We often think of homeownership expenses and rarely as something that can make us money, not in the future, but now. Today we’ll be looking at five ways that you can make your mortgage work for you.

Find a roomie

Renting out a spare room is one of the most common ways to earn income from a home. Rental demand remains high, so it might be a good time to make use of extra space. Before making the leap, it’s important to note that landlord laws vary across areas, so be sure to research laws where you live before putting pen to paper.

Temporary tenants

Although vacation rental sites have been hard-hit by the recent pandemic, offering up your home as a vacation rental may still offer a reliable income source once the current situation normalizes. Airbnb, Homestay, and Agoda are just some of the dozens of site offering up temporary lodging. If you would like to earn some extra income with the extra space you have but you don’t want to make a long-term commitment, this may be a great option.

Lease some land

If you’re not in love with the idea of having a stranger in your home but you have available land, you can try to lease some of your extra space for a tiny home. Tiny houses are small, usually mobile, homes that have become increasingly popular in recent years. In many cases, tiny homes must sit on land that already has a permanent structure there, and as a result tiny home owners will often rent “parking spaces” for their miniature mansions. This could be the perfect arrangement for a landlord looking for extra privacy. As with any rental situation, make sure to check your local ordinances before making any commitments.

Pay to park

If you’re unequivocally opposed to sharing your private space with humans but you don’t mind the occasional inanimate object, then renting out a parking space could be the ticket for you. This can be particularly lucrative if you own land near a famous landmark, popular event, or desirable location. Incredibly, a parking spot in the financial district of Hong Kong sold for nearly $1 million in 2019. And while you’re unlikely to command anything close to that in Grand Junction, you may still make a pretty penny. Again, it’s good to check your local laws before proceeding.

Sell, sell, sell

Our last piece of advice to make money from your nest-egg is to consider selling. Home prices are soaring in many regions of the country and competition is at a high. This means we’re in a seller’s market, making it potentially profitable if you do decide to sell. This is particularly effective if you find yourself with too much space and needing to downsize or you are looking to leave a booming neighborhood.

To get the most out of your sale for the least amount of money, check out our list of budget improvements that can help your home sell faster.

Want even more home-related goodness?

Check out some of our other homeownership resources to learn more about buying, selling, and everything in between.

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