Five Easy Ways To Make Money at Home
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A common question readers ask is, how to make extra money at home? There are tons of side hustles and legitimate work at home opportunities, however, the more common home-based business may not work for everyone. Several side jobs require learning new skills, spending a long time building an audience, or even need a significant upfront investment.
Today we are going to answer a reader question and discuss five simple ways anyone can make money from home.
How Can I Make Money at Home?
Question: I’m on a tight budget, and I’m a homeowner. How can I make some extra cash?
There are many ways to make money from your own home. Here are some creative ideas for every homeowner to try.
Five Ways To Make Extra Money At Home
1. Become A Landlord
Try turning an unfinished basement, attic, or additional space into an apartment. When we built our barn/garage, it was very inexpensive: only 1,500 dollars more to upgrade to storage rafters instead of traditional rafters. We were able to add 1,400 sq. Ft. apartment space for a nominal cost. The cost to finish it further is reasonable.
Renting out extra storage space is an excellent way to become a landlord without the headaches and make extra money at home. Think outside the box (house) you can rent empty field space to people looking to store equipment for the winter, your woods to people looking for a place to camp, or even a front yard for extra parking for a local event.
We have also rented out our extra space in our garage/barn to people looking to store their motorcycles and sports cars for the winter.
2. Host A Wedding Or A Party
Have beautiful views and landscaping? Try to rent your property for weddings, receptions, reunions or parties. It’s even better if you have a charming barn. If a barn is not an option, tents can be rented. Also, wedding rental places are always looking for people with land to rent.
Reach out to them and bring awareness to your property. Renting out a property for a wedding, rehearsal or party can make a few thousand dollars for a weekends worth of work.
3. Leverage Your Green Thumb
Grow high-value crops, such as lavender. Not only is a patch of lavender beautiful, but a 20×20 lavender patch can produce over $1,800 of lavender a year. By turning the lavender into essential oils or soaps, it could produce even more income. Need more ideas to make extra money at home? Check out: 7 Weird Ways To Save Money At Home.
If harvesting crops sounds like too much work, consider a U-pick crop like blueberries, strawberries, gourds, and pumpkins. A small patch of pumpkins can is minimal work and offers the potential for nice returns. If crops are not your jam, consider raising Christmas Trees or even house plants like figs and Cacti
4. Take Your Plants Indoors
Build a small greenhouse. This structure can be a cost-effective business for growing seedlings out of seeds and selling them. I have a client that makes over $2,000 a year, growing and selling seedlings in a small greenhouse. These you can buy an inexpensive greenhouse kit at most home improvement and hardware stores, as well as Amazon, Harbor Freight or Tractor Supply Co. The best part is, it’s seasonal work and doesn’t require much labor.
If you live someplace with strong winds, choose a greenhouse that uses polycarbonate panels. It can be tempting to purchase a greenhouse that uses film; however, the film rarely holds up over time. Also, check Craigslist, over even go for a country drive. You can often find derelict greenhouse frames occupying a country garden. Many times you can pick these up for free or pennies on the dollar, and they usually need some TLC, film, or replacement panels.
5. Turn Equity Into Safe Income
Have equity in the house? Consider investment loan arbitrage. If you can borrow money from your home at a lower interest rate, you may be able to use the funds and earn money in safe investments. Essentially, you would be earning by pocketing the difference. If you are over 62, you may also consider a reverse mortgage. (In Canada, reverse mortgages are also called “CHIP” mortgages. Age to apply may vary.)
Tip: When considering using loan proceeds for investment purposes, make sure you understand the terms of the loans. IE: What parts can change, such as interest rates. Also, ensure you know the terms of the investment and are comfortable with the guarantees provided and are familiar with what could go wrong.
Ideally, a homeowner using loans in such a way should only use guaranteed savings vehicles, bank products, or insurance products. It might be tempting to cash out your equity for the latest hot crypto-currency, but not only could you lose the investment, but you could also lose your home if you’re not careful.
Making Money at Home
Making money from home is a great way to reach your financial goals. Extra money can be used to save for retirement, pay down debt, or even pay for a family vacation. Besides the obvious benefits, having a few extra ways to make money can help protect you and your family in case of financial disasters, provide tax benefits, and even help you reach FIRE. (Financial Independence Retire Early)
Looking for more ways to free up some extra cash, or other ways to make money at home?
If you would like to discuss this further please feel free to contact me here
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