Homeowners

Hacking Your Home: 5 Creative Ways to Make Money Off Your Place

Let’s face it: Just about everything seems to be expensive right now. And for those feeling the squeeze, financial struggles are no laughing matter.

However, homeowners may have a secret weapon that isn’t moving back in with Mom and Dad. What can you do to pad your bank account and take some of the pressure off? It turns out, quite a lot.

From splitting your space with a roommate to renting out your garage, your pool, or even your driveway, there are numerous ways to hack your home to make a few hundred, or even thousand, extra bucks.

If you’re really scrappy, you can use multiple methods at the same time, said Stephanie Douglass, CEO of Open House Austin. In 2013, the former teacher began using her home to increase her income.

“I lived in one room of my house, rented one room to a long-term roommate, and put another on Airbnb,” said Douglass. “Those hacks covered my whole mortgage. … I was able to save enough money to convert my detached garage into a short-term, tiny home rental and double my salary.”

1. Get a roommate

Sharing your home with a roommate or two doesn’t have to mean a return to your early 20s. Instead, renting out an extra room or two can be a smart strategy for saving money.

Not only will you be able to chip away at your monthly mortgage payment, but you’ll also save on monthly utilities as well as other shared expenses.

Plus, that first month’s rent provides you with an infusion of cash right away.

2. Rent a room on Airbnb

If you want to turn all, or part, of your home into a short-term rental, you can list it on popular sites like Airbnb and Vrbo.

Keep in mind you’ll command a higher nightly rate if your home is unique, in a popular area, or near a special event, like the Super Bowl.

You’ll want to make sure you’re not breaking any local laws, though. Be sure to check local ordinances and your Homeowner’s Association, if you have one, to make sure short-term rentals are allowed. In many areas, you may be able to rent out a room, but not your whole home.

3. Rent out other parts of your property

You don’t need an extra room to profit off of your home. If you’re lucky enough to have a pool, you can use sites like Swimply to rent it out to those less swim-fortunate. You can also use this site to rent your basketball, pickleball, or tennis court, too.

If you have an extra parking spot or storage space, you may be able to profit off that as well by using sites like Prked. Or you could use Vanly to target recreational vehicle (RV) owners looking for a place to park. Properties that offer water and WiFi may be more competitive.

Not using your fancy home gym? List it on GymShare to make some extra money. Or turn to Sniffspot by giving dogs a place to play. You can list your fenced yard, pool, or even an indoor spot outfitted with toys or agility equipment.

4. Build an accessory dwelling unit (ADU)

Douglass’s garage is now an accessory dwelling unit (ADU.) These self-contained units, also called granny flats, have grown in popularity with people seeking affordable, manageable spaces to live in or use as an investment.

If you want to add an ADU to your property, be sure to research local zoning laws and regulations and get the right permits. You may also want to look into financing options and grants and financial incentives offered by some states, like California, to offset the cost of building an ADU.

5. Give your home a starring role

If you think your home has star potential, you can make it available for photo and film shoots. Sign up with sites like Avvay to book shoots and others like Giggster if you would prefer to offer your home as a party venue.

Just think, your home could be famous—and you could have thousands of additional dollars in your pocket.