Having a passive income stream is a great way to stay more financially secure. At the very least, it can give you a great little bump in your savings that you can then use to treat yourself every once in a while.
The best type of passive income is certainly rent, but you don’t need to own a rental property to see this income month after month. You don’t need a special mortgage, either, if you rent out your primary residence.
Spare Bedroom
If you need extra cash and like meeting people, then renting out a spare room or setting up a little space for the purpose of renting out to people is a great way to do it. You can rent out the spare bedroom to budget travelers or working professionals who work late nights and live too far away. You could also alternatively do up a larger space in your home. For example, section off the living room if it has doors and set it up as a bedroom. This second option is definitely for those who need a higher income, but both are great ways to make some extra cash.
Renovate the Basement or Attic
If you want to rent out a part of your home as a permanent solution, then a great way to do it is to renovate your attic and basement. Add a small kitchenette and private bathroom to appeal to a larger number of travelers. For the biggest return, however, you should aim to add a private entrance to the attic or basement conversion, so that travelers can feel safer and more comfortable since the space is more “Theirs” than a part of your home.
Renting Out Your Home When You’re Away
If you plan on traveling for a month, or consistently go to a summer home year after year, then you can make a lot of money by renting out your entire home for that period. You will need to do it up and put your personal belongings away, but this is the best way to recoup costs over the summer. You don’t even need to worry, as there are agencies that handle these short-term let properties and who will handle the guests, cleaning, and everything else.
Add a Cabin in Your Backyard
If you have a large outdoor space, then one of the best ways to bring in extra cash is by installing a summer house. You can share this summer house with your family when the relatives come over and give them a great private and beautiful room when they visit and then rent it out throughout the year the rest of the time. As it is a cabin, you will need to have a water solution and have it hooked up to electricity to need planning permission. Once you have that, however, you have a space you can rent out or give to visiting relatives.
It is the best of all options. You don’t have to worry about your personal belongings; you can rent it out for more because it is a self-contained space, and you can do it up with design and landscaping. By making it beautiful, you can keep your little AirBnB in business throughout the year.
Photo by Vlada Karpovich from Pexels
