The US economic outlook is looking relatively healthy in 2019 and with nearly 30 percent of Americans being mortgage free, homeowners are being more resourceful from making money out of their property. While every property owner would love to find the perfect way of increasing a bank balance, the trick is to empower yourself with sound knowledge and practical solutions in order to turn your property into generating cash. Rather than expecting your property to make you a healthy return when it’s sold, start by introducing creative tactics while you still own a home and turn it into a goldmine.
Capitalize on home equity
Benefit from your property by using your home as collateral to increase the extra dollars you want. This can involve anything from renting out a room to offering up your garage for storage space or forging a niche as a local B&B. If you want to reap the benefits from owning a property look at ways of refinancing your house, such as getting a reverse mortgage in which you can borrow against your home equity and only needs to be paid back when a property is sold, therefore freeing up a lump sum to do as you wish.
Earn cash from your garden
If you have a large garden and it’s well cared for, there are numerous ways you can use the space to receive cash rewards from all your efforts. A beautiful garden can be rented out daily or by the hour for tea parties, photo shoots or even as a micro-campsite. If you have a sizable piece of land, consider having a small building constructed which can also be leased out either as short or long term lets, and still have privacy from having a tenant.
Rent out your driveway
While you should make sure it is legal to rent out a parking space, you could be receiving some serious cash instead of leaving a potential real estate opportunity empty. You don’t have to actually have people in your home and so there are less risks involved. This can be particularly lucrative if your property is ideally located such as being close to a city center, transport links or stadium. The trend for renting parking spaces has inspired entrepreneurs to devise parking apps to help people find a safe spot in a particular area.
Spurred on by the internet’s sharing economy, generating profits from your property has experienced a boom in recent years so why not take advantage of it and start making cash from your home today?