Since 2012, 43% of American report spending at least a few days working remotely, according to a 2017 Gallup study. Remote jobs offer flexibility to complete tasks on your own time while saving you time, money, and gas for the commute.
However, despite the many benefits of working within the comforts of one’s own home, many tend to forget how they can actually earn extra income from the house itself.
Look around you. With a bit of effect and creativity, the brick and mortar you are sitting in could be turned into a monthly-flow of cash. So, instead of hoping you’ll win next week’s lottery or wait on the next big investment, why not make the most out of your home and earn extra cash? Here’s how to make your house work for you.
Rent It Out
While you may not be interested in renting the entire home out, you can still rent out a spare room or even your garage for storage. Letting out a room can help you earn as much as 4,000 a year, tax-free.
That means, as long as you charge the minimum in rent, you won’t have to deal with endless tax forms. Instead, all you have to do is fill out a self-assessment form and pay income tax over the claimed amount.
Turn Spare Room Into A Quick Stay
Julie Andrews, a super host from Airbnb offers the spare rooms in her Venice Beach home as a way to help pay off the mortgage and fund trips abroad.
She estimates that during the low season she earns around $200 a month while making a minimum of $1,500 during the summer. For anyone with a spare room, turning it into a quick stay is a great way to make some extra cash.
You can rent out a room based on daily or weekly options through websites like Airbnb. That way, you can choose when to allow visitors to come and go, while still keeping your privacy when you need it the most.
Turn Your Home into A Movie Set
Believe it or not – there are big money opportunities when you open your home to photographers and film crews. You can earn anything from $500 to $2,000 per day – although the fees tend to be higher in popular areas, such as Los Angeles.
The crew tends to start early, around 5 am, and leave after they’re finished with the set. What’s more, they’re legally obliged to cover for any damage caused during the day.
There are plenty of other ways to make money with your home, aside from renting out the extra space.
You can become a market gardener and sell what you grow or even hold events, depending on the size of your space. No matter what you choose, make sure to do your research and keep safety a priority – for you and your guests.