Over the years, more and more people have started working from home or opened businesses right from the comfort of their living rooms. All you need is a computer, a stable Internet connection, an ergonomic chair, and you’re off to fulfill your dreams. Now that the world is in lockdown and economies are shuttered, it might be the perfect opportunity for you to start turning your property into a new source of income.
If you have a USDA loan to pay off, finding a new source of income is even more important. You have a mortgage to pay. Your job is in limbo. You don’t even know if you have a job to return to once the worst of the pandemic is over. Look around you. What do you have? What can you sell online? What can you start right from home?
Rent out Your Extra Space
An extra bedroom, garage space, or granny flat in your property can be an excellent source of extra income flow. Rent it out on an online marketplace for lodging, such as Airbnb. You can also accept long-term tenants to ensure the cash flow every month. If you have a granny flat with a full-on kitchen, living room, and bathroom, you can earn as much as $15,000 to $30,000 annually. Short-term lodgings will profit around $80 per night.
Convert Your Home into a Storage Space
If your extra space isn’t fit for people to lodge in, you can convert it into a storage space. You can rent it out monthly to prospective customers. Lots of people don’t have that much space in their own property to store their things and even their vehicles. They might be looking for a place to store their boats, RVs, motorbikes, and cars, especially during the winter season. Many are looking for year-round storage options, and they’re willing to pay good money as long as they are sure that their things are protected. There’s a demand for storage units, so you might as well join the fray.
Sell Fruits, Vegetables, and Plants
Your backyard shouldn’t go to waste. Why not start a garden and sell fruits, vegetables, and plants on the roadside? It is common to see roadside vendors in many rural areas. They sell everything, from fresh fruits, vegetables, nuts, plants to local produce that is in season.
Thanks to health-conscious individuals and various advocacy to go organic today, farmers and home-based gardeners have a part of the economy they can thrive in. So why not put your green thumb to work? You can sell fresh herbs and other products from your garden.
Start a Home-based Business
So you don’t have an extra bedroom to rent out. You’re not good with plants. You can’t turn your garage or basement into a storage space. How can you earn from the comfort of your house? Well, you can start a home-based business. You can start with a buy-and-sell venture, or you can make handmade products and put them up on eCommerce sites such as Etsy. Running your business from your home is more profitable because of lower operating expenses and income tax advantages.
If you feel like you need to do something while in quarantine, discovering your hobby or finding things you can earn from seems to be good things. Now is the perfect time to think about an extra source of income. You don’t know what awaits you in the new norm, so it’s nice to have something to fall back on in case your career doesn’t take off as planned.