Is your largest, most taxing expense your mortgage payment? Or are you so intimidated by a mortgage that you have yet to settle on the house of your dreams? What if you could purchase a house and have it pay for itself?
No, the house isn’t literally sending in the money each month, although with technology like Alexa it very likely could! However, you will still be responsible for making sure the bills get paid each month, and with the following methods, you might find that it doesn’t have to be so stressful to let go of a huge chunk of money–especially if it was never yours, to begin with.
There are many ways to set your dream home up to be profitable, at least until your mortgage is at a more reasonable and doable rate each month. Here, you will learn about three popular ways people are making their homes work for them! Whether you are doing Airbnb for travelers or renting long-term, cell phone tower leasing, or gardening for your local farmer’s market, you don’t have to pay off your house by yourself!
Many Lyft and Uber drivers will tell you that they started chauffeuring to pay off their new car payments, and you can do the same, even if you have been paying your mortgage off for a few years!
Although there are stigmas and concerns around the safety of you and your home when renting out space to strangers, it’s important to remember there are ways to keep your space secure, your family safe, and your mind at ease. But first, you will have to determine if you want to do short or long-term rentals and on what platform.
If you are not familiar with sites like Airbnb or VRBO, these sites allow travelers, or temporary guests rather, to have a home. Why not rent a hotel? Travelers are beginning to understand the benefits of living “locally” with a kitchen, living space, and multiple rooms. It’s more affordable with groups, and there isn’t this pent-up energy, feeling like you need to be out exploring at all times of the day, that one may experience in a boxy hotel room. Locals may even use Airbnb to accommodate their family when they come to town or live temporarily as they move in and out of homes.
As a host for one of these cool platforms, you have the ability to rent out a room or an entire house. If you have a vacation home in the mountains or by the beach, you might rent it out while you are gone. If you have one home, which you live in year-round, you may rent out a room or build a guest suite on days of the month that work in your schedule.
These sites are great because it’s all based on your schedule, your price value, and your rules. If you are going to be out of town, you can schedule guests around your desired travel dates. If you don’t want to clean every weekend between visits, you can schedule accordingly. The options are very flexible and tailored to you! On either site, you can rent short or long-term, again, according to your schedule.
The cons are frequent cleaning, keeping any space the guests may utilize exceptionally clean, which can be pressing for people with busy lives. Sometimes, like around the holidays, it can feel like a full-time job. Some consider it a con to be having strangers on your premises, but with these platforms, everyone is given reviews, hosts, and renters. As a host, when someone requests your home or room, you can review their previous hosts’ experiences and determine if they would be a good fit.
If you don’t want to deal with the hassle of cleaning, reading reviews, or having frequent strangers in your space, you can opt for a long-term renter. Whether they are a housemate or have a separate guest suite, you can expect to get familiar with this renter. They will be paying you directly, not going through a platform, so it’s important to know who you are renting to, their background, and that they know the house rules.
This option is great for people who are comfortable sharing amenities and some spaces, even if that just means the driveway. You might also be able to work out a plan to share house chores or activities, like gardening.
The great thing about renting long-term is that the renter, assuming you have them sign a renter’s agreement of how long they plan to stay, will be guaranteed for X amount of time. It’s a stable income, which can go directly toward your mortgage!
Cell Phone Tower Leasing
You may have wondered who gave anyone the right to place cell phone towers or giant windmills all around the country and world. If not, this may be adding oil to some rusty wheels! Did you know, you can profit off having a cell phone tower directly on your property or a property you own?
The profit is in the lease, which a cell phone company creates and pays you to store their equipment. Companies like Verizon or T-Mobile purchase the tools and necessities, bring it to your lot, build it from the ground up, and then pay you monthly or annually to keep it there. They will even maintain it! No experience necessary for this income.
Depending on where you live will determine the amount you get paid. If you are close to a big city with a larger population, you could make a proper salary of $45,000 annually! If you live out in the middle of nowhere, and the only person using the tower is you and the occasional passerby, you might not make much at all, but still something!
The cons are that there is a couple-thousand-dollar metal structure sitting on your land, making electric noises. This may not be an issue if you have many acres on your property, or you have a property with no house on it somewhere in the country.
Whether or not you’ve explored your green thumb, it’s well known that the practice of gardening can be therapeutic, relieving stress and anxiety as you dig your hands in the dirt and watch a seed come to fruition. If your garden is paying your mortgage, then it would be a guaranteed stress relief!
Depending on the size of your lot, your garden may be small or big, vertical or horizontal, varied or niche. Someone living in a city may opt for a vertical garden of only tomato plants, while someone in the country may build a massive greenhouse or horizontal raised beds and grow every fruit and vegetable available to that region!
Regardless of your setup, the only way a garden can be profitable is by getting it to customers. Whether you are selling through a farmer’s market, directly to local restaurants, or on a local Facebook page, people need to know about your product so they can get it.
If you are dreading the idea of smiling through a farmer’s market all weekend, you may consider partnering with someone who has a stand and paying them a commission.
The cons to gardening for extra income are few. You have the responsibility to plant and nurture your plant babies, or you can hire someone to do it for you.
The pros are that you will have abundant food, saving money on groceries, and more income to put towards your home!
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