10 Tips on Making Money With Things You Already Own Make passive income with items and living space you aren't using.
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Over the past ten months, the entire world has been shaken by the Covid-19 pandemic. Uncertainty has been a constant as we work to navigate this new normal, both in business and our personal lives.
I am in the fortunate position of running my own business, Punch List, a home improvement and project management app that helps contractors manage home remodels with homeowners. While we've noted an overall dip in home construction during the pandemic, we've taken great pride in our ability to help homeowners work with contractors to make budget-friendly, high-yield improvements to their properties — ultimately, enabling them to better take advantage of the income-generating potential of the assets that they already own.
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Aligning with national trends, kitchen and bathroom remodels are among the most popular home improvement projects undertaken by contractors using Punch List, and for good reason. According to Remodeling magazine these renovation projects provide homeowners with some of the best yields, with kitchens recouping 62.1 % of their investment and bathrooms 67.2 % invested. And even for homeowners that aren't looking to sell anytime soon, these simple upgrades offer greater opportunities to generate immediate income that could be a lifeline through this period. As you walk around your home today, ask yourself, "How can I turn this spare bedroom into additional cash flow?"
Your living space, land, garage and car all offer opportunities to generate extra income. Here are ten tips to help you monetize your existing assets to stay afloat in the Covid-19 economy:
- Cash in on that extra bedroom - Rent a spare bedroom, especially one with an ensuite bathroom, and rent it on top rental sites such as AirBnb, VRBO, etc.
- Consider putting an ADU structure on your property - For homeowners with ample space in the back of their homes, research the viability of putting an ADU structure on the property. Many companies have popped up recently that sell ready-to-install pre-fab ADUs, such as Connect Homes.
- Don't sleep on your garage - Don't have a car, or don't mind street parking? Rent your garage with companies like Spacer for up to $400/mo.
- Offer up your extra storage space - Alternatively, Store at My House unlocks unused space at your neighbors' homes for situations when you run out of space at your home (or if you have an extra storage closet begging to be turned into a cash-generating machine).
- Rent out items from your pantry - In the old days, you'd ask your neighbor for a couple of eggs and a cup of flour and call it a day. Now you can rent pretty much anything from people in your neighborhood using companies such as Buro or PeerRenters.
- Bee-lieve in your land - Want to save the world AND make money while doing it? Perfect Bees turns your unused land into a bee and honey making farm. With the importance of the honey bee, your efforts will directly impact the global economy.
- Go solar - Harness the power of the sun using easy to install solar panels from Tesla/Solar City or Sun Power. Not only will the panels supply your home with free electricity, but it will often lower the cost of electricity for your neighbors as well.
- Consider raising farm animals - Bought a new plot of land or country house and need ideas of how to make some additional capital? Raise any number of farm animals for their meat, eggs, fur, etc. Don't take our word for it, listen to Raw Some Dairy.
- Don't whine, make wine - They say optimistic people turn lemons into lemonade. Well, wealthy people turn acres into vineyards. With the help of My Home Vineyard, you can turn empty land into a fully productive vineyard. Make money AND make wine? Yes please.
- Make use of your wheels - Finally, who can forget your car? These days everyone wants delivery of their food, shopping items, and even themselves. Make some extra cash in your spare time with Uber, Postmates, or DoorDash.
It's clear that assets don't just offer options, they provide opportunities to generate quick, alternative income streams. Take stock of the assets you own and consider investing in budget-friendly upgrades to raise the value of the property you have in hand. As the first modern tool for simple and efficient home renovation, Punch List makes it easy to streamline communications, payment and progress for your home improvement projects, empowering homeowners to turn that extra room into an income generator in no time. No matter which tip you chose, best wishes for 2020 and beyond.