Can You Make Money Off a Home?

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Marleny Hucks
Marleny Huckshttp://MyrtleBeachSC.com
Marlene (or Marleny as she is known in Spanish) is a mentor, teacher, cross-cultural trainer, storyteller, writer, and for those who have been under her leadership or simply sat across the table from her, she is a mirror of destiny. Her love of word and image were formed early on by one of her heroes, Dr. Seuss. If you asked those who know her well, they would describe her a compassionate, funny, wise, curious, honest, real, strong, sensitive and totally human which comes out as she teaches and writes. She sees all of life, even the most mundane, through faith and believes that who we become as we live this side of the veil is what matters not the journey itself or our circumstances. Marleny Hucks has spent her life crossing bridges. She comes from a diverse background of ministry roles and contexts as well as has transitioned in and out of the business world. Having lived outside the country as well as traveled extensively she has a fascination with culture causes her to live her life within a global mosaic no matter where her feet are planted. Marlene currently lives in South Carolina with her husband David, who owns a news company but who she says is a “crime fighter”, bringing light into darkness in their systems of their city. Marleny currently works as a content management specialist covering Myrtle Beach News for MyrtleBeachSC News.

Whether you already own a home or are looking to invest in one, there are plenty of ways you can put your investment to work. There are even opportunities for passive income, meaning you won’t have to put much energy or time into it once the investment is set up. The extra income can then go toward your mortgage or other expenses. It all starts with understanding how you can put your home to work.

Research Real Estate Investments

Investing in real estate is one of the best strategies if you are looking to make a long-term investment because it gives you a consistent flow of cash and has historically appreciated in value. There are also plenty of tax benefits associated with investment properties. The 1031 Exchange tax break can help you keep property taxes low and defer capital gains. Understanding these regulations can help you make the best decision on real estate investing.

Install a Rental Suite in the Home

You can convert part of your home into a rental suite if there is space available. Make sure you research any regulations before doing so. You might need to include a full bathroom and kitchen and put in a separate entrance. But once you have these things set up, everyone will have more privacy than if you simply got a roommate. You can also get more money than if you had a roommate, because each person will have their own space. 

Still, since this is meant to be a rental property investment it’s best to do some calculating to figure out how much income you may make by doing this. Calculate when you will break even after you have taken out any costs of installing the rental suite. You can use online comparison tools to figure out what the market rate is for rentals in your area.

Rent Out to Tiny House Owners

Tiny homes can be more appealing than a rental, but it can still be challenging for owners of tiny homes to figure out where to place their homes. You can rent out part of your lot to tiny home owners if your space is large enough. You might be able to get even more if you can provide hookups to utilities.

Rent Out a Driveway or Yard

You can rent out extra space you don’t need with online sites, where you can list a parking spot on your driveway. You can charge a monthly, hourly, or daily rate. This is especially helpful if you live near a school, major attraction, public transportation, or place of business where commuters may need a space to store their car. 

Tourists or residents of metro areas may be more willing to park on someone’s driveway instead of having to pay for a garage or overpriced spaces. You can also rent out all or part of a yard. If there is a renovated barn, pool, or nice outdoor space, you can advertise the space for a daily or hourly rate. Of course, this might not cover all your insurance or mortgage payment, but it can help you pay for some maintenance on the property.

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