3 Tips to Make the Most (Money) Out of Your Home

We all know how expensive it is to buy or build a home. But what if you could make money off your investment without selling it? Many homeowners are doing just that with these three ideas:

Rental Property

If you have the space in your home already, you might consider renting out a room or even an entire floor. Bedrooms with a bathroom are a plus, and if you choose to rent out your basement, it’s best if it has its own entrance. If you don’t like the idea of a live-in renter using your space 24-7, offer up a room or two on the Airbnb website.

Your other option might be to add a rental suite. Just know that this would likely involve construction of some sort, regardless of how your current space is laid out. Be sure to research the regulations in your area for building an addition onto your home. Each state has different requirements. You’ll also want to consider how much it will cost you upfront compared to how much you can make in rental income.

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Host Events

If you have any acreage, you might want to consider renting out the property itself for special events like weddings, reunions, concerts, or craft fairs. Farmers make a good income offering agritourism opportunities on their land during the spring, summer and fall seasons. You’ve probably attended a fall pumpkin festival, hayride, farm tour, or corn maze at some point, so you can imagine how profitable such a venture might be.

It’s important to check to make sure the activities you’re proposing are allowed on your property. Depending on which state you live in, some commercial activities require permits. Your idea may even be prohibited by law, and you don’t want to get caught in the wrong.

Equity Release

Equity release is another option, especially for those over 55 years old. Equity release allows you to turn your home equity into cash, which you can then invest or use for expenses. You don’t have to pay off your mortgage to do an equity release.

Whatever direction you choose for making the most (money) out of your home, be sure to check with your insurance company. Using your property in a way not described on your policy could be an insurance risk. The whole point of this venture is to make money (not lose it), so do  your research before investing time or money from your own pocket.