There are all kinds of ways that our homes cost us money. Many of us hope that it will all pay off in the long run when we sell our house and property for a profit.
But there’s no need to wait that long. Why not make money from your home right now with one of these business ideas?
1. Add a Rental Suite
If you live in an area where it’s legal, you can add a rental suite to your property.
If you don’t have room inside for a classic in-law or basement suite, consider converting your garage or even, if space and regulations allow, build a separate free-standing structure.
2. Rent Out Accommodation
The suite idea doesn’t work for you? You may still be able to rent out part or all of your property if you live somewhere desirable. And don’t think that you have to live in a resort area for your home to be desirable.
Being close to a college or university, a hospital, a big employer or even living in a city with a tight rental market can make your property a place someone would like to rent.
3. Run a Bed and Breakfast
If you have several rooms available and want to maximize your rental income, turning your home into a Bed and Breakfast could be the way to go. Being able to rent out several rooms in your house nightly or even weekly can be a lot more lucrative than renting by the month.
4. Rent Out Storage Space
But what if you don’t want to be a host or a landlord but you still have some available space that you’d like to convert into steady income? If the size and characteristics of the space are right, you might be able to rent it out monthly as storage.
5. Become a Market Gardener
Even if you live on a standard suburban lot, you can grow enough fruit, vegetables or flowers to sell.
If you live on an acreage, you have even more growing possibilities. In many places, it’s common to see roadside stands selling fresh flowers, fruit, nuts, and local produce in season.
6. Hold Events
If you own an acreage or small farm, you might be able to make money holding events. You don’t have to hold big concerts or music festivals to do it (although you can, of course, if you have the right property and the desire to hold such an event.) Many small farmers and landowners make a steady profit from agritourism, setting up seasonal mazes and labyrinths, providing hayrides, farm tours, and demonstrations and offering special event dinners.
Outdoor weddings in pretty, rural locations are always popular in season. If you own agricultural land, though, remember to check and see what commercial activities are allowed on farmland where you live before you start operations. Some activities may be restricted, prohibited or require special permits.
7. Start a Home-Based Business
All the ideas above for making money from your home are home-based businesses, but they’re not the only possibilities, by any means. Whether you want to actually work at home or use your home as your new small business’s base, operating a home-based business (rather than a non-home-based one) has advantages.
Running your business out of your home, for instance, helps keep your business’s overhead down, has income tax advantages, and, if you’re able to work at home, can be a great way to stay home with your children while making an income.