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Renting out a room in your house

If you own your own home, you have lots of abilities to increase your income by using your house. You can rent out rooms, rent out the entire house, you can rent only during special events or on vacations. Your options are infinite as long as your local laws and partners are in agreement.

Renting Out A Room

The easiest way to increase your income without displacing your family is to rent out part of your house. The great thing about Airbnb is you can literally rent out any part of your house. From a separate in-law apartment to the room above the garage, a spare bedroom to maybe just a couch. What you can rent out is going to depend on location, price and time of the year.  The more in demand an area, the more guests are willing to pay for crazier options. For example, San Francisco is going to be much friendlier regarding air mattresses than say middle of nowhere Ohio. On the other hand, if it is a small town with a rat motel, you might have an easier time getting last minute bookings than an area that books vacation rental years in advance.

Renting Out the Entire House

Renting out your entire house while have way more impact on the family as you have to vacate the premises. It is the best way to maximize your earning potential. Especially if you are already going to be gone on vacation, for work, etc.  This allows you to command maximum income for few days.

Renting Out for Holidays, Special Events or Business Trips

While renting your house at any time of the year can be an AMAZING blessing, the reality is some times of the year make more money than others. This is especially important when you must leave your house. Holiday long weekends, special events and peak season guests would pay a MUCH higher per night price than ordinary. For example in one area off season would be $125 a night for a 4 bedroom 2 bathroom, Peak Season (Summer Time)- $300, Holidays (Memorial, Labor Day, Christmas, etc) would be $500 and special events (conventions, blue Angels Show, Pope Visit) could be $750 per night. This means that leaving over specific period could make a huge impact on the budget.

Deciding what part of your house to rent out?

How much you desire to earn can influence what you are willing to rent out. For example, your entire house over the holidays is going to command way more than a couch or even your master bedroom. That being said the higher rent commands such as Christmas with your entire house is going to cost you the most in personal stress. As you will have to leave your home over Christmas and let someone else stay there. Deciding on what part of your house to rent out is primarily influenced by how much you wish to earn.

 Length of Time

How much are you looking to earn? If you are looking to earn a substantial amount then getting a 30 day booking at $50 for a room or $125 for a full house a night can be huge and worth taking slightly less per night to have a more substantial amount. On the other hand, if you goal is only $500, renting out at $75 a night on peak weekends for a room, or leaving your entire house over Memorial Day for $1500 (3 night X $500) including the expense of leaving might be better.

 Speed

The great thing is if you are doing this to get quick money you can host with Airbnb and they send payment within 24 hours and you receive it quickly after, depending on your bank. That means after your tenant has checked in. You can literally have someone book and move in on the same day. That means as soon as you are ready to start listing your rental you are on your way to renting your house out. Hence renting out your room is a very expedient way to increase income without having to move the family out of the home.

 Conclusion:

Remember there is no such thing as a free lunch. The more money you can earn typically means the more uncomfortable you will be. Still there are great options to getting out of debt as quickly as possible. If you own your own home, you have lots of abilities to increase your income by using your house. You can rent out rooms, rent out the entire house, you can rent only during special events or on vacations. Your options are infinite as long as your local laws and partners are in agreement.

 


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