A common question readers ask is, how to make extra money from home? There are tons of side hustles and legitimate work at home opportunities, however, the more common home-based business may not work for everyone. Today I answer a readers question about making extra money from home.
How To Make Extra Money From Home
Question: I’m on a tight budget, and I’m a homeowner. How can I make some extra cash?
There are many ways to make money when you own your own home. Here are some creative ideas for every homeowner to try.
Outside of your home:
Five Ways To Make Extra Money At Home
1. Become A Landlord
Try turning an unfinished basement, attic, or additional space into an apartment. When we built our barn/garage, it was very inexpensive: only $1,500 dollars more to upgrade to storage rafters instead of traditional rafters. We were able to add 1,400 sq. ft. apartment space for a nominal cost. The cost to finish it further is reasonable.
Renting out extra storage space is an excellent way to become a landlord without the headaches and make extra money at home. Think outside the box (house) you can rent empty field space to people looking to store equipment for the winter, your woods to people looking for a place to camp, or even a front yard for extra parking for a local event.
We have also rented out our extra space in our garage/barn to people looking to store their motorcycles and sports cars for the winter.
2. Host A Wedding Or A Party
Have beautiful views and landscaping? Try to rent your property for weddings, receptions, reunions or parties. It’s even better if you have a charming barn. If a barn is not an option, tents can be rented. Also, wedding rental places are always looking for land for people to rent.
Reach out to them and bring awareness to your property. Renting out a property for a wedding, rehearsal or party can make a few thousand dollars for a weekends worth of work.
3. Leverage Your Green Thumb
Grow high-value crops, such as lavender. Not only is a patch of lavender beautiful, but a 20×20 lavender patch can produce over $1,800 of lavender. By turning the lavender into essential oils or soaps it could produce even more income. Need more ideas to make extra money at home? Check out: 7 Weird Ways To Save Money At Home.
4. Take Your Plants Indoors
Build a small greenhouse. This structure can be a cost-effective business for growing seedlings out of seeds and selling them. I have a client that makes over $2,000 a year, growing and selling seedlings in a small greenhouse. These seedlings are most commonly sold in the home improvement and hardware stores. The best part is, it’s seasonal work and doesn’t require much labor.
5. Turn Equity Into Safe Income
Have equity in the house? Consider investment loan arbitrage. If you can borrow money from your home at a lower interest rate, you may be able to use the funds and earn money in safe investments. Essentially, you would be earning by pocketing the difference. If you are over 62, you may also consider a reverse mortgage. (In Canada, reverse mortgages are also called “CHIP” mortgages. Age to apply may vary.)
Tip: When considering using loan proceeds for investment purposes, make sure you understand the terms of the loans. IE: What parts can change, such as interest rates. Also, ensure you understand the terms of the investment and are comfortable with the guarantees provided and are familiar with what could go wrong.
Ideally, a homeowner using loans in such a way should only use guaranteed savings vehicles, bank products, or insurance products. It might be tempting to cash out your equity for the latest hot crypto-currency, but not only could you lose the investment, you could lose your home if you’re not careful.
Looking for more ways to free up some extra cash, or other ways to make money at home?
If you would like to discuss this further please feel free to contact me here
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