Your home is an asset; therefore, it makes sense to try to squeeze as much cash out of it as possible. There are a multitude of ways to do this, but which ones are actually worth the time and effort?
With so much advice swirling around on this very subject, it is easy to feel like you are being pulled in all directions at once. So let us break them down and see which are actually viable, and which are a distraction from what you want to achieve.
Beginning with the most absurd of options…
“Rent your home out to movie and TV show makers!”
This one crops up fairly frequently on advice lists, and its popularity is perplexing. Sure, there are people who have done it – but they are few and far between. 99.9% of the time, if a TV show needs a house, they will build one or use an existing property that the studio owns. Pursuing this avenue is a complete waste of time.
Trash or Treasure? Definitely TRASH.
“Rent out your parking space!”
Now this is a little more like it; good to know not all advice should be instantly dismissed.
However (there is always a ‘however,’ is not there?), to make the most from this idea your house has to be in a desirable location. If you live near a popular office block, business park, shopping center or sports stadium then yes, it could work for you. If you live in the middle of nowhere or deep in suburbia, then there is less call for this type of rental.
Trash or Treasure? TREASURE – potentially. Even if you are not sure if your house is in the right location, it is worth trying if you have the space available without too much effort on your part.
“Get a boarder!”
If you have a spare room, then why not make some money out of it? It is probably the most viable piece of advice you will see, but it is not as simple as just ‘get a boarder.’
To begin with, you have to ensure your spare bedroom is an attractive proposition for a potential boarder. If that means a hiring a house painter and investing in some new furniture, then so be it – you will get the startup costs back in rent.
While the idea is functional, it is worth considering the implications of sharing your house with a stranger. Make sure you have a firm set of rules in mind and go through a thorough vetting procedure for anyone you invite into your home.
Trash or Treasure? TREASURE – if you are careful and are willing to put the work in.
“Hire out your garden for parties!”
Sure, it is an idea – if you have a huge garden space. This idea simply does not apply to the vast majority of us, but if you do have unused garden space, then it could work. You just have to be willing to put the effort into attracting clients, which might be a big ask for what’s meant to be a quick money-spinner.
Trash or Treasure? For most people, TRASH. If you do not mind it almost becoming as time-consuming as a part-time job, then it is a potential TREASURE.