Earn Extra Income with Your Home

From the sizeable mortgage payment to the little detailed costs, we often don’t think about when purchasing a home, the largest money grabber in most of our lives is the overall cost of owning a home.

There are some ways that we can employ our homes to work for us and bring in a little cash making the cost of housing just a little bit less to bear.

Here are Some Ways to Make Some Extra Income with Your Home

Rent Out a Room for a Vacationing Traveler

If you have the extra space to do so, renting out a portion of your home to travelers is a pretty lucrative way to bring in some extra money. Especially when you live in a desirable travel area like the Coachella Valley.

Just make sure to use a reputable rental sight that will help to walk you through the process and offer items like insurance to protect you against anything that can happen. You also want to make sure you know the local laws for renting out a room in your home.

Pet Sitting

There is always someone looking for some help in looking after their pets. Whether they are heading out on a trip of some kind or just working long hours. If you have a pretty flexible work schedule, or already work from home, you could offer to take care of someone else's furry family member. Apps like Rover can help you get started. Do be prepared for potential home mishaps when you bring other pets into your home, like chewing on things or items becoming scratched.

ADUs

Consider placing an ADU (accessory dwelling unit) on your property to rent out. Make sure to check local zoning laws to see if it is legal to have an ADU on your property. An ADU can allow you to have some privacy between you and your guests.

Rent Some Storage Space

If you have some extra space in your home but aren’t into taking in people you don’t know as renting guests, you could consider renting the space to hold their stuff. There is a market for storing other people’s things. Most often for people looking to save money on storage or looking for a temporary place to keep their stuff.

With some creativity, you can make your home work for you and lessen the impact of the cost of homeownership.

For more information on available real estate in Palm Springs and surrounding areas please contact us any time.

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