Make residual income on items and housing that you do not use.
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October 27, 2020 5 min read
The opinions expressed by the entrepreneur’s contributors are their own.
In the past ten months, the whole world has been rocked by the Covid-19 pandemic. The uncertainty was a constant as we worked to navigate this new normal in both business and personal life.
I am fortunate enough to run my own business, Punch List, a home improvement and project management app that helps contractors manage remodeling with homeowners. While we have seen an overall decline in home construction during the pandemic, we take great pride in helping homeowners partner with contractors to make budget-friendly, high-yielding improvements to their properties – ultimately, so they can better leverage its income generating potential of the assets they already own.
Related: 32 Proven Ways To Make Money Fast
To keep up with national trends, kitchen and bathroom remodels are among the most popular home improvement projects by contractors using Punch List, and for good reason. These renovation projects offer homeowners some of the best returns, with kitchens amortizing 62.1% of their investment and bathrooms 67.2% of their investment, according to Remodeling magazine. And even for homeowners who don’t want to sell anytime soon, these simple upgrades offer greater opportunities for instant income that could be a lifeline during that time period. As you walk around your house today, ask yourself, “How can I turn this guest bedroom into extra cash flow?”
Related: 10 Ways To Make Money During The Pandemic
Your housing, land, garage, and car all offer opportunities for generating additional income. Here are ten tips to monetize your existing assets to help you stay afloat in the Covid-19 economy:
- Take Advantage of That Extra Bedroom – Rent an extra bedroom, especially one with an en-suite bathroom, and rent it on top rental sites like AirBnb, VRBO, etc.
- Consider adding an ADU structure to your property – For homeowners with lots of space in the back of their home, consider adding an ADU structure to the property. Lately, many companies have popped up selling ready-to-install ADUs like Connect Homes.
- Don’t sleep in your garage – don’t have a car or don’t mind parking on the street? Rent your garage from companies like Spacer for up to $ 400 / month.
- Offer up your extra storage space – Alternatively, Store at My House allows you to unlock unused storage space in your neighbors’ homes when you run out of space at home (or when you have an extra storage closet that can be turned into cash) machine ).
- Rent items from your pantry – You used to ask your neighbor for some eggs and a cup of flour and call it a day. Now with companies like Buro or PeerRenters you can rent pretty much anything from people in your neighborhood.
- Bee love in your country – would you like to save the world AND earn money doing it? Perfect Bees will turn your unused land into a bee and honey farm. Given the importance of the honey bee, your efforts have a direct impact on the global economy.
- Go Solar – Use the power of the sun with easy-to-install solar modules from Tesla / Solar City or Sun Power. The panels not only supply your house with free electricity, but often also reduce the electricity costs for your neighbors.
- Are you considering raising farm animals – have you bought new land or country house and need ideas on how to make additional capital? Raise any number of farm animals for their meat, eggs, fur, etc. Don’t take our word for it, listen to Raw Some Dairy.
- Don’t whine, make wine – they say optimistic people turn lemons into lemonade. Well, rich people turn mornings into vineyards. With the help of My Home Vineyard, you can turn empty land into a fully productive vineyard. Make money AND make wine? Yes, please.
- Use your bikes – who can finally forget your car? Nowadays everyone wants to deliver their groceries, grocery items and even themselves. Earn extra money in your free time with Uber, Postmates or DoorDash.
It is clear that assets not only offer options, but also the ability to generate quick, alternative sources of income. Take stock of the assets you own and consider investing in budget-friendly upgrades to add value to your property. With Punch List, the first modern tool for easily and efficiently renovating homes, you can easily optimize the communication, payment, and progress of your home improvement projects, and give homeowners the ability to turn that extra space into an income generator in no time. No matter which tip you have chosen, best wishes for 2020 and beyond.
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