Use Your Home to Tap Into Extra Income

You can use your home to tap into extra income especially if you live in Lake Havasu. It’s the perfect vacation destination to take advantage of financially.  If you have an extra room, a garage, a finished basement or shed, you can turn it into extra income. When visitors come to Lake Havasu for vacation or Spring Break, they are looking for an affordable place to stay.  Therefore, I have some tips on how to use your extra space to make extra money.

How to Use Your Home for Extra Income:

The Garage – Transform your garage into an additional living space. Most garages already have sheetrock and electric in place. You just need to do a little painting, add some vinyl or tile flooring and a small bathroom. This project can cost anywhere from $4,000 to $10,000 depending on what you already have in place and what you need to add to complete the project.  Just remember, all you need is a bedroom, a small bathroom and some furniture.

If you don’t have the money to add a small bathroom, you can allow your visitors to use your bathroom. However, you should keep-in-mind that they will need access to your home at all times for the use.

An Extra Bedroom – If you have a spare room in your home you won’t have to spend a lot of money to get it renting ready. If you don’t mind strangers being in your home, this could be the best way for you to turn your home into extra income. You just need to make the room inviting and cozy and make sure the restroom they will use is clean at all times. You can even offer breakfast and lunch for even more income.

A Shed – Even a small shed can be transformed into a money making machine. You can transform your shed into a livable space by adding walls, paint, flooring and furniture. However, keep-in-mind that most sheds won’t have enough space for a small bathroom, but if it does have space, you can easily add one for less than $5,000.

Lake Havasu City is a vacation destination, it is the best place to rent a room from your home. In most cases you can earn an extra $1,000 to $1,400 each month. That’s $18,000 each year if you can keep it rented on a regular basis.

These real estate money making tips are brought to you by: Mary Anne DeYoung, your local real estate professional in Lake Havasu City, AZ and surrounding communities.  “Play like you mean it.”

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