If you are a homeowner or a land owner, then you will know that there are so many costs associated with owning a property. Utilities. Mortgage payments. Property Taxes. Not to mention the other costs that come with everyday living; there are all kinds of different ways that our homes can end up costing us some money. Many of us know that owning a property is an investment, and it can pay off in the end when you move onto a bigger home, or sell your home. But there is no need to make yourself wait that long in order to see the financial benefit from your home. So why not look to make some money from your home, and start doing it right now? Here are some side-hustle and business ideas to inspire. Which do you think will work best for you?
Add a Rental Suite
If you live in an area where it is legal to do so, then how about adding a rental suite to your home? If you don’t have room inside to do just that, or would rather have something a little more separate, then you could think about converting the space that you have. It could be a garage conversion, for example, to make a bedroom (and it could have its own entrance door). If you have some money to invest in it, then if there is space, and regulations allow, then how about building a separate free-standing structure?
Of course, you need to make sure that you research the regulations for building or creating a suite to rent out that is completely legal. It is common to require some legal rental suites to have their own kitchen and bathroom, for example, so that is something to consider. If you are needing to invest a lot of money into this, then you need to think about how long this will all take to get the money back. Make sure that you can do this in a relatively short time, in order to make it worth it.
Rent out Storage Space
If you don’t want to be a landlord or a bed and breakfast host, but you still have some space available to use for an income, have you thought about renting out the storage space? If you have a sizable space, then you could rent it out as storage each month. Where you live could depend on the demand, but there will be a lot of people that will want to store things like boats, motorbikes, and RVs, and they’ll want to keep them sheltered rather than being out in the open. If you want to let someone else store their car or bike in your garage or barn shed, then it could bring in a monthly income quite easily, without having to do too much. The only costs for you would be making sure that you have a secure space, so CCTV and an advanced locking system could be a good idea. Heating the space could work well too, in order to make sure that things are taken care of.
If you have a bit of land with your property, or have a large barn that isn’t used for storage or for animals, then you could look to make some money from events. It doesn’t have to be a large festival or anything along those lines, but it could be something like setting up a seasonal event with hayrides and mazes. You could rent the space out for weddings, or perhaps host things like special dinners or petting zoo events. The key thing with this is to make sure that you have the right legal permits in place (for example, a licence to sell alcohol and so on).
Start a Home-Based Business
The ideas so far have been all about using what you have to make money on the side, without you having to do too much. But if you want to do something a little more proactive, and even want to get a business started that means you can work for yourself, then launching a home-based business could be the thing to do instead. For example, if you are passionate about beauty, then you could look up how to start a skincare business and start creating your own! If you run a business out of your home, then it does help to keep overheads down, and it will also have some tax advantages. You can also use a certain percentage of your household bills (like the internet and heating, that you use when working on the business), and use that as a business expense. If you have an idea to run with, then go for it. If you’re looking for ideas, then there are a few to choose from online.
Run a Bed and Breakfast
If you have a few spare rooms in the house or are empty-nesters and have a home that is now really quiet, then you could look to maximize your rental income, then you could make your home into a bed and breakfast. If you can rent out a few rooms at once, then it can make a big difference, and be much more lucrative than just having one room rented out. If you travel a lot with work, then you could even use home swap sites or sites like Airbnb to rent out the whole property during the times that you are away.
Rent out Parking or Driveway
If you live in a commuter area or near a place where big events take place (like a stadium), then renting out your driveway or parking space could be a good way to make money. If you don’t drive, but have a car parking space in your apartment close to a train station, for example, then it could be something really simple to do, and there is likely to be a lot of demand for it. If you live close to a football stadium, for example, then when there are events, people will pay to be close to where it is. So that is definitely something to bear in mind, depending on where you live.
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