YOUR HOME, one of your greatest financial assets, can also be a source of extra income, with a little creativity. With the slump in home values, people have been thinking outside the box to get a little extra cash from of their home. There are many common ways of getting extra money from your home such as renting out an extra room or selling some of your clutter. But what about using your home exterior for advertising? Offering your home as a location for magazine or film shoots? Or even renting out your driveway? These are some of the creative ways homeowners are pulling extra cash from their home.
Recently a company called Braniacs from Mars offered to make your mortgage payments for you for up to a year! What do you have to do? Fill out the application and if your home is chosen it will be converted into a billboard! Of course you must own the home (no rentals) and keep the billboard up for a minimum of 3 months. At the end of the contract the company will return the house to it's original color.
Another creative way to get extra cash from your home is registering it as a possible location for magazine shoots and filming. You're probably familiar with the 1992 film The Sandlot and the inclusion of many Utah homes and locations in that film. Similarly magazines need homes to serve as backdrops for their photo shoots. Of course this is not a guaranteed way of making extra cash with your home, but if you have a gorgeous home it could be ideal for film. This may involve having a large crew in your home for days, and they may re-arrange things, scrape walls, or even re-paint. But with some companies offering to pay around $1,000 a day that may be only a minor inconvenience.
Renting a room is a common way to make money with your home, but what else can you rent out? Your den as a study lounge? A section of your yard for garden space? Now you can rent out your driveway as a parking space. Park At My House is a company that allows you to register your driveway as a possible location for renters. Living downtown, near mass transit hubs, or near large venues can not help you earn extra cash.
If these methods don't get you the extra cash you need to continue to make your payments, you may need to short sale. Contact me if you may be facing foreclosure and want to know your other options.
About the Author:
Utah Dave - Daybreak Neighboorhood Expert and Local Resident
My friends nicknamed me Utah Dave in high school because they said it didn't matter where we went in Utah, I would know how to get there and who we needed to talk to. The name sticks today as UtahDave has formed into a professional real estate network of Neighborhood Experts all across the state. I live in Daybreak with my wife and 4 amazing children. I enjoy dancing (which is how I met my wife Dawn) as well as traveling, coaching, and learning.
