If you think your house is just four walls with a roof on top, you’re in for a rude awakening. Your property is probably the most valuable money-making thing you own. So you could be sitting on something that could generate a pile of cash.
Making money from a property is easier than you might think. It’s not just about yard sales, selling craft wares, and hosting lodgers. There are all sorts of other ways you can use it to generate cash.
Upgrade It and Sell It On
As these tips for selling your home make clear, the better you can make your home appear, the more likely you are to shift it. But it’s not just about selling it on. You also want it to appreciate while you own it.
Homes are, in many ways, appreciating assets. The longer you own them, the more money they make, and the richer you become. But you can accelerate this process by installing things that buyers themselves want in the ideal property. Things like loft conversions, kitchen extensions, new bathrooms, and new plumbing can make a house more valuable, even when you subtract the cost of the work.
Become an Airbnb Host
Renting out your property is an okay way to make money. But becoming an Airbnb host is even more potent. When you become a host, you can often charge 300 percent more per night than you could under a regular rental contract. So if your vacancy rate is low, your returns are also much larger.
Airbnb provides hosts with lots of support, including how to set up a listing and make passive income from it. You can even get help with pricing. And the more satisfied guests you host, the more likely the company’s algorithms will be to display your listing.
Offer Your Home as a Film Shoot Location
It might not sound like much, but offering your home as a film shoot location is one of the best ways to drum up cash for your family, even if you live in an average home.
Filmmakers are continually looking for new settings and locations for their work. Sometimes they need massive country mansions for their backdrop – think Downton Abbey. In other movies, they need gritty, dirty apartment buildings – think Joker. Other times, they just need an ordinary home to depict regular family life.
People who offer their homes can make a lot of money. The amount you’ll make corresponds to the value of your property. But even small-time homeowners can make decent money. To put it into perspective, you could earn as much as $1000 a day.
Before diving into any of these projects, make sure that you do your research. Be sure to find out how much time film crews will need at your property. And also, look up occupancy rates for your particular area if you’re planning on renting out accommodation on Airbnb. Doing this will help you work out whether it is worth your time and energy to try and make money from your home.