Possible Ways to Earn Passive Income in Your Granbury Home

Possible Ways to Earn Passive Income in Your Granbury HomeHomeownership is one of the largest costs of our lifetime especially with an increase in mortgage rates and home prices in the last couple of years. If you are a Granbury homeowner or are considering the purchase of a Granbury home there may be some ways that your home can help you to earn a little income on the side and help pay for the cost of living.

Possible ways to earn passive income in your Granbury home

Renting storage space

This may sound a little interesting but some people are willing to pay to have a little extra storage space for other things. Research has shown that one of the fastest-growing needs is rentable storage space. For this reason, there have been more and more of those complexes with rows of storage garages. But some people don't want to pay the significant fees for storing their stuff in these facilities. This is where homeowners have begun offering a portion of their property to rent out for other people to store their things.

Websites like neighbor.com help you to set this up or you can offer just a bit of extra space to someone looking to store just a few items and not pay an exorbitant amount to do so.

Rent a parking space

Another thing that the neighbor.com site is handy for is helping homeowners rent out space for other people to park their vehicles. This is especially helpful in areas where parking is limited and homeowners are needing an extra space for an extra car. For example, a townhome community may only offer one space per household, and people living inside may need multiple spaces. If you have an extra parking space not being utilized that is not in the way of your other vehicles this can be a great easy way to make some extra cash.

Renting extra space or vacationing visitors

You can list an empty room on some short-term rental sites for those looking for a less expensive way to house themselves during vacation. If you are comfortable with having people in your home or have a home that allows you to offer privacy and exterior access this is a lucrative way to make some extra money. This method is not completely passive as there is some cleaning and upkeep as well as adjusted contract agreements but it is a promising way to maybe even make enough to cover a significant chunk if not all of your mortgage payment.

Install an accessory dwelling unit

An accessory dwelling unit also more popularly named a granny pod in your yard is a great way to host people or have a long-term rental and possibly make your entire mortgage or more and have your home practically pay for itself. There is some learning to being an accessory dwelling unit owner. You need to make sure that you are within zoning rules for renting out an accessory dwelling unit and placing one on your property first. Then you need to make sure you are well-versed in what it would take to attract renters depending on whether you are attracting vacationers or long-term renters.

Lease some land

If you live in Granbury on a home with acreage you could take a portion of that and lease it out to someone looking to use it. A great way to lease out a corner of your acreage that is not being used is for someone who has purchased a tiny home and is searching for a place to put it. Tiny homes have grown in popularity for their affordability and the freedom that they give to live without any shared walls. But many tiny homeowners are looking for places to put their tiny homes to keep living affordable. If you have extra land leasing out a small portion through proper legal channels can be a great way to have your land make you some money.

If you are searching for a home in Granbury I can help. I'm here to help you find a home that you love in a location you love for a price that you love. Contact me anytime with all of your Granbury real estate needs.

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