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6 Tips for Turning Your Home Into a Cash Cow

Written by Realty Times Staff on Wednesday, 23 March 2016 3:21 pm
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According to an analysis by JP Morgan, Americans earn an average of $533 extra each month by working with sharing economy sites like Uber and Airbnb, as well as outsourcing errands like on TaskRabbit. Earning thousands of dollars each year can be as easy as signing up for a website. Turn your home into a cash cow and get money back in your pocket with these six easy tips.

Rent out a Room

Turn an extra bedroom, basement or finished attic into a short- or long-term rental to bring in extra money. List your digs on sites like Airbnb and HomeAway for travelers or Craigslist and Roomates.com for a longer term share.

The key to posting on these sites is to take engaging photos with attractive descriptions that will make people feel welcome and comfortable in your home, no matter how long they're staying. Fortunately most smartphones now have high-quality cameras. Download an app like Snapseed to your iPhone to manipulate color adjustments, sharpen, crop and straighten out your photos.

Rent out Your Driveway or Backyard

The sharing economy extends beyond renting out a room. Think bigger and rent out your driveway on a site like JustPark.com when a festival is coming through town or on a long-term basis. Renters show up, park and come get their car when they’re finished with little to no work on your part. You can also turn your backyard into cash by renting it to campers with CampInMyGarden.com. Campers can pick from private, unique yards as an alternative to commercial campsites.

Open a Small Business

Starting a small side business from your home can turn your dedicated office space into a tax deduction on your annual returns. Set yourself up for freelance writing, consulting or offering small gigs on a site like Fiverr. You’ll earn money from your side gig and get a deduction, too. The IRS requires you to use the home office exclusively for work on a regular basis. But a space solely restricted for work in your own bedroom still counts. Speak to your accountant or attorney to figure out the best way to set up and claim your home office.

Host a Foreign Exchange Student

If you love meeting people from around the world and want to help someone out, take in a foreign exchange student. Host families offer accommodations to an overseas student in exchange for compensation. Rates can vary, but are usually a few hundred a month. Get in touch with a local university or sign up with a site like USH Host.

Rent Your own car

According to peer-to-peer car sharing site Getaround, most of the 250 million cars in the U.S. sit idle for 22 hours every day. The company claims renters can earn over $800 a month with Getaround and put money in their pockets. Share your car with Getaround and earn money for a car you're not using. There's no monthly or annual fees and Getaround includes insurance coverage and roadside assistance.

Rent or Sell Your Stuff

Your home is full of things lining your closets, basement and attic. Turn those into cash by renting them out to someone who needs them. List your camera equipment on Cameralends to earn extra money this month. If you have an old character costume you bought to entertain at your kid’s birthday, rent it out on Craigslist. Looking to get rid of your things permanently? Instead of throwing a yard sale, sell your items on the app OfferUp for fast, easy selling.

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