you’ll get money back in your pocket. The amount per kilowatt varies by state, so be sure to talk to your local utility about the details.
4. Go Back to the Land
Those with a green thumb and a couple hundred square feet of growing space can turn their seasonal produce yield into regular income. You can save up to $23 per plant by building an edible garden with big ticket vegetables like tomatoes, cucumbers, and green beans. Sometimes, money does grow on trees.
5. Take in Boarders
Whether you have a spare bedroom or a whole spare house, there are people who want to rent it. If your abode has a certain charm and you’re willing to put in marketing hours, you can transform unused space into a monthly moneymaker.
- Bed & breakfast: Have a cozy home and like playing host or hostess? A bed and breakfast might be for you. Costs and revenue vary greatly by the number of rooms: The more rooms at, say, $100, the more potential income, but that also means higher costs for upkeep.
- Rent your house: If you go on vacation or are otherwise out of town for extended periods, you might consider renting out the whole house. Be prepared for a commitment of time and money to make it work, or just hire a professional property manager for peace of mind. To calculate how much you could earn, check out the rental prices of other homes in your neighborhood.
- Camping space: For those who don’t necessarily want strangers in the house but live near the wilderness or a multi-day festival, there’s money to be earned from campers. A number of peer-to-peer services can put you in touch with campers who will pay to stay on your land. And they come with their own tent, though you may want to invest in an outhouse.