INFLATION rates have hit a new high this year and many people are looking for ways to make extra income.
The good thing is that you might not even have to leave your home to do it.
A roommate can help you pay for your mortgageCredit: Getty
There are multiple ways you can turn your home into another stream of income and we have rounded up the best five just for you.
1. Get a roommate
The first way to make money is to rent out a room in your home.
Roommates can help you cover mortgage costs, utility expenses, homeowner association fees and other monthly housing bills.
If this is an avenue you would like to take, the amount you can rent out a room for will depend on quite a few factors, like location and amenities your home will offer.
For instance, you could charge an extra $150 if the bedroom has a great view.
Since there are multiple things to consider when determining your rental rate, the best thing to do is to research and compare what other people are renting out rooms for in your area.
2. Rent out your backyard amenities
Another way you can turn your home into a source of income is by renting out backyard amenities, like the pool or guest house.
This is a great option for people who prefer not to have a roommate because you get the benefit of extra cash without the hassle of living with another person.
However, this venture may not cover the cost of a mortgage like renting out a room.
To start renting out your backyard amenities, you will need to establish daily and nightly rates which you would like to offer to other people.
Once these rates are established, you will need to start advertising.
Great places to advertise your backyard amenities are social media groups or Swimply — an app that lets you set an hourly rate for others to enjoy your pool.
3. Grow a garden
A garden is a fun and creative way to make some extra cash.
By growing fresh fruit and veggies, you can save money on groceries and earn cash by selling your extra produce.
There are plenty of people in search of affordable storage spaces.
So, if you have an unused storage shed on your property, then you might want to consider renting it out.
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