Published Date 2/24/2022
Owning a home means having invested in a money-making opportunity. No. We’re not talking about how your home can appreciate in value each year. We’re talking about ways to make money USING the home and property you own without having to make it a vacation rental.
Realtor’s Larissa Runkle speaks of ways to financially provide for your home’s maintenance (and possible mortgage payments), having searched far and wide to track down the ways some savvy homeowners have put their houses to work for them. The first is renting out your backyard pool. Of course, there is an app for that. Dip your toe into the rental market with Swimply, which advertises that pool owners can make up to $10,000 per month, although that will depend on how much you charge per hour. Depending on where you live, hourly rentals of your backyard pool can run anywhere from $45 - $100 an hour. The app also allows you to rent out your backyard or private gym, while the company’s insurance policy will protect you for up to $1 million for general liability claims.
Another app, called Splacer, will find event planners who want to rent your view-laden home or gorgeous open concept mid-century modern living room for film productions, photo shoots, or even company events like lunches and launch parties. You choose what you want to rent out — indoor space, outdoor space, or both. Your property just has to pass muster to create that little pot of gold – up to $500 a day for a magazine photo shoot or a whopping $2,500 a day for a big-budget film. True, it’s not fun seeing a film crew take over your home, then rearrange, alter, or replace your decor, but all is put back in place when they leave and you go to sleep knowing you just paid for your next vacation.
Even those who went country or large-parcel suburban during the pandemic should take heed if their property has idyllic acreage. Hipcamp hosts earn, on average, anywhere from $8,000 to $15,000 a year renting out their unique outdoor space, whether that’s a parking spot big enough for an RV or a grassy expanse where guests can pitch a tent.
Suggested rates for tent-only sites are between $10 to $30 per night, while RV sites go for $20 to $40 per night. Rentable structures like cabins, tiny houses, or yurts start around $75 per night.
Big city dwellers just wanna park. If you live in one, you know how much of a nightmare parking can be. As long as you don’t need use of your driveway or dedicated parking spot, companies like Spacer or SpotHero will rent out your parking space. You can charge between $75 to $150 per month for a space in some areas. If you live by a large public venue, like a stadium, considerably more on a daily basis.
Another way to profit is to rent out the space you’re not using. Sites like StoreAtMyHouse offer you the opportunity to make between $200 to $600 a month or even more in some prime areas, depending on the location and size of your empty spaces. Covered storage for cars and other items can generate steady, passive income, while detached garages or outbuildings are ideal, since they allow a physical separation between the renter and your personal space.
Realtor, TBWS
All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.
Wymac Capital, Inc.
NMLS: NMLS: 290837 | Broker CalRE: 01150730
Wymac Capital, Inc.
346 Rheem Blvd #107, Moraga CA 94556
Company NMLS: 18766
Office: 925-937-4300
Email: russellm@wymac.com
Web: https://wymac.com
NMLS: NMLS: 290837 | Broker CalRE: 01150730
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