How to Make Money Off Your Home

If you are one of the many Canadians working extra hours, or even taking a second job to make ends meet, you may be surprised to find that there is money to be found where you may never even think of it - your home. Here are some ways that you can use your own home to put a little extra money in your wallet during a financial pinch.

Working in the downtown core of a major city can bring along some major parking headaches. Many homeowners have caught on to this and rent out their own space such as their driveways or garages for parking. It is common for condo owners especially, to rent out their parking stalls from 9 to 5 during weekdays while they are at work and not using them. It is also a popular idea to offer your garage for rent to people who need to store seasonal items such as motorcycles and boats. This can add anywhere from $100 a month up to $400 a month to your household income.

One of the most common ways to make money from your home is to become a landlord. Sure, adding a suite to your home will require a little cash, but it could certainly be worth the investment. Transforming your basement into an apartment or your attic into a bachelor pad can easily bring in a few hundred dollars to a thousand dollars each month. This additional revenue may be the ticket to owning a home you could not afford before. It is also a great way for seniors to be able to keep their homes.

Renting your home to movie sets is another great way to make some extra cash. There are many companies seeking homes to use for films, television movies or commercials. Every Canadian province has a government run program that allows people to list their properties that they would like to make available to producers and location scouts. Depending on the type of project, scouts are willing to offer between $500 and $5,000 a day to use your home.

If your home is one that happens to come with land, as in a parcel of land in a rural area, it would make financial sense to consider renting that extra parcel to local farmers to raise livestock or crops. Prices do vary widely depending on where you live and what the land is going to be used for, but rent can be anywhere from $20 per acre to $200 per acre.

Another common way to use your house for cash is to create a bed and breakfast. Many people offer rooms to travelers and charge $50 to $200 a night, depending on the location and accommodations provided. If your house is large enough and has an extra 2 or 3 bedrooms, offering them to travelers can easily generate additional income. Even converting sheds into comfortable one-room cottages on your property can prove to be worth the extra financial effort.

With a little creative thinking you can come up with some unique ways to profit from your home and perhaps even turn it into a regular income generating item.