No matter how happy you are with a recent home purchase, the fact that you are in major debt looms. Let’s face it; buying a home is incredibly expensive. The down payment and closing costs alone are enough to set you back for months or years. After settling on your mortgage terms, you might start to cut back on luxury purchases, you might consider working more hours or even looking for a secondary source of income to make ends meet. After all, there are always unforeseen expenses that come with owning a home.
But did you know that you can actually use your home to pay for your home? It sounds silly, but there are plenty of little ways to earn cash with your real estate investment. Here are a few ways to use your home to pay for your home.
Rent Out a Room or Garage
If you have an extra room or garage space, consider renting them out. Some people choose to do this on a temporary basis, while others make it a more permanent situation. The extra income could earn a bit of income to your mortgage payment, taxes, and other monthly expenses. You could potentially rent garage space to a neighbor or someone local to use as storage or for a small office.
Most homes these days don’t come with a lot of extra land. But if you are fortunate enough to find a large plot of land, consider putting it to use. In a situation like this, you can actually make money by renting out the land around your home. For instance, a cell tower lease can actually offer you some serious money on a regular basis, especially if your home is in an ideal area. People and businesses also lease land for farming, gardens, animals, and other activities.
Start an In-Home Business
When you use a part of your home for business, you can take advantage of tax breaks and deductions. This alone helps to offset the cost of your mortgage and utilities. This will require you to keep a detailed record of your income, outgo, and other activities. Consult with a tax specialist or small business website to know what items and expenses can be deducted. Your in-home business also helps you to utilize extra space wisely while creating an income.
If you really want to have a business in your home, consider starting a bed and breakfast. This, of course, wouldn’t be possible for most people because of time, space, and zoning. However, if it’s been a dream of yours to do so, do some research to see if your home would work.
Hopefully, this article has shown you that there are lots of unique and creative ways to turn your home into a profitable source of revenue. You’re probably not going to get rich off of this, but it’s still a fantastic way to earn a bit on the side to help pay for the home you just invested in.