“Owning a home is a keystone of wealth—both financial affluence and emotional security” –Suze Orman
There has never been any doubt that owning a home is one of the most significant investments you will ever make in your life. In fact, some would even go as far as to postulate that purchasing a home would be a milestone in your life. And indeed it is, just imagine working for most of your life just to have enough to buy a home. When you finally sign that deal turning the home over to you, it would feel like all of your endeavors would be rewarded.
Unfortunately, while the house and land are secure, this is no guarantee that the expenses and payments would stop. After all, there is a likely chance that you would still be paying for property taxes, mortgage payments, utility bills and the like. All of these monthly recompenses can quickly eat away at our budget, but if we want to keep the home we bought, we need to keep defraying them. Paying for these expenses can be especially tricky today when times are rather tight and to make matters worse, the cost of living is still on the rise. Seeing as we have bills to pay, food to put on the table and maybe even kids to send to school, what can we do to stretch our incomes for a bit? Well, once you have already purchased a home, you might have already found your answer. Take a look around you, the bricks and mortar you are sitting in can be a potential cash cow if you possessed a bit of business acumen coupled with creativity. Regardless of whether you live in a condo in Makati Philippines or elsewhere, the home you already have could be an avenue for profit, and it opens a myriad of possibilities. Here are some of the ways you can earn extra revenue from your house alone:
1.) Get a lodger
With online booking accommodations such as Airbnb, Agoda and the like, it is now incredibly easy for you to rent out a spare room in your home to a lodger. Instead of letting the spare room in your house accumulate dust, transform it into a hospitable room and magically see the dust turn into cash. If you live in high-demand locations such as places near offices and school, you can even jack up the price and lodgers would still keep coming.
2.) Run a bed and breakfast
If you have several rooms available in your home without anyone occupying them, you might want to upgrade your home into a simple bed and breakfast for travelers. Not only would this maximize your rental income, but it would attract travelers to your property as well. In this regard, you would be able to offer your rooms for rent for a nightly or weekly fee—which more often than not, would be a lot more lucrative than collecting payments per month. You would not even need a lot of housing accouterments to pull it off; simply having a bed inside a lockable room would be enough.
3.) Rent out storage space
If being a landlord sounds like too much of a stress for you, opt to rent out storage space instead. You can readily convert the extra and available space you have at home into a steady income. However, ensure that the size of your extra space, as well as the characteristics, are appropriate for storage space. More often than not, people would have items such as motorbikes, boats and even RV’s that they would hold onto. Unfortunately, there is always an issue with space. By offering your unused space as storage for them, you would get extra cash while they would have a place to store their items safely.
4.) Sell what you grow
If you have enough space in your yard to grow fruit-bearing trees and plants, this might be the right time to test out your green thumb and the perfect opportunity to earn some extra cash. Grow a variety of fruit, vegetables, and flowers to sell to your local supermarkets. Alternatively, you can sell them to your family, friends or neighbors as well. In these days, quite a lot of individuals are concerned about the safety of food. By offering them your produce as an alternative, you are giving them the peace of mind that what they are eating is organic—and you would be profiting from it .