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Today’s post has been contributed by Savings and Sangria reader, Andrea. She’s got a couple tips for you on how to use your home to make money.
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Ways Your Home Can Make You Money
Homes are a huge expense in our lives, but they can also make you a lot of money too.
Each month we are spending money on heating and electric, not to mention paying a mortgage! And then maybe fixing the boiler, or any other maintenance and repair expenses that come with owning your own home.
Having your own home is not cheap, but you can use it to your advantage. What if simply owning your home could be a way to make money? Well, it can! If you want to make some money on the side without much-added expense or time, you’ve come to the right place.
Although they can be such a huge expense, they are well worth it once you figure out how to turn your house from a liability to an investment. Read on to find out how you can turn your home into its own income stream.
Rent Out Your Home (or even just a room) on Airbnb
Some people might be reluctant to rent out their home (or a room in their home) as a short-term vacation rental, but it can be a very profitable and a fairly easy way to make money. Sites like Airbnb are great for anyone to get started with renting out their own property.
You can allow people to stay at your place as and when you want, which makes it very convenient on your part. And as you build your online reputation through reviews from satisfied renters over time, you can demand a higher price for your house.
So next time you go on vacation or a business trip, list your home for rent. Your home can make you money to pay for some of your trip!
Get On the Property Ladder
If you want to go further than just renting out your own home as a short-term vacation rental, you could always use your home to get on the property ladder.
You leverage the existing equity in your home to purchase your first investment property. Your first property would likely be a full-time, long-term residential unit. Over time, as your equity grows in your home, you’ll be able to leverage more of it to purchase additional residential investment properties, climbing up the metaphorical property ladder.
And when you have multiple properties cash-flowing, you’ll be able to relax while earning passive income.
If this idea interests you, but you don’t want the responsibility of being a landlord, ManagementPros.com will be able to help you out. They can take care of the renters and the property maintenance for you!
Consider getting on the property ladder to make some extra money.
These are just two of the ways your home can make you money. So don’t think of your housing expense as a drain on your resources. Think of it as an investment!
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