Owning your own home can be expensive and extra income can really help to ease the burden. If you are not sure where to start, our Anne Winch Real Estate Team has some ideas on how to make income from your home.
Find the right property
If you are thinking of income from real estate, you need to find the right property that will be spacious enough for you and your renter’s needs. Our Anne Winch Real Estate Team can help you find a property that will start you off on the right foot. With the supply of homes at a minimum right now you need the help of a real estate team that can find you the correct property for you to make this income.
Rent out a room
If you think you would like to rent out a room, make sure the property is close to colleges, universities or perhaps transit that can take your renter to the downtown core. Renting out a room will allow you to earn extra cash while you are in the comfort of your own home. Room rentals can work out well if you designate common areas, show respect, and put some rules in place.
Basement apartment
Renting out your basement, especially if there is a separate entrance, can earn you income and still have the privacy you may desire. The obvious pro is extra income to help pay part of your mortgage and taxes. If you have finished a basement apartment this will also up the value of your home.
Storage
If having a renter is not in the cards, then you may be able to rent out storage space in a garage or storage area on your property. Many people may just need to store boxes in your basement for a certain amount of time or if you have a rural property, you may store a pleasure boat, car, or snowmobile for a monthly rental fee.
Hold events
If you own some acreage or a small farm, you may be able to hold events such as outdoor weddings. Sleigh rides during the winter or seasonal mazes set up for families to discover are all ways you can earn some extra cash.
Before you consider any of these choices make sure you have a) enough insurance coverage and b) you are not taking on too much.
If you need some help finding the right property, do not hesitate to contact our Anne Winch Real Estate Team to help you with any of your real estate needs.