As a homeowner, you have the unique opportunity of earning passive income from your property. Passive income is the income you earn by putting in minimal effort. You can use this cash inflow for your monthly expenses or save it up in your bank account. You can go a step further and even reinvest it to earn higher profits.
There are many benefits of leveraging your home to make some extra cash and generate an additional revenue stream. Here are a few ideas to get you started:
List Your Property on Airbnb
One way you can earn extra money is to list your house on Airbnb. The platform allows you to set your price for your property and adjust it accordingly. Another advantage of Airbnb is that it is free and easy-to-use, you can simply sign up and share your home. With 5.6 million active listings worldwide, here’s why you should choose Airbnb.
Advertise To Millions: Once your house is active on the list, it is virtually available for users all around the world to look at it.
- Host Guarantee Program: Insurance guarantees up to one million dollars through their Host Guarantee program. Damage to your property and belongings is covered in this package.
- Learn Additional Skills: Meeting new people and catering to their demands can improve your communication and customer service skills. You can use these to expand your business and market to a broader audience.
Consider Reverse Mortgage
According to All Reverse Mortgage, a reverse mortgage allows senior citizens aged 62 and above to take out a loan from the bank without paying mortgage payments. The amount is paid only when the person dies or sells the house. Senior homeowners can use this money to pay their daily expenses or repay their credit card debt. The amount is paid either in a lump sum or as monthly payments, depending on the person’s need. The amount is non-taxable, which means people who use this option don’t have to worry about paying taxes.
Lease your Land
You can lease land you own for extra money. You can opt for either a short-term lease (1-3 years) or a long-term lease (3+ years). Many jobs and activities require a leased property, such as;
Farming: You can lease your land for agriculture and earn a sizable income from it. Farmers can either grow crops or keep livestock on the ground, both of which are in-demand businesses, so there’s less chance of default.
- Hunting: You can also utilize your land for hunting, given that you can offer the required amenities to hunters. If you can, many hunters will be happy to pay a fee to use your land.
Rent Your Home as a Film Location
Another great way to generate income from your property is to rent it out for film production. The major plus point is that renting out your house as a film location pays quite well, with an average rent of $3000 per day. A few benefits of renting your home for filming are as follows.
Enjoy Tax Incentives: If you own the house you rent for less than two weeks, you don’t need to pay any federal taxes.
- Meet The Cast: It’s pretty exciting for many avid film fans to meet cast members and see their house turn into a film location.
Rent Your Parking Spot
Parking issues are common, especially in big cities during the holiday season. According to one report, it costs Americans $73 billion a year to find parking spaces. An average American spends 17 hours per year finding a parking spot.
You can easily leverage your property by offering paid parking spots to exhausted drivers. You can introduce an hourly payment system to increase your income. This is best suited for people who own a property in a hustling and bustling part of town. If you have an idle property locked up, you can use it to earn additional income by using the above-mentioned factors.