5 Ways to Squeeze Dollars from Your Property- Without Selling It

The actual cost of homeownership involves a multitude of expenses. As a property owner, you have to keep up with mortgage payments, maintenance and repair fees, utility costs, and property taxes, hoping that you'll recoup your investment in the long run when you sell the property for a profit. But have you ever considered that your home could bring in extra income while you live in it? 

You don't have to wait for years to sell your house and property before you can make money. Homeowners are increasingly using their property to make extra cash, and for some, it can be a lucrative source of passive income. It's possible to turn your home into an income-generating machine and offset some or all of your monthly expenses associated with it with the right steps. 

What's even more interesting is that your home works for you and you don't have to do very much. Here's a look at five surprising ways you can make money with your house and property. 

List on Vacation Platforms

If you thought one must buy a vacation rental property before becoming an Airbnb host, think again. Travelers are increasingly opting for budget-friendly rental options through platforms like Airbnb, HomeAway, and Vrbo, presenting an opportunity for homeowners to rent out a room—or even their entire home when not using it—and make money. So, if you have a spare room in your home or can rent out your exclusive property, becoming an Airbnb host will bring in potentially hundreds of extra dollars per month.

Rental platforms allow you to set the availability of your room based on your schedule. You also have full control over who you can rent your room to and when to rent it. A 2019 study by low-interest lender Earnest found that Airbnb hosts make approximately $924 a month, on average. That's enough money to cover some of your homeownership costs. 

Allow On-Site Filming

Filmmakers are continually scouting for locations and venues for their production projects. So, suppose you're comfortable letting a group of strangers take over your house and can deal with cameras and a film set on your property. In that case, you can rent it out to production companies and earn about $1500 a day, on average, according to location scouting marketplace Set Scouter.

Your property doesn't have to be lavish or large to rent it out for filming. Neither do you have to live in Los Angeles, New York, or some fancy neighborhood for your home to qualify for a filming production? Commercial producers and advertising agencies need outdoor areas, residential spaces, modest houses, commercial property, and other unique locations for their commercials, small films, tv shows, and more.

Some of the websites you can list your house and property for filming projects and start earning money include Film Locations Wanted, Set Scouter, and Location Works.

Rent Out Parking and Storage Space

Motorists are increasingly looking for dedicated parking spaces in convenient neighborhood locations. And since the cost of parking in most public spaces can be expensive, you can rent out your driveway, yard, or reserved parking spot as a cheaper alternative and make hundreds of dollars every month. You can advertise your parking space on platforms such as JustPark, SpotHero, and CurbFlip so that motorists can rent it out from you. You're free to choose whether to rent out your space for a whole month or daily.

In addition to renting out your parking, you can use the extra space in your house and property to store other people's stuff. With websites like Store At My House, you can turn the extra space in your home—whether it's in your basement, attic, spare bedroom, or unused shed—into regular, monthly income. 

Alternative Mortgage Option

One of the significant benefits of owning a home is the ability to build up a fair amount of equity over time as you steadily pay off your mortgage. And the good thing is that you can use that equity to secure a home equity line of credit or a home equity loan, also known as a second mortgage. You can make money off your home by tapping into your home equity, taking a reverse mortgage, or taking a second mortgage. 

Home equity lines of credit usually have variable rates, while home equity loans are fixed-rate. Take time to think and plan how you'll spend the funds you tap from your home equity. If you use the money for home improvement projects, the interest you pay on up to $100,000 of the loan becomes deductible. However, spending the money on, for example, a vacation or a new car would mean the interest you're required to pay is longer deductible.

According to Reverse Mortgage CEO Michael Branson, a reserve mortgage can be an ideal solution for senior homeowners that are house rich and cash poor. A reverse mortgage is a loan that allows homeowners (seniors) ages 62 years and older to borrow a portion of their home's equity as cash income. The reverse mortgage lender decides on the amount based on your home's appraised value, current interest rates, and age. Reverse mortgages do not come without costs, so if you think this could be a good option for you, consider reverse mortgage counseling, and discuss suitability with your trusted advisor. Remember, you are still the homeowner and responsible for ongoing maintenance and property charges such as taxes and insurance.  

Lease Your Land

Renting a portion of your land can earn you some extra cash. You probably know a family member or friend who's looking to downsize their lifestyle so they can save money. The truth is that there are many people out there in the same situation and are willing to rent out land to put up a tiny house.

So, if you have a sizable yard or a large lot on your property, consider renting it out for someone else's tiny home. Depending on the amenities and utilities available and your location, you can earn between $350 and $1,500 a month on tiny-house renting platforms like Try It Tiny. 

Tiny houses are prohibited in many counties across the country, so you want to check the local zoning regulations in your county before leasing out your yard or land.