This guide outlines home business ideas that turn your home into extra income, using it as the foundation to start a small business that improves your financial strength.
Buying your own home is probably one of the best investments you can make. However, owning a property means you are responsible for property taxes, utilities, mortgage payments, maintenance costs, etc. These expenses can make life difficult for you unless you can find ways to turn your property into a profitable source of income.
Home business ideas to earn from yor property
Here are some home business ideas to help you earn money from your property.
Rent out accommodation
If you live in a suitable location, you can rent out part or all of your property. You don’t necessarily have to live in an area where people want to come on vacation. If you live close to a university or a hospital or even in a city where it’s hard to find rentals, you can find tenants. You can even consider renting out your master bedroom if it has its own en-suite bathroom.
If you live in a tourist destination, think about renting out your whole property during tourist season as one of the occasional home business ideas. If you can spend the time with relatives or camping while renting out your property to tourists, it can create a positive cash-flow situation for you.
Evernest, Mynd, and Home 365 offer advanced property management services in Atlanta. Expert property managers at these reputed services will help you to find well-qualified tenants so you can earn a reliable income from rentals.
Add a rental suite
If it’s legal in your area, consider adding a rental suite. You may be able to convert your garage or even add a separate free-standing structure as home business ideas. Before you build or renovate:
- Check on the regulations for your area. It may be a requirement for a separate structure to have its own entrance and a full kitchen and bathroom.
- Check out rental prices in your area.
- Do some calculations to find out how long it will take you to make your money back on what you spend before you can make money as a landlord.
Rent out storage space
If you don’t want to be a landlord and you have an empty garage, you can rent it out monthly as storage space. Many people have boats or RVs that they do not have storage space for at their own homes, but they want to protect them from the weather.
Other home business ideas in this category include that if you have an unused shed or any other unused structure on your property, you could also rent it out to people for storing goods. You could accommodate short-term rentals for households who need to store boxes temporarily while in-between spaces.
Start a business from your home
As a homeowner, you have opportunities you don’t have when you’re renting. You can run a business from your homes, such as baking, pet grooming, hairdressing, or woodworking. You could open a home studio for pottery or some other creative hobby.
Tutoring from home is another option that could bring in money. If you have a teachable skill, such as teaching music, painting, or making jewelry, you could conduct classes at your home. Academic tutoring in math, science, or languages is another option.
To run a home business, you may require licenses, permits, etc. You may need permission from neighbors to run a business in a residential area. Check what the laws are regarding home businesses in your local area to avoid any issues.
Consider buying and renovating a property
If you purchase an older property and do some smart renovations, you can boost its value. As a general rule, kitchen and bathroom renovations will often boost property value the most. The more sweat equity you can put into the renovations yourself, the more profit you stand to make when you sell.
Flipping a property may seem like an easy way to make money, but it’s more complicated than you may think. You will have to be very smart about the property you buy and how much money you spend if you hope to make a profit. You will need to get a good idea of what all the renovations are going to cost before you make an offer to purchase. Working out what price you can sell for after renovating is also important. You will need to create an overall budget and stick to it as far as possible.
Grow a garden
Everyone loves fresh fruit and vegetables and growing them in your garden could provide you with another source of income. You could sell fresh produce and make jams, pickles, and other preservatives to sell throughout the year. With organic food in high demand, you are sure to take your business to the next level. With local marketing and tying up with some local suppliers, the home grown business will pick up really soon and generate a steady income for you.
Growing a flower garden produces blooms and seeds that you can sell. Beekeeping is another way to make some profit from your garden. Just make sure beehives are located where they can’t cause problems for close neighbors with allergies. You may even be able to rent out a beautiful garden for small events, like children’s parties.
Rent to video content creators
This is an offbeat way of making money from your property, but given the current trend, you can’t go wrong with it. In fact, there are already many property owners who are leasing out their properties for a short period of time and making good money out of it. You just need to design a couple of rooms or the garden on your property that offers different video shooting options to content creators.
Social media is a craze, and videos rule the sphere. People need different locations, backgrounds, and environments to create content on a consistent basis. Think of a film studio where backgrounds change instantly. It happens with some simple pre-designed settings that make film production easy. With video content creators creating numerous short videos, tutors needing good backgrounds to offer classes, and freelancers needing various backgrounds to offer design services to clients, it’s in huge demand. With some simple investment, it can be a real money-spinning idea for you as the landlord.
