“Ownership is easy,” no one ever said. Along with routine upkeep and upkeep (that lawn always seems to need trimming or raking), there’s also the endless expense of home ownership. And we all know that number can be quite large.
According to a recent report, the average American homeowner spends between $3,000 to $12,000 per year on maintenance, and that’s in addition to what you pay for your monthly mortgage.
So if you’ve ever racked your brains trying to find ways to cover your home’s expenses, how about using your property to bring in cash in exchange? And no, we are not offering to rent out your spare room to a random backpacker.
Instead, we’ve searched everywhere to find out how some savvy homeowners have put their homes to work for them. Here are six creative tips for making the most of your property.
1. Rent your pool or garden
If you have a pool worth jumping into, you might want to dive into the rental market this summer using a pool app called Swimply. The company advertises that pool owners can earn up to $10,000 per month, though it depends on how much you charge per hour.
“If you have a pool, cash in and make some extra money,” says Eric Nilssonfounder of Rentola. “The average hourly rate to rent a pool through Swimply is $45. This price varies by region. In places like Los Angeles, prices can go up to $100 per hour. »
The application also allows you to rent your garden or your private gym. Plus, the company’s insurance policy will protect you for up to $1 million for general liability claims.
2. Arrange a photoshoot
Do you have a large open concept living room? Or a terrace with a view to die for? Your home could be perfect for Spaceran app that connects you with event planners looking for unique spaces.
Whether it’s for film productions, photo shoots, or even corporate events like luncheons and launch parties, there are a whole host of creative ways to earn some extra cash. The best part? You can choose what you rent: indoor space, outdoor space or both.
“The right kind of property can help you earn close to $500 a day for a magazine photoshoot and a whopping $2,500 a day for a big-budget movie,” says Nilsson. “While it might be a little awkward when the film crew takes over your house and makes changes to its interior, it’s worth it.”
3. Become a camping host
Have you left the city during the COVID-19 pandemic and now have an idyllic outdoor space? Then consider becoming a host on hip camp.
According to the company, Hipcamp hosts earn an average of between $8,000 and $15,000 a year renting out their unique outdoor space, whether it’s a parking spot big enough for an RV or an expanse grassy area where customers can pitch a tent.
“It’s a great option for people who own land with a flat spot where visitors can pitch a tent, park an RV, or set up a small temporary shelter like a small cabin or yurt,” the agent says. immovable. Tanya Di Nicolantoniofrom Brandow Group.
Suggested rates for tent sites are between $10 and $30 per night, while RV sites are between $20 and $40 per night. Rentable structures like cabins, cottages, or yurts start at around $75 per night.
4. Rent your parking space
If you live in a big city, you know how much of a nightmare parking can be. If you prefer to get around by bike or public transport, make life easier for a neighbor by renting your parking space from companies like Spacer Where SpotHero.
“In urban and suburban areas, on-street parking can be severely limited, whether by time restrictions, high demand, or an outright ban on parking,” says DiNicolantonio. “Older neighborhoods were often built with no regard for car culture, and residents may find it difficult to find a place to park.”
DiNicolantonio recalls visiting friends in New Jersey who considered it okay to walk around the block to up to one hour looking for a place when they came home every night. It’s no wonder you can charge between $75 and $150 per month for space in some areas.
“If you have an extra parking spot available in an area like New Jersey, that’s prime real estate,” adds DiNicolantonio.
5. Rent your storage spaces
Looking for another great way to take advantage of the space you’re not using? Rent it out as storage on sites like Store at my place. Depending on the size and location of your available space, you can earn between $200 and $600 per month or even more in certain prime areas.
“If you don’t need to park in your garage, consider renting it out,” says DiNicolantonio. “Covered storage for cars and other items can generate stable passive income. A detached garage is ideal since it allows a physical separation between the tenant and your personal space.
6. Rent your motorhome
OK, so this one isn’t quite your home, but it’s a smart way to make money using your property. So if you don’t use your motorhome and don’t mind letting someone borrow it, you can easily rent it on Outside to earn some extra money.
The company claims that you can earn up to $50,000 per year (!) renting your motorhome, but the exact price depends on your equipment.
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