How to Rent Out Your Property for Extra Income

There is money to be made from your property, and we’re not just talking about a home equity line of credit. This post will give you ideas on how to rent out your property for extra income. If you are willing to become a landlord, you could turn your property into a positive revenue stream by renting it out. Does this mean you should move into an apartment and wait for renters to show up? Perhaps, but that’s not the only way you can earn extra income from your property. Consider these potential money making opportunities:

Rent to Travelers

Many homeowners have opened up their homes to travelers who are looking for an alternative place to stay. Usually, those travelers are only staying for a few nights and won’t mind if you’re still there. In fact, they would appreciate you providing the lay of the land, especially if they’re from overseas. The most popular site for this type of rental is Airbnb. It provides a free listing service for your home and can connect you to travelers looking for a place to stay. You can rent a room or the entire house. The website is easy to navigate and tells you all you need to know.

Rent to Vacationers

If your home is in an ideal spot for vacationers, then you might consider moving out for the summer and letting families move in. You could end up covering your living expenses and still have plenty left over to pay off your mortgage. Beach homes and lakefront properties can fetch a premium in rental fees.

Rent to Hollywood

No matter where you live, chances are there is a film commission operating in your state. Contact them and let them know your home is available for filming purposes. This might not be steady income, but if a production company or photographer likes the look of your property, you could earn a nice bonus.

Rent a Room

You could always take in a roommate. There could be plenty of college students or other folks in transition that might not be able to afford an apartment, but can certainly afford to rent out a room in your home. This will mean sharing your kitchen, bathroom and common areas, but that could be a good thing, especially if you get along with your new roomie. You might even luck out and find someone who works the graveyard shift, so you’ll never see them.

If you feel like it would be worth the investment to remodel certain parts of your home to serve as a better rental property, you can even consider converting your basement or garage into an extra bedroom. Just remember to make the necessary adjustments to your floors, walls and doors for proper insulation if the space wasn’t intended to be a bedroom.

Rent Storage Space

Not all renters have to be actual persons. You could rent out your garage to someone in the neighborhood who needs to store a car or other items. This would probably involve lower fees than renting for a person, but any amount that helps you defer costs will be welcomed.

What to Know Before You Rent

Before you rent your property, you’ll want to find out if there are any restrictions for this type of service. Some municipalities have zoning laws that prevent residents from taking in weekly renters, such as beach and mountain communities. They may be OK with monthly rentals, but they don’t want a lot of coming and going with weekly renters.

Anyone who rents your property should sign a lease. This will spell out all the things that are important to you, such as restrictions on smoking and pets. It will also inform the renter what they are responsible for in terms of payment and what they will be getting for that rental fee. Will you be covering their utilities? Wi-Fi? Parking? Once it is in writing, there shouldn’t be any issues. Even if you’re renting to family and friends, get it in writing.