Health + Fitness
4 Ways Your House Can Make Money for You
Your house is an excellent financial asset. You can easily use this space to make money and create substantial wealth. But how is this possible? People are constantly looking for places to stay. In all these circumstances, you have a significant role to play. The location of your house matters; the state you’re currently in can help you plan your next move.
For instance, if you live in Tennessee, you know this state is a tourist hub. Tennessee attracts people throughout the summer from June to August while bringing in a massive October crowd to witness the fall foliage. So why not take advantage of that?
Places like Cordova, a small community in Shelby County within Tennessee, have great real estate value. Located near Memphis, this town makes for a great place to stay. So how can you make your humble place into a money-making machine? Here’s what you need to know:
Rent Out Your Home
If you’re a homeowner or have a place on a mortgage, you can rent it out. One of the perks of staying in low-cost areas like Cordova is that tenants have access to downtown Memphis while paying an affordable price. Hence if you know tenants who have work in Memphis but need a place to live, advertise your home.
Cordova is an affordable city that allows passage to one of Tennessee’s hotshot cities Memphis. Residents can find employment in places like the University of Memphis, St. Jude’s Research Hospital, or the Hilton hotels. Therefore, while preparing your space to receive your tenants, clean it up first. Move all your belongings into a storage space that prevents them from getting in the way of your tenants.
Search for the most suitable Cordova storage units and get one that can hold all your belongings. You may also convince your tenant to consider booking a unit too for their goods. When meeting a potential tenant, make sure you have a lengthy discussion informing them of the timeline of their rent, how much money you expect them to pay, and if there are sudden increments in price as well as what factors influence the price.
Rent Out Your Yard
If you don’t want to rent your house out but want to make money with your yard, you can easily do this. Your outdoor area can be used in many ways. You can rent it as a party venue if you have ample space. By providing your guests with supplies and contacting a reliable party management company, you can transform your venue into a beautiful area for guests. On the other hand, if you have a small portion that you could use as a guest house, you can offer it as part of the package by clearing up the space and ensuring it has running water and electricity.
Furthermore, why not offer your pool to people hourly during peak summers? When the weather is hot, public pools are known to get crowded, so you can facilitate this traffic by converting your pool into a communal spot. Yoga instructors may also want to rent your yard to conduct outdoor sessions. The possibilities are endless as long as you have a usable yard.
Look for a Roommate
Getting a roommate is one of the oldest tricks in the books but a very successful one. The easiest way to make money off your home without giving up your space is by getting a roommate. The idea behind this setup is to share your space with another person. While you each may have your room, you have to define communal areas and ensure you lay down some rules for using these areas. For instance, ask your roommate to clean up after using the kitchen and not litter. Having a roommate has several perks: you can split the rent, use them to pay off your mortgage and help pay for your bills.
But there is one slight catch. Living with a roommate requires extensive cooperation and communication. You can’t only make demands and not offer something in return. There may be times when your roommate has to accommodate you, while at others, you may need to cater to them. Hence have a clear-cut discussion with your roommate to ensure no one oversteps their boundaries.
Manage A Bed and Breakfast
Consider running a bed and breakfast if you want to go the extra mile with your property. But before starting this endeavor, you must follow specific guidelines. You will need permits to launch this business venture depending on where you live. If you are in Cordova, you must check in with the Shelby County Division of Planning and Development to ensure you have the correct zoning requirements to establish a bed and breakfast. Furthermore, you’ll need to apply for health permits from the Tennessee Department of Health and get a business license to set up an enterprise in Cordova. But this is only a small part of managing a bed and breakfast.
Once you are legally allowed to run a business, you must tidy up each room, ensure communal spaces are in good shape, and may need to hire staff to help you maintain your area. You will also need to come up with a menu every day and purchase groceries to feed many guests. Unlike Airbnb, a bed and breakfast is shared among guests. Your guests expect you to provide amenities like wifi and essential hygiene products like towels and soaps. In the long run, if you can keep your bed and breakfast intact, you’ll make a good profit, but the initial investment is costly. If you’re willing to take this risk, set up your business.
You can do so much with your house. If you’re looking for ways to make money, all you need to do is open your home. Having a property to your name has many uses; even if you’re paying off the mortgage, your space can be used in various ways. Depending on your location, you can rent your house and make money the old-fashioned way. On the other hand, if you have access to a yard, why not make it into an outdoor space for additional guests? You can also get a roommate and share your area with them. Finally, if you want a significant ROI, go for a more extensive project like a bed and breakfast that can yield immense profit. Look around your house, decide what areas you can convert into a functional space, and let your house earn for you!