We’d all like to have a little extra money in our pockets at the end of each month. Maybe you’re saving up to buying something nice for yourself or you want to put a little extra away in your retirement savings.
Whatever the reason, you’re on the lookout for ways to bring in some extra cash. If you’re a homeowner, there are actually a few strategies you can use to help you get money from your home itself. Below, we’ll outline some methods you can use to find money using your home.
Host a Garage Sale
One of the simplest ways is to host a garage sale. You already have the space for it, as you can host a garage sale in any driveway or front yard. And you likely have some things lying around your home that you no longer need, things that are just taking up space. If you can gather up enough of these items, you may be able to sell them for a decent income.
To get started, go from room to room and see what you can sell. Old clothes, board games, books, video games, whatever. You never know what might sell, and even if no one buys it, it can always go back inside or in the garbage.
Just be sure that whatever you pick is at least in somewhat of a good condition. Once you have everything together, pick a day for your garage sale. Aim to do this in a season when the weather is nice, as it encourages people to spend time walking around your driveway.
Finally, put up some signs and advertise on local social media groups to let people know about your garage sale.
When the day arrives, put everything on display with some suggested prices, then wait for customers to arrive. While this isn’t a long-term solution to income problems, it is a good way to clean up your home and generate some extra cash.
Take Out a Reverse Mortgage
A different route you can try is called a reverse mortgage. With a reverse mortgage, you borrow against the value of your home. There’s a lot to know about reverse mortgages and they aren’t right for everyone.
There are some different reverse-mortgage pros and cons that you’ll want to be aware of. However, after conducting thorough research, you may discover that they are the perfect solution for what you’re looking to do.
Since this option is only available to people who own their homes, it’s one of the few ways you can generate money from your actual home.
Rent Out a Room
Do you have a spare room or guest house? Consider renting it out to generate some money. You could rent it out to long-term leasers who are looking to live in your area, or short-term travelers who are looking for a place to stay.
Renting out a space comes with a few drawbacks, such as having to live with an unfamiliar guest, keeping the spare space clean, and dealing with cancellations.
However, if you can find ways to manage these drawbacks, and if you live in a popular area, renting out your spare space could turn into a sizeable income.
Start an At-Home Business
Finally, if you’ve ever wanted to start your own business, using your home could be a great place to start. Some of the greatest businesses in the world started in a garage and yours could be the next.
There are plenty of businesses you could start that involve your home, such as watching people’s pets or providing music lessons in your basement. If you just want to use your empty space, you could start many other kinds of businesses, such as an eCommerce store or creating custom furniture pieces.
Think about where your interests and talents lie, then explore your business options. By starting your business at home, you could save yourself a considerable amount on the cost of the rent. It may take some time to generate a profit from your business, but you’ll likely be glad you had the space to start before long.
Make the Most of Your Home
There are plenty of ways to use the items in your home, your extra space, and the home itself to generate extra money. The key is exploring your different opportunities and seeing which works best for you.
The above list is a good place to start your search but there are many other options out there. Good luck!