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Are you interested in making some money off of the home you are living in right now? If you dream of paying off your mortgage faster than the 25-35 years it normally takes by home investing, you are in the right place. In this guide, we will give you 5 tips on how to make money off of a home.
In This Post:
1. Rent Out Your Unused Rooms
The good thing about having a 2 or 3 bedroom home is that you have the space available to rent out to others. This is especially true if you have an empty nest, where your children have already left and you are lamenting about how your house is too big for the two of you. If you have a room or two that’s just sitting around, why not rent it out to a college or university student in need?
2. Renovate the Basement or Attic and Rent It Out
You might have an unfinished basement at the moment, which is just collecting dust or becoming a home for various pests. Why not invest a bit of money into it and make it so it has a separate entrance? This way you can rent it out to a couple that’s just starting who wants to save money by living in the basement?
It’s a win-win situation for all involved. The same thing applies to your attic.
3. Rent Out Your Garage
This might not be legal in your state, so check before you start renovating your garage. In some states, you can actually rent out your renovated garage as a separate dwelling. It’s going to be a tiny home for someone, but many people are willing to stay in smaller places at first, so they can save up for their own first home.
4. Or Rent Out Your Home and Live in the Garage
If you aren’t opposed to living in small spaces yourself, you could make more money by moving out into the garage and renting your home to a small family. This is a great way to have someone else pay your mortgage for you, while you save up for your dream retirement or vacation. A year-long cruise anyone?
5. Sell Your Home to an Investor
If you are done with the idea of homeownership altogether or you wish to downgrade into a smaller home, consider selling your home to an investor as opposed to a traditional buyer. There are these advantages to doing so.
Home Investing Is for Everyone Who Wants to Make Some Extra Cash
If you thought that home investing is available only to those who have a second or their property, you were absolutely wrong. With the home investment tips mentioned above, you are well on your way to making some serious money from your home.
Enjoyed this article? Don’t forget to check out the other finance and real-estate-related articles on our website. Keep learning!
