How would you like to off-set your mortgage, and other monthly home ownership expenses? By getting creative, your home can become an income producing property, allowing you to pay down your mortgage earlier than anticipated, or, open up funds to be invested elsewhere.
Over the years, we have seen countless ways homeowners have produced income from their home.
Here are just a few ideas to consider:
- Rent out your garage: There are plenty of people looking for a clean and secure place to store items. Whether it be a car, bikes, storage boxes, etc. For example, we have a client in Mill Valley who rents out his 2-car garage as classic car storage and makes over $700 per month! And the best part is, he is still able to occupy over a third of the garage space for his own personal use.
- Rent out space in your driveway: Not all storage needs to be covered. There are people who need a designated parking space or a place to store an extra car. If your driveway can support an extra vehicle this is an easy way to earn a little extra money for little to no inconvenience.
- Buy a multi-family property: Buying a multiunit property like a duplex, or a fourplex makes it seamless to rent out the other units while occupying one unit as your own.
- Build & rent out your ADU / in-law unit: Providing affordable housing is being pushed across the country, especially here in the Bay Area. An accessory dwelling unit (ADU) is a permitted structure added to a property. This structure must have all the utilities that a home requires and a separate entrance while abiding by property setbacks. Many cities, counties, and utility providers are waiving or reducing their development fees and even adjusting certain zoning laws to encourage more ADU development. Building and renting out an ADU or an “in-law unit” as others refer to it, would provide local housing while still maintaining privacy from your main dwelling. We have clients who have extensive business travel schedules and decided to rent out the main house on the property and occupy their detached unit when they are in town to obtain a higher rent amount from their tenants. Interested in what it takes to get an ADU built on your property? Check out our ADU blog post here!
These are just four of the savvy ways one can offset their mortgage or monthly home ownership expenses. The best part is, many of these ideas can be used in a temporary fashion. Renting out your garage or your ADU/ in-law unit doesn’t have to be permanent. You may get to a point in life where you no longer need or care so much about that extra income. But having options only strengthens your investment!
Torben Yjord-Jackson – Realtor
EXP Realty of CA, Inc.
License # 02050831