Of all your assets, your home is one of your biggest ones. So why not use it to your advantage and let your house make you money? There are a variety of great ways to transform your home into more than just an investment, but into an asset that actually helps you make some passive income.
How Your House Can Make You Money: Rent It Out
One of the most obvious ways to make money on your house is to rent it out. There are a variety of different rental options that you should consider. On one hand, if you are younger, single, and if your home is in an area near universities or businesses where young professionals work, you may be able to rent out individual rooms in your house to friends or other young professionals.
Alternatively, if you have a basement suite, you could rent it out to an individual tenant or family. Finally, you can also consider renting rooms in your home on Airbnb.
Another great way to actually earn money from your home is to go green. How does this earn you money? When you go green and install solar panels in your home, you’ll be reaping long-term benefits by saving a lot on your utility bill.
But even more than that, solar panel tax incentives are another way to make your house make money. For the next few years, installing solar panels in your home will result in meaningful tax write-offs which could earn you some awesome money as well.
How Your House Can Make You Money: Use the Space for Non-traditional Uses
Another way you can use your home to make money is by converting a room in your house into some sort of studio. For example, if you have hairstyling experience or have your esthetician’s license, consider converting a spare basement room into a salon space.
Then, you can have your customers come straight to you which not only eliminates a lot of hassle, but it also cuts down on other business costs that you would have to pay otherwise.
While using your home to make you a bit more money is a great idea, it’s essential that you really think through the pros and cons. Make sure that the ideas you decide to run with will fit with your lifestyle or make sure that you’re actually ready to make changes to your lifestyle to accommodate new tenants or guests. Being prepared will ensure your success.
Read this next: How to Improve Your Home’s Security
See you at a meeting soon!
The Southwest Florida Real Estate Investment Association is the leading source of SWFL real estate investing events that provide investment education and networking in southwest Florida. We analyze the housing market and foreclosures and provide information, education and networking events in order to build a network and knowledge base for investors and potential investors. Our members include real estate agent, brokers, investors, hedge fund managers, rehabbers, wholesalers and more.
Our SWFL REIA General Meeting is held in Fort Myers where we provide education on hot topics in investing and an opportunity to enjoy the camaraderie of your fellow investors. You’ll get a chance to ask for advice from successful real estate professionals and even make a few deals on your latest projects.
To become a member, anyone can register as an individual, a couple, or a corporation. Being a member opens the doors for endless networking opportunities, advice from members with decades of experience, new ideas from entrepreneurs, camaraderie with those just beginning, and deals and contracts done in the meeting room. For those interested in Cape Coral rental property investment and/or Fort Myers rental property investment, SWFL REIA will be able to provide a network to help launch a successful investment career.
The SWFL REIA is known and respected as a source of current, actionable and useful information about the housing market in the area that we meet.
We meet twice a month.
One of the premier sources for real estate investing networking and education is the SWFL REIA. In the real estate world, the SWFL REIA is different in that they do not do information product sales. Their meetings are focusing on the best ways of investing in real estate by collaborating with other property investors who are sharing their experiences.
We look forward to meeting you at a meeting soon!
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