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For rent sign in front of porch as a way to make money from your property

5 Ways To Make Money Off Your Property

Estimated reading time: 4 minutes

Side hustles are more popular than ever, and homeowners are among those looking for ways to bring in extra income.

According to the Mortgage Bankers Association, the national median mortgage payment in April was $2,256, an increase of $144 from last year. And CNBC has reported that the “hidden costs” of homeownership — such as maintenance, homeowners insurance, and bills — add up to an average of $18,118 annually.

If you’re looking to earn extra income, here are five ways to make money off your property.

1. Rent out a room

Renting out your living space with another person is a classic way to save on expenses. As a homeowner rather than renter, you can directly benefit from the money coming in. But this is more complex than sharing an apartment, so be sure to do your legal homework before you jump into it.

You’ll need to check local and state laws, and HOA guidelines, to see whether room rentals are allowed where you live and what responsibilities you’ll have to your renter. The legal aspects can be intimidating, but if you find the right renter you can share space with, it can help cover some of your bills.

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2. Host people in your pool or backyard space

Do you have a good-looking pool or a backyard area with space for games like tennis or pickleball, or room for a dog to play fetch? You can use that to your advantage by renting that out. You can offer up these amenities to others at an hourly rate.

The rate you can charge may depend on what access you’re including, to how many people, on what date, and at what time. You’ll also want to keep any potential nuisances in mind for neighbors — from noise to parking issues to potential damage to their property. In the end, there are apps that can help you find renters and may make the entire process simpler.

3. Make your home available for photo and video shoots

Do you take particular pride in your home styling and interior design? Consider renting your home to creative productions. There are multiple services where you can list your home as available for producers scouting for filming locations, and the hourly/daily rates could mean big bucks for you. However, keep in mind that this type of income will likely not be constant. If you’re thinking about making any home improvements to be a draw, factor that in.

4. Share your driveway or parking space

Parking can be a pain, especially in cities, near college campuses, or during big events like sold-out concerts or sporting events. If you live in an area with limited parking, you might be able to make some extra cash by renting out that space. You may even be able to rent the space to people looking for storage for a boat or RV. Estimates vary, but you may bring in hundreds of dollars a month.

5. Allow tiny house dwellers to park on your property

One downside of tiny homes is that owners can have trouble finding a place to legally park their lodging. If you’ve got a large enough piece of land, you may be able to rent out your property to people with tiny houses. As with renting out your home, you’ll want to know what laws and codes apply before advertising your space as habitable. In addition to needs like electricity and sewer connections, your area may have requirements for the tiny home’s square footage.

Some things to keep in mind

Any of these methods may be a great way to make money off the home you own and bring in some additional income. As long as you carefully consider the pros and cons, and make sure you’re covered legally and with your insurer. Be sure to budget time and funds to consult with experts and make any necessary changes, as well.