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Make your home an income property (while you live in it) Make your home an income property (while you live in it)
Share this on WhatsAppHERE ARE SIX IDEAS YOU COULD EMPLOY TO GET YOU STARTED   Story Credit: www.onecrazyhouse.com Rent a Room Gone are the... Make your home an income property (while you live in it)
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HERE ARE SIX IDEAS YOU COULD EMPLOY TO GET YOU STARTED

 

Story Credit: www.onecrazyhouse.com

Rent a Room

Gone are the days where a roommate needed their own exit/entrance or even their own bathroom. You can rent out individual rooms as bedrooms. We let someone live in our spare bedroom for a couple of months. This is a great way to save! Worried about having someone in your home? Try it for just a weekend. There are services online where you can rent out your room for just a weekend whenever there are local events in your area.

 

Garden Share your Yard

Put your backyard to work. Often people would love a garden, the chance to work the soil and reap the benefits of the foods from a backyard garden. You commit to watering the garden twice a day or as needed and they rent out soil plots in your yard, do the planting, weeding and harvesting! Not only have you made some cash you have also built a community – all around your backyard.

 

Make Your Office Home. Double use your space

Are you a fitness coach? A massage therapist? An accountant? A blogger? Carve out a space in your home to become your “office”. You can get tax deductions that can help defray the cost of your home (must double-check if this is true in Malaysia). If you have a large space, consider opening your home to an office-mate or two.

 

Photography Studio – from your house

Put your home to work as a studio space for both yourself and other professionals to use. Often lighting and special equipment is difficult to set up and needs a “space” or place to belong. Set aside a room in your home to share that pre-set-up space with others.

Study Hall Room

We did this last year. It was a great way to help provide a service to families in our area and could be an income source. There are lots of teens who are in the awkward stage of too old for a sitter, but for whatever reasons are unable to go straight home after school. Make an after-school “study hall” in your home. Serve cookies and provide a quiet home work space where tweens and teens can come hangout and get their school work done until mom or dad gets home.

Interest Saved is Interest Earned

Make your mortgage work for you – not the other way around. Let’s say your mortgage interest rate is 4.25% (that’s what our rate is). It is unlikely that you will easily find a bank that will pay you a 4% or higher return for your investment. SO, every penny that we pay into our mortgage early – to pay it off – is a penny earned. I am earning 4% or more for whatever funds I am putting into my mortgage bill! Paying my house off early is smart!

 

 

Property 360 Online

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