Five Ways Your New Home Can Make YOU Money
“In reality, an asset is only something that puts money in your pocket. If you have a house that you rent out to tenants, then it’s an asset. If you have a house, paid for or not, that you live in, then it can’t be an asset. Instead of putting money in your pocket, it takes money out of your pocket. That is the simple definition of a liability. This is doubly true if you don’t own your home yet.” Robert Kyosaki
Whether or not you agree with Kyosaki’s assessment of home ownership (we believe homes are definitely an asset), the homes at Saanich Ridge Estates are built to allow you can use it as an asset to generate revenue for your family: Every home comes with an independent, noise proofed suite with its own separate entrance and locked interior access.
How do you use them to generate income? Here are five ideas:
Turn your unused furnished suite into rentable short-term lodging. Airbnb popularized the movement to renting out furnished rooms to travellers. Your clients could include vacationing tourists, people exploring the regional real-estate market, locals who need a place to stay while renovating their own home, or people travelling to and from work.
If you enjoy meeting people and playing host without the commitment of a long-term tenant, then this option is for you!
Alternatively, consider listing your suite or your home’s other rooms on one of many databases that specialize in renting to international students. Make as much as $800 a month, with few additional responsibilities other than providing a meal per day and the option of including the student in activities your family is already doing! Introducing foreign students to your community and way of life can be a very enriching experience for everyone.
If you’re uncomfortable with a perpetual turnover of strange people in your home, perhaps renting out your suite on a monthly basis is an option. Renting out a suite is popular with young families as it enables them to get into a home they otherwise couldn’t afford. It’s also a practical way for seniors on a budget to generate extra living money.
Ensure you do credit and reference checks for all potential tenants. Finding a reliable, long-term tenant can do more than put a dent in your mortgage: you have a built-in neighbour to water your plants when you travel.
If you don’t want other people in your home at all, your unused space is someone else’s treasure. Saanich Ridge Estate homes have plenty of closet space, a large crawlspace, extra rooms, and a garage. Consider renting it out as storage.
If you like action and want to be part of the film industry, list your property on a regional database and you could be discovered as the next desirable hot spot for film shoots. The process requires negotiation with the production company to fit within their budget and what works for you. For instance, you can accept contracts that coincide with your out-of-town holiday, or one where the production company will take over your home and pay for your lodging at a hotel for the duration of the shoot.
These are just a few interesting ideas to make sure your home is an asset for your family… even by Robert Kyosaki’s standards.
Try these great ideas for generating income from your home!