Earn Extra Money Towards Your mortgage

There is a new trend among homeowners – finding creating ways to earn extra money to pay the mortgage. Some call it “house hacking”. There are plenty of opportunities to do this in our area and if this is something you would like to learn more about, reach out!

Here are ten different ideas to use one’s property to earn additional income. These are not available for every home or area, but hopefully it will get you thinking about opportunities. I always recommend checking with the local municipality to confirm that what you would like to do is possible and to verify you have the different licenses and permits required.

Accessory Dwelling Unit / Detached Accessory Dwelling Unit

Depending on the area, these can be used for long-term rentals or even short-term rentals. More urban areas are allowing these as a way of increasing density and expanding affordable housing, so you may not have to look far to find a property that either already has an ADU or be zoned to allow one.

Rent Out a Room

In some cases, you may be able to rent out a room in your home for either a long-term or short-term rental.

Rent out Garage

Don’t need all the space in your garage? Someone else might! Some people need room for storage while others need a spot to park a car or work on one.

Rent Out Parking Spot

In areas that have seen an increase in housing density, parking is usually in short supply with designated off-street parking becoming very valuable. If you have more parking than you need, it might be lucrative to rent that other parking space out. In some areas of Seattle, people can get $350 a month or more for their parking spot.

Rent out RV parking

There are opportunities for people to park occupied and unoccupied RVs.

Rent Out Your Yard – for pet play!

Not all dogs have yards to play in. A hot new trend is renting out a yard for them to play in. Dog owners can rent a yard by the hour. The more amenities, the higher the rate that can be charged!

Lease Out Pasture or Open Space for Large Animals

If you have a lot of land that is suitable for larger animals – horses, goats, sheep, and even llamas – you could consider leasing your land, barn, and/or fenced areas.

Lease out Garden space

When community pea patch space is in short supply and you have more garden space than you need, this could also be an opportunity for additional income.

Tree Harvest

Properties with mature trees may have the potential to be logged.

Lease for Marketing Purposes

Live on a major highway or somewhere with great drive-by visibility? You could consider allowing a billboard or other signage to be installed. Some advertisers also like to use the side of a truck which could be parked on a property.

Your property could be producing you extra income each month! I would be happy to tell you more. Reach out!