Millions of Americans who own their homes or are in the process of paying off a mortgage can make use of unused spaces in their house to acquire additional income. Renting out a room, shed or a garage are just a few ways to generate revenue that can help pay for expenses including mortgage payments. Statistics indicate that 69% of Americans incur mortgage costs between $500-$1,999 per month. Here are several ways you can bring in extra cash to the family coffers.
Rent a Room or Your Home
If you have a spare room, you can list it on vacation rental websites for supplemental money. The average price of a room on Airbnb is $160.43 according to the latest Share Report covering 20 major cities in the US. Add value to your rental by including home cooked meals, arrange local tours or book a good restaurant. When you go on holiday, you can also lease the entire house for a bigger fee. Know that although Airbnb is the pioneer in VR bookings, there are other sites to consider such as Roomora (no cost to list your property), HomeAway, and VacayHero.
Apply for Home Equity Reverse Mortgage
If you have paid off a big part of your mortgage and have decent equity, you can consider a home equity conversion mortgage (HECM). Note, however, that you need be at least 62 years to qualify for this type of financial loan and must live in the home. An older parent might be eligible for a reverse mortgage loan to boost their retirement income. You can also offer to manage their property for a tiny fee when they rent out parts of their home on VR sites.
Lease Your Backyard
A large backyard is an asset because you can use it for many purposes. As an entrepreneur, you can hold events in your garden, such as birthday parties or meetings. If you are not bothered by unfamiliar people occupying your land, you can even lease it out to people to park trailers. You can offer camping as well in your garden for those who are willing to rough it out by simply pitching a tent. Before doing this, study local zoning laws to avoid any legal trouble.