Last Updated on Feb 25, 2020 by James W
When the economy is tight the way it is now, we often find ourselves looking for creative ways to make money and how we can make profit on what we currently have, do or make.
Some people look to make money with their vehicles by renting it out, giving rides to those who need one, selling items on the side and so on. Another thing many do (especially homeowners) is to try and make money from their homes. They will look at various ways to use the home to add additional cash in their pocket. See a few ideas used by some homeowners to extra make money.
4 Ways To Make Extra Money With A Second Home
Rent It Out –
This method has been around for centuries and is exactly what it sounds like. You can rent either a room in the home, the basement area, attic or any room where someone can live comfortably in. You can start by doing research into the area room rentals to see what other similar rooms are going for and come to find out this is now easily a few hundred dollars in extra income that will now be coming in for you. Make sure you vet the tenant before he or she moves in and get everything in writing.
Sell It –
Many individuals have made good money by selling their homes after just a few short years including those who bought within the last five years. The key is to buy in a good area, one where property values keep and rise over time, otherwise you could be stuck with a dud and unable to sell or profit from. Take your time, do your research and most important of all – get a good and experienced local realtor.
Turn It Into A B&B –
This is a creative idea that some homeowners use to make extra money. It involves taking your house and fine tuning it for a Bed and Breakfast. A B&B is essentially a homey type of hotel in local touristy areas that those traveling find appealing and prefer over traditional hotels. You would need to outlay some cash at first to convert your home into a visitors destination, however once you outlay this initial money, you would or could potentially get it all back plus interest when you start renting out your new B&B. Rates vary on the condition of your rental, the amenities you would offer and the location of your home.
When your mortgage payment is on the high side and has been for some years, if you qualify and pursue a refinance you could end up saving thousands of dollars over the life of the loan and hundreds or more in your monthly payments. Visit your local bank, credit union or lender to see what you qualify for and how it can help put more greenbacks in your wallet. This one is definitely worth a try and could easily end up saving you lots of money.
Your home is an investment and if managed properly, could be your biggest asset. However it pays to keep it in good shape, make loan payments on time and why not try to find ways to make money from it while you still own it.
Have you ever tried to make money from your second home? If so, share with us what you did.
Guest post by Missy who writes for Hercules Movers, a moving company based in New Jersey.