How an Empty Bedroom in Your Granbury Home Could Make You Some Money

How an Empty Bedroom in Your Granbury Home Could Make You Some MoneyA recent data analysis conducted by the U.S. Census Bureau found that around 33.6 million bedrooms in homes across America are sitting empty. If you are a Granbury homeowner and have a spare bedroom you could be using it to make some extra income. 

At a time when the cost of living is increasing and quickly outpacing the increase in the average wages, looking at new ways to cut costs or bring in more money is appealing to a growing number of homeowners. With an increase in people looking for affordable housing and affordable ways to continue enjoying vacations, your extra bedroom could be a big asset to you as a homeowner. 

Take on a Roommate

This is not for every homeowner, but it is turning out to be an increasingly promising option for some Granbury homeowners. There are many homeowners especially young homeowners looking to purchase a new home on their own or who do not have children yet, and older homeowners looking to retain the ownership of their home or afford a decent downsized property while living on a fixed income. 

Homebuyers are purchasing homes with a mindset of renting out rooms to roommates. This allows them to afford homeownership and offers a great place to live for others at a lower rent price than the current skyrocketing rental market is demanding. Homeowners are still able to charge an amount for rent that can help to significantly lower their homeownership costs and help them afford a home or shift costs to other much-needed living expenses. Renters can find safe housing in good neighborhoods for less money than low-income housing. 

There are several services that help homeowners to find good roommates. One service is helping retired homeowners to either stay in their homes or afford the purchase of housing in a safe neighborhood that will allow them to age in place. This service is called silvernest.com

Renting for Vacation/ Short Term

Some homeowners have found turning a room in their home or a basement, or in some cases an ADU or even a garage into a hotel-like retreat to be a helpful side hustle. Again this isn't a solution for every Granbury homeowner, but some owners have found renting out their bedroom to short-term renters beneficial. 

 You may be shopping for a Granbury home and might consider finding a property that would enable you to rent a room or portion of your home for vacationers. Granbury has a big tourist draw being one of "Texas's Most Charming Small Towns" and the newly crowned "Celebration Capital of Texas." There is promising money to be made with a vacation rental in a Granbury home. Not all vacation rentals have to be the entire home. If you have a room or portion of your home that still provides plenty of privacy, and quiet surroundings. you can use this space as a short-term rental. 

Before giving a spare room in your home a vacation rental makeover, make sure that the zoning laws allow for you to do so. This is especially important in homes that are located in communities with a homeowners association. 

Alternatively, if you have someone who can act as a trustworthy property manager you could rent your entire home to someone while you are on vacation yourself or on a business trip. Why not make money and make vacations a little less expensive? Of course, with this option, you want to ensure you are able to lock out certain areas of the home and tuck your most valuable items away in there. Just like you would if you were renting out your second home to someone. 

Many Americans are finding ways to make their homeownership costs more affordable. If you have a spare room, you might be able to as well. Just make sure you work with a reputable third-party company that can help you find trustworthy roommates and renters and who can help you draw up the proper contracts and put the proper protections in place. 

If you are looking for a home in Granbury, I am here to help. I am a local Granbury real estate agent who has extensive knowledge of the local market including lakefront Granbury homes. Contact me any time with any Granbury real estate needs.  

Post a Comment