Use Your Own Home or Property to Generate Passive Income
For most of us, our homes are the most important and valuable assets. Most likely, a great part of your lifetime earnings go towards your home. Why not get it all back? or at least part of it? Here are several ways you could do just that.
- A) Rent a Room
More and more people are renting spare rooms in their homes to make some profit in retirement. If you also have more rooms that you actually need and use, consider renting one or more. It’s an easy way to boost your income in retirement; not to mention it gives you the opportunity to meet new people and expand your social network.
- B) Be a Vacation Rental
Airbnb and other home sharing sites have become quite popular, especially in recent years (pandemic year aside). You can take advantage of its popularity and create passive income by listing your home on home sharing sites. It does not have to be permanent, it can be on a short-term basis; either way, the extra income will be more than useful especially if you’re thinking of traveling in retirement.
- C) Rent Your Driveway
If you have one two many parking spaces, take advantage of that as well and rent out the spare ones. You could make some pretty money if you live near a popular area and parking spots are scarce. Check out JustPark platform if you are interested in this option.