Most homeowners want to utilize all aspects of their investment, including making money from the property. You could offer the space to housing assistance agencies as a way to bring more cash into your wallet while helping others. Of course, this means requesting that your tenants have renters insurance and being careful to complete home repair jobs on time. Otherwise, you could get sued by a tenant’s rights attorney.
Renting your home to others means that everything has to be perfect. You are going to need air duct cleaning periodically to keep the house clean and free of allergens. In some cases, you may be able to require the tenant to pay for this.
If the roof leaks or has an issue, roofing services may be required. This is an added expense that you must take on promptly.
Of course, some homes feature stair lifts to make it easier for elderly people to get upstairs. They often short out, which means hiring an electrician to fix the problem.
Other small things to consider include keeping the windows in good condition, painting jobs on the interior/exterior, and garage door repair if applicable.
Other Ways to Make Money from Your Home
If you just don’t want to rent your house out to someone, that’s okay. You can still make your home work for you.
Installing solar panels saves on electricity and protects the planet. Of course, the expense is significant upfront, but they pay for themselves within a few years.
You may be comfortable in your house, but you find that you want new home furniture. If it’s not in the budget, consider a mortgage refinance to lower monthly payments and get better rates.
There are plenty of ways to make money from the house you own. That way, you’ve got extra income whenever you need it. Consider a home warranty to cover significant expenses if something goes awry.