Making your house pay for itself may sound like a pipe dream, but it is possible. There are a number of things you can do to make your house work for you instead of the other way around. From making energy-efficient upgrades to renting out extra space, there are plenty of options to explore.
Make It Energy-efficient
This process not only helps you save in the long run, but it also gives you an opportunity to make your house a lot cheaper to maintain. Tons of homeowners have realized that solar panels reduce the carbon footprint of the whole family living in a house, which should make it your first upgrade if you go down this road. A greener household will surely benefit your wallet. Switching to solar or wind power may have a higher upfront cost, but they can end up saving you quite a bit when you calculate their long-term savings and any potential tax credits.
Installing insulation, replacing old appliances with energy-efficient models, weather-stripping windows and doors, and sealing air ducts are some other things you can do in order to increase your home’s efficiency and help it pay for itself. With a little effort and a few key updates here and there, even the oldest of houses can become energy efficient, paying for itself over time!
Grow A Garden
Growing a backyard garden is an excellent way to make use of your space and generate money. It can be as simple as planting vegetables and herbs, or as ambitious as starting a cut flower business. Your options are endless.
Whatever route you choose, it’s important to research your market beforehand, plan thoroughly, and remember that running a successful gardening business takes time, effort, and dedication. Starting small is often the most sensible approach in the early stages. One of the most important is growing your knowledge base while also building relationships with skillful people who can offer advice. Ultimately there’s nothing more rewarding than turning your passion into something successful, so go ahead and give it a go!
Make the Most Out Of Extra Space
Take advantage of your extra space by creating passive streams of income. Instead of relying on one source, why not create multiple ones that make your house pay for itself? These could be the following:
- renting out a spare room or two through Airbnb
- renting out parking spaces for cars, motorcycles, or boats
- offering to store items for neighbors
- giving away a portion of your yard for a garden or raised beds
- rent out your outdoor area for parties and gatherings
- providing storage for people
Utilizing otherwise idle spaces can not only provide additional income but can give you peace of mind that your hard-earned money is working for you. Look around your house as it sure has potential for this.
Host Events
Hosting events in your home can be a great way to make some extra money on the side! Think outside the box and host barbecues, movie nights or even garden parties. There are so many possibilities, and depending on the success of your event you could be making a tidy profit in no time.
Why not rent out some of your kitchen appliances like crockpots or coffee makers? You’d also be surprised at how much people value yard space, so hosting an outdoor event such as an open-air concert is one way you can make use of this resource.
Start A Home Business
From Etsy and eBay shops to fresh-baked goods delivery services and photography studios, there are countless at-home businesses that you could start with minimal overhead costs. With the right investments such as space, advertisement and marketing, equipment, inventory, and networking resources, depending on what your particular business involves, you can turn your space into a money-making hub.
Despite being a bit of work, starting a home business from home has numerous benefits. Namely, it allows the flexibility to generate income around your own schedule. It’s up to you to create this opportunity for yourself and make it happen!
Utilize Government Incentives
From converting to solar energy to upgrading appliances, there are a lot of changes you can make in your home to decrease bills and subsequently make your house pay for itself. One overlooked option is taking advantage of the Government incentives available to all homeowners.
From tax credits on energy efficiency projects like geothermal heat pumps, insulation, and more, to local utility company rebates when switching over to more energy-efficient tech, incentives are a great way to reduce bills and maximize savings. Check out the local and federal incentives available in your area, you could be pleasantly surprised with what is out there.
With a little creativity and elbow grease, you can make your house pay for itself. From reducing your energy consumption to growing a garden or starting a home business, there are many options available to help offset the costs of ownership. And don’t forget about government incentives that can help put money back into your pocket.