The cold, hard truth is that life is getting more expensive for all of us, and wages aren’t necessarily increasing at the right rate to meet that demand. For many, this cost/wage disparity leads them to ask for raises, promotions, and sometimes even a second job. Homeowners who want to increase their monthly income have it a bit easier, as they don’t necessarily have to look to external sources to do so. Here are a few creative ways you can utilize your home to increase your monthly income:
- Rent a room (okay, so this first one isn’t so creative). If you have a bedroom, or something that can be converted into one like an attic or basement, why not rent it out? Depending on your home’s location and the size of the room you have available, you can generate a very nice supplemental income by renting the space out.
- If you have space for someone else in your home and aren’t looking for long-term commitment, host a foreign-exchange student instead. There are websites where you can sign up as a host family and will be paid for providing accommodations to foreign students. This route also gives you the added benefit of being exposed to a culture outside our own.
- So, you have extra room but don’t want a stranger hanging around all the time? Start a business instead. A second bedroom, or even a space solely dedicated to work in your own bedroom will count. As long as you have that space dedicated to business, you can deduct a certain amount from your yearly taxes for having a home office. If you’re thinking you don’t have time for a second job – think again! The ability to make deductions for having a home office isn’t predicated upon how much money your business is making, so much as it’s having a dedicated space in your home for the operation of that business. The key here is the word “dedicated.” The time you spend in your home office must be used exclusively for business. Spending five- minutes on eBay followed by five-hours of World of Warcraft isn’t going to cut it.
This is by no means an exhaustive list of things you can do to make money with the extra space in your home; it’s simply a few things to get your creative juices flowing.