As the father of an autistic child, I have been faced with more than a few necessary home modifications projects. Unfortunately, with the high cost of raising a special needs child and my wife's decision to stay home and raise our son, there simply was no room in our budget to hire a contractor to complete these projects for us. Each weekend for nearly a year, I would pick a project to work on. This past month, I finally finished every project on my list. After learning more than I thought I would ever know about home construction and repair, I have a new found appreciation for the skills of general and specialty contractors. That is why I decided to start this blog to pay tribute to the job these contractors do, and help to empower more homeowners to take on the role of a contractor in their home.
There is no denying that buying a home is easier than building one. It does not require extensive planning because the main things you need to worry about are creating a list of what you want and need and working with a real estate agent to help you look at homes and eventually purchase one. If you are determined to have a custom built home, in which the average individual pays around $300,000, you should look at ways that you can turn this new home of yours into a place that allows you to generate income. This can help you offset the savings that you might be able to enjoy from buying a property instead.
There are limitations to how much money you can make with renting your driveway because one of the most important factors that will determine your success is the location in which you live. If you are perfectly okay with creating a massive driveway so that you have more than enough room to get your vehicles into the garage while also renting it out to others, then you should pick a location that is desirable. The best examples are when you plan on building close enough to a theme park or event venue that has expensive parking because you can offer an affordable alternative within walking distance. It is also nice when the area you live in runs out of parking space and then people are willing to pay just to park.
Although you can turn an extra bedroom into a home office, which can then lead to generating money, you should look into a more straightforward approach of renting out the room. It is possible to bring in a roommate that is a busy individual and just needs a place to live while working and going to school. You can put the rent that you get from them directly to the mortgage payment to reduce your contribution. Since a bedroom is a climate-controlled area, you can even rent it out as a desirable storage space.
If you are okay with the idea of hosting guests, you can even open shop as a vacation rental owner. You need to make sure the area you are building in allows these rentals and to follow regulations. It is possible to split up the rental into several private bedrooms so that you can have multiple guests at one time. Or you can rent it out as the whole home to maximize the daily amount that you charge per guest.
The opportunities are nearly endless for generating income with a new home, and you just need to decide what it is that you would like to do to make money from the home that you have built.Share
18 November 2016