With the shift to working from home happening for so many people since the pandemic, it’s a good time to consider what other opportunities can come out of this situation. Outside of working a remote job, there are several opportunities for you to make money with your home.
Outside of real estate appreciation over time, there are a lot of benefits from owning or working in a home-based business. From tax-deduction for your home office to renting out your parking space, there is an option out there for everyone.
Here are the top 5 ways that people have turned their home into a profit-generating asset.
1. Make part of your home into a studio
Ever thought of making that space into a studio? This is the perfect place to bring clients for any kind of private session. From massages to acupuncture, photography, and yoga classes, using your home to offer private sessions is a great way to bring in additional income every month.
On top of this, you can even receive a tax deduction from turning part of your home into a private studio or home office space. So this idea is definitely something worth looking into.
2. Rent out one of your bedrooms
Have an extra bedroom you don’t use? Why not rent it? Already have furniture that you don’t want to get rid of? There’s no need to worry! Keep the room fully furnished and raise the price to include that added value. This is a steady cash flow opportunity. The additional money you bring in from rent can help cover everything from the monthly mortgage to kitchen renovations.
3. Host Events
Are there any topics or areas of expertise that you enjoy talking or teaching others about? Know about people who would be interested in learning more? If the answer is yes to any one of these, then perhaps you should consider using your space to host events. This is a great way to meet new people and build connections, along with bringing in that extra cash every night.
4. Consider tutoring from home
Do you consider yourself a patient person? Do you like working with a certain age group or have experience with a particular demographic? Then this might be a good place to start. You decide if you want it to be in person or online, and the sky’s the limit when it comes to what content or format you cover.
Popular topics include teaching English as a second language, musical instruments, and tutoring just about any subject for any age group. With flexible hours, you can build your schedule around your own personal availability, and find fulfillment in the earnings coming in by helping people get better at something.
5. Rent your parking space
Have an extra parking spot that you occasionally use or don’t need for certain periods of time? Then renting out your parking space, whether permanently or for a predetermined window, might be one of the easiest ways to bring home some extra cash every month.
Especially if you live in a densely populated neighborhood or close to a major stadium or downtown area, there are plenty of people who would love to take advantage of hard-to-come-by parking.
Ultimately, whether you’re still renting or considering options to buy your own home, there are plenty of ways to make money with your house. All it takes is a little bit of effort in the beginning, and before you know it, those added profits will come flowing in.