Today’s “Secret” is some inventive ways to leverage your home to make money. It is not a new concept, but recently there has been a resurgence of this. This is the first article of a two-part series of articles on this theme that I will be bringing you.
Some people have been renting out their garage to others for parking or for storage. While others have converted their home into a boardinghouse—or have applied aspects of that concept to create income—there are several variations to this theme from simply having a roommate or housemate, renting out an a entire suite, floor, flat or room, to taking on “lodgers.” Still other people have rented out their second home—their vacation home.
Jay MacDonald a Contributing Editor at http://www.bankrate.com wrote about some unique ways to leverage your house in his article “12 Ways To Make Your House A Cash Cow”
One of the 12 unique ways Jay MacDonald reports on is the “Share Your Garage” concept:
“If you have a garage you never use—or an extra spot in a three-car garage—consider renting out that unused space.
A weekend mechanic who lives in an apartment may pay for the chance to work on his or her ride in your garage. Others may be looking to store a motorcycle, boat, trailer or recreational vehicle.
Still others may prefer the location or convenience of your garage to the local self-storage options, especially if the price is right. If your home is out in the country, you might even discover the next U2 by renting your garage to a local rock band.”(Source: http://www.bankrate.com/nydn/news/pf/20080513_home_money_machine_a4.asp)
Of course, before starting any part of a home-leveraging plan, please do your due-diligence, check first with local authorities, and be sure to ask about licenses, fees, rental contracts, and other requirements.
You also want to learn how to screen applicants such as background checks and credit checks too especially if you are taking in a roommate or lodger(s).
And check ahead with your Accountant before implementing any part of the plan as to how to report any earnings on your income tax return.
Here are 10 resources to help you take a look into some of the ways to leverage your home:
1)Jay MacDonald a Contributing Editor for http://www.Bankrate.com wrote several great articles on these topics:
“Turn Your Home Into A Boardinghouse”
http://www.bankrate.com/brm/news/pf/20080324_boardinghouse_home_a1.asp
2) And
“12 Ways To Make Your House A Cash Cow”
http://www.bankrate.com/nydn/news/pf/20080513_home_money_machine_a4.asp
3) The eHow (http://www.eHow.com) Business Editor wrote some tips in this article
“How To Turn a Home Into A Boardinghouse”
http://www.ehow.com/how_2272582_turn-home-boardinghouse.html
4) “Breaking All the Rules: How to Rent Your Vacation Home” a book by Marie Ferguson
5) “Take In A Lodger And Keep The Wolf From The Door”
Laura Howard’s report from The Independent
http://www.independent.co.uk/money/mortgages/take-in-a-lodger-and-keep-the-wolf-from-the-door-1041155.html
Here are some websites that provide classifieds and also have good sections explaining how to avoid “scams” when seeking a roommate(s) or renting a flat or room in your house:
6) http://www.RoomBuddies.com (If you live in the UK) This site also has some general useful information on flatsharing for both potential flatmates and landlords.
7) http://www.craigslist.org/about/sites Craigslist provides housing and roommate classifieds throughout the US, Canada, Asia, Europe, and international cities
8 ) http://www.roommateclick.com
10) http://www.easyroomate.com
Copyright © 2009 by Mara Rogers of Secrets for Money http://www.SecretsForMoney.info
Photo Credit: This photograph “House in Vancouver” by pnwra. For more of this Photographer’s work: http://www.flickr.com/photos/pnwra/ and http://www.flickr.com/people/pnwra/
For more “Secrets” to making money, saving money, and managing your money go to the Archives at Secrets For Money http://www.SecretsForMoney.info/blog
This article can be seen at The Carnival of Personal Finance edition located at Funny About Money
http://funny-about-money.com/2009/02/02/carnival-of-personal-finance-190-buddy-can-you-spare-a-dime
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