In these digital times, homeowners have endless ways to monetize their houses and start new income streams. Some have discovered apps that channel peer-to-peer transactions.
Here are some income generators that might already be on your radar, and a few odd ones you might not have heard about yet.
1. Share Your Driveway (Yes, There’s an App for It).
Does your home have some extra pavement to spare? If you live downtown, or near special event grounds or other desirable but restricted parking, you might be able to undercut the going rate and pocket a few bucks. Check for any township or association rules that apply to you first. And think about nighttime noise and lights. Depending on where you live, it might be essential to limit the times people can drive in and out.
Drivers in major cities worldwide search a website named CurbFlip.com to pay for parking space owned by locals. All you need is a business PayPal account to start advertising. CurbFlip (which takes an “industry-low” 5% cut) says: “Your parking space is just laying there on the ground, waiting to go to work for you. In the end, the price should simply be whatever amount makes it worthwhile for you.”
2. Give Other People Space (to Stash Their Stuff).
People who move or downsize often hunt for storage space. Many pay good money to rent it. If you have space to offer, you can be collecting some of that money. Perhaps you have a shed or garage space you could rent out for people who need storage. Of course, there’s an app for this too.
Homeowners can go to a website called StoreAtMyHouse.com and set up an account. Then they can list space in their homes and answer queries from interested people.
The website screens the renters. Renters might want to store boxes, vehicles, or equipment. Homeowners set the terms.
3. Let Your Place Go to the Dogs (In a Good Way).
Sniffspot.com advertises potential earnings of up to $1,500 monthly for “Sniffspot hosts.” If you like dogs, and love to hear them yap with joy at the wonders of your piece of Earth, this one’s for you. Your property becomes a private dog park — and you don’t need to be at home to earn.
Locals check the Sniffspot platform when planning outings with their dogs. Why, you ask, wouldn’t people just go to a free dog park instead? Some dog owners prefer private areas to train or exercise their dogs. If you set up an exercise course on your property, your spot could become quite the draw.
Setting up a Sniffspot account might not pay off your whole mortgage and tax bill, but hey! You might make enough to cover your own pet care costs.
4. Make Your House Famous (Or Filmed, at Least).
Commercials, films, and music videos all need space to be created, right? Sometimes, a home is the perfect spot to tell the story.
So, could your home be the perfect stage? Some homeowners have made good money hiring their digs out to production crews.
Here’s how it works. Homeowners list their homes on the site. The film producers check SetScouter.com for space in a desired area. The homeowner can keep the entire payment from the production, while SetScouter gets paid by the movie makers — and there are plenty of big-name brands listed as clients.
5. Declutter Profitably (Without Holding a Yard Sale).
Of course, you could be old-school and run a yard sale… But today, you can sell your collectibles online, all year.
Vestiaire Collective (used to be Tradesy.com) lets you sell that dress or tux you wore once. Decluttr.com helps you part with your devices or even CDs. The Poshmark.com can help find new homes for furnishings as well as clothing. Snaplist.com lets you sell your devices, appliances, sporting gear, and housewares by advertising them right on estate and garage sale map apps.
OfferUp.com specializes in shipping personal stuff to buyers. It lets you sell or browse stuff — anything from smartphones or drones, to beer steins, to cars… And speaking of your car, you can even rent yours out locally. Just do a search for “how to rent out your car.”
Some of your household clutter can probably earn you money. Yes, creative people have designed online platforms to help you rent out equipment and stuff, rather than let it collect dust in your basement. Fat Llama lets you hire out your tools, amplifiers, drones, your camper or your camera… You name it.
Spinlister is an international rental platform. E-bike? Snow equipment? Someone near you needs it, but doesn’t want to buy it. Who knew? You can likely rent out your baby gear to people near you, too. Do a search and see.
6. Own Collaboratively (Get a Housemate).
Some homeowners decide to co-own their homes. Co-ownership doesn’t have to mean owning the value of the entire house together. Nor does it have to mean owning the house in equal shares. With the co-owners named as tenants in common on the deed, shares of ownership can be divided on mutually agreed-upon terms. And the co-owners can handle house payments and expenses as collaborative responsibilities.
Some home or condo owners, and some renters too, simply bring in a housemate or roommate on a long-term lease, to cover a large chunk of monthly housing costs. A good housemate could be a co-worker, relative, or other trusted person.
☛ And then there’s the short-term rental strategy. Airbnb is one popular homesharing platform out of many.
7. Ride the Accessory Dwelling Wave (It’s White House Approved).
An increasing number of cities are into upzoning — letting homeowners create new units on their properties. If local rules allow it, you can build a backyard cottage or a basement flat. Some owners are transforming garages into rental units.
☛ States and towns are revamping local rules to allow for accessory dwelling units, or ADUs, as well as basement apartment units. The White House is promoting the trend. See: The Biden Administration’s New Housing Supply Action Plan.
Rental units must include private entrances for the renter(s), plus fully functioning bathrooms and kitchens. When making upgrades to your property, be sure to get the right permits!
And speaking of permits…
Whatever You Do, Don’t Forget the Details (Legal Stuff).
Know if you need to charge sales tax — and how you’ll be reporting your income when April rolls around. Speak with your insurance company, too, about your plans. You’ll want to be sure to have a policy that covers the way you use your property.
And don’t forget the local laws, condo or homeowner association covenants, and possible deed restrictions. Local laws require business licensing for home-based startups. So take the time to understand the array of requirements that may apply to you. Read any online platform’s terms and conditions before your first transaction. Consult with a lawyer in your area if you have case-specific questions.
Once you learn the rules, you can put your property to work for you — and the 7 ideas above are just a sampling!
Supporting References
Jesse Hughes for Fine Homes and Living: Top Tips When Renting Out Your Unused Parking Space (Mar. 31, 2021).
Albert Costill for Entrepreneur.com: 15 Ways to Make Money With Your Home (republished from Due.com; May 18, 2022).
And as linked.
Photo credits: Andrea Davis and RODNAE Productions, via Pexels.