5 Side Hustles Homeowners Can Do To Make Extra Money
With an average monthly income of $1,122 in 2021, side hustles provided extra cash for many Americans. There are all sorts of side hustles you could start, but as a homeowner, you have a few unique opportunities to use your home to make a few extra bucks.
And if you don’t own a home right now, check out this list still because it might inspire you to add a feature to your wishlist that could bring you some additional income.
1 - Roommates
Maybe the idea of having a roommate only conjures up memories of your college years. But roommates are not just for young adults or for apartment living. When you own a home, a roommate can be of great benefit. They can help you pay your mortgage and maintain the daily chores a home requires. So, if you have an extra room consider getting a roommate.
Living with other people can get messy literally and figuratively, so as the homeowner you want to set clear guidelines upfront. Make it official by having them sign a lease, so everyone is on the same page. At some stages of life having a roommate won’t be feasible, but there are other ways to make some extra money using your home.
2- Short-term rentals
The flexibility of short-term rentals is a great opportunity. And sites like Airbnb and VRBO let you easily turn your home into a short-term rental. Depending on your home's layout and comfort level you could easily make some money on the side to help with your mortgage payments.
Doubling your primary residence as a rental is a great introduction to the rental game. Because if you don’t get bookings, you aren’t really losing any money. However, you do have to do a little extra work to keep your house ready for guests. Plus you need to check with local ordinances and HOA rules if renting your house is allowed.
3 - Garage or basement apartments
If you have a garage or basement, you have the opportunity to create a second dwelling on your property. It can make hosting long-term guests or tenants much easier. You get some of the benefits of having a roommate - help with your mortgage payment - without having to share as much space.
Additionally, taking care of older relatives is a responsibility we all share and there are many ways to provide for them. More and more families are turning to secondary dwellings on their property as an option like a garage or basement apartment. Nursing homes can be very expensive and some prefer the affordability and closeness that a "granny suite" can provide.
4 - Create a studio or workshop
When you are a homeowner, you have complete control over how you want to use the space in your home. This gives you the opportunity to create a studio or workshop in your home. The best part is you are doing something you love. Pick a hobby you are interested in, create, and sell the products.
And you don’t have to have a gigantic house to make this work. Maybe you use a large closet as a recording studio. Or maybe you have a guest room that you can double as your art studio. You could also build or purchase a shed that can be used for woodworking and storage. There are many possibilities.
5 - Event space
Do you have a large backyard, a pool, or any other cool outdoor feature? These amenities can be rented out for events and parties providing you with some extra cash. A fenced-in backyard can make you some extra dollars by hosting a private dog park on your land via Sniffspot.
A large property offers more opportunities for hosting events such as weddings, concerts, and other special occasions. You might have to jump through some more hoops for permits and logistics, but a large event can be very profitable.
Side hustling for a season
Being a homeowner is such a life-changing experience. It’s a big responsibility, but it also has some pretty big perks. And one of those is using it to create more income for yourself. But it might not be the right season for you to start a side hustle and that’s ok. Because homeownership is a long-term investment. Staying flexible, creative, and open to new ideas for using your home is the best strategy of all.
