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10 Ways To Turn Your Home Into A Cash Cow
Want some tips on how to turn your home into a money-making machine?
Lately, gas prices and the sinking dollar have left many with empty wallets. Yet, with a bit of thought you can figure out ways to counter those recent and unexpected drains. Balance your budget with your house. If you've got cash flow problems, but own a decent house, here are some creative ways to make money from your home. Some of these ideas may require a permit, so check with your local city authority before proceeding.
1. Yard Sales--The old tried, but true can still generate lots of moola even after you've emptied the garage and cleaned out your closets. If you're a crafter, consider selling your product on the front lawn. Not so inclined? Try selling homemade jams or jellies. How about fresh baked bread or cookies? If you can't imagine what's selling, take a look at Craigslist or Ebay and you'll be stunned.
2. Renters--This is another oldie, but goldie. You can get yourself a roomie. Again, check out Craigslist and you'll be amazed at what a room with a bath in a good suburb of a major metroplex can being--$850 to $1000 per month. Like your privacy too much? Consider renting to foreign exchange students who stay for a month or so learning English at a local college or language school. Call your local college to get started finding these students who typically pay at least $800 per month and are usually gone all day.
3. Garage Space--Do you have a three-car garage, but only two cars or even one? Good for you. Why not turn that extra space into cash? Rent it to a boat owner, motorcyclist, classic car collector or even a weekend mechanic. Who knows you may get your car's oil changed for free.
4. Pets--If you like pets, how about offering to keep pets for short periods while their owners go on vacation? Dogs may be too much for you or maybe not. What about birds, hamsters, geckos or possibly cats?
5. Party Place--Use your lovely family room to entertain customers for Avon or any of a variety of home-based sales. Remember Amway? Today home-based sellers feature almost anything--homemade candles, children's clothing, lingerie, anything goes. Or, an established seller may be willing to pay you to use your home instead of hers.
6. Grow Your Own--Locally-grown produce is THE thing these days, and restaurants and farmers' markets near you are looking for a supply of berries, fruit, grapes, lettuce, tomatoes, herbs or even floral products. These things are easy to grow and don't take too much care. And, if you've checked out the organic produce aisle lately, you can see you'd roll in the dough.
7. Driveway--Even your driveway could make you a few bucks as most suburban cities have no-overnight-parking laws. Especially if you have apartment buildings near your home, you've got built-in clientele.
8. Babysitting--OK, you haven't given this occupation a thought since high school, but did you know that babysitters are now getting up to $20 per hour? Today's suburbs are full of latchkey kids and many parents would love to have a place to send their 'tweenies who still need to be watched, yet are too big for a teenage sitter. Working parents with several kids are especially anxious to find a safe, healthy place for summer and holidays.
9. Day-care business--A home day-care can be very profitable if you're up to the challenge. This is a highly regulated occupation these days, so make sure you check with your local city.
10. Location, location--Movie location scouts are always looking for new sites. You don't need a mansion to qualify. "Average" homes are in great demand. Sometimes only the exterior is wanted or a specific look. Got an English cottage or a turn-of-the-last-century bungalow or a terrific garden? Your home may command big bucks. Check your local or state film commission to see.
Published: Jul 13,2008 17:59
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Andy Cowan
Andy Cowan, an award-winning writer, whose credits include Cheers and Seinfeld, regularly contributes humor pieces to the Los Angeles Times and the CBS Jack FM Radio Network.
Paul M. J. Suchecki
Paul M. J. Suchecki has more than 30 years of experience as an award winning writer, producer, and cameraman. He's written numerous newspaper and magazine articles. Currently he writes, produces and shoots for LA CityView Channel 35 and his more than 250 articles for Ehow.com are approaching half a million readers.
Coby Kindles
Coby Kindles is a freelance journalist, screenplay writer and essayist. She has been a staff writer at Knight Ridder and a regular contributor to The Associated Press.
Debbie Milam
Debbie Milam is a syndicated columnist for United Press International, an occupational therapist, family success consultant, and motivational speaker with more than 20 years experience. Her work on stress management, spirituality, parenting, and special-needs children has been featured in over 300 media outlets including First for Women, The Miami Herald, Elle, Ladies Home Journal, The Hallmark Channel, PBS and WebMD.
Dan Rafter
Dan Rafter has covered the residential real estate industry for more than 15 years. He has contributed real estate stories to the Washington Post, Chicago Tribune, Business 2.0 Magazine, Home Magazine, Smart HomeOwner Magazine and many others.
Jack Nargundkar
Jack Nargundkar has been repeatedly published in Business Week, The Wall Street Journal, The Washington Post, and The New York Times. He is also an author of "The Bush Diaries" published in July 2005.
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