Owning a home is one of the most expensive things anyone can do. The expenses quickly add up from the cost of having to deal with maintaining the property to the cost of the home itself. Luckily, owning a property is an awesome chance for you to make some money as well!
four passive income ideas for homeowners; which of these suits you?
1- Rent Out Your Yard to Dog Owners
This is an income source that few consider, but more should! During the pandemic, far more people adopted pets than in decades, and although they love their animals: their properties might not be the best spaces for their dogs to enjoy being outside.
Offer a portion of your yard as a paid dog park, where people can pay either monthly or daily fees to take their dog to the park for a few minutes to an hour. Nobody should leave their dogs there; this is simply a nice patch of grass for Fido to enjoy being outside in and can fetch you a lot of money every month.
2- Offer Storage Space
A third of Americans currently rent or own a storage space beyond their main home. This is a booming and rapidly expanding market that you should get in on! Offering storage space for rent gives you the chance to enjoy gaining money while simply allowing items to sit on your property. You can build secure storage lockers on your land, or you can even rent out your garage to anyone who needs the space.
3- Rent Out Second Level or Basement
Tons of people are asking themselves, 'should I rent or buy a house?' - and more people than ever before have to turn to rent. If your home has a second level, renting it out can be a great way to make some money without having to lift a finger besides general maintenance. Renting a single floor of your home out can bring in between seven hundred to fifteen hundred dollars a month, depending on the area you're in, and for many, that can completely cover the mortgage payment!
4- Create a Venue Space
Venues are an extremely lucrative way to make money if you have a large property. You can do well if you want to build an event space, but if you already have an older empty barn, you have the bones for an extremely popular venue space! Look into creating parking, comfortable seating areas, and spaces that are both aesthetically attractive and flexible enough to work for whatever your buyers have in mind. Venue spaces can be a great chance to make serious money off of your property while simply allowing people to party there.
Your Home is a Great Chance at Income
Whether you're supplementing your income to help with large life changes, or you want a larger income to invest in yourself: your property has tons of ways for you to make money back, consider some of these passive income ideas and make money. You deserve it!