Depending on your situation, paying off your mortgage early may or may not be the right decision. If you have a low mortgage rate, you may find it more financially viable to invest extra money into a 401k or a Roth IRA. In addition, if you or your kids are applying for financial aid for college, then you may be eligible for less financial aid if your home is paid off—many colleges and institutions view home equity as money in the bank.
But if you’ve weighed your options and have decided that paying off your mortgage is the best financial decision, then here are smart some ways to monetize your home so you can pay your mortgage off faster.
If you have guest rooms or extra space in your home, you can make extra money by listing your extra rooms on Airbnb. Take advantage of the user-friendly app to connect with travelers and tourists who would rather stay in a home than a hotel.
If you have a full extra bedroom and live in a centrally located neighborhood, you can make thousands of extra dollars each month just by listing your home on Airbnb.
2) Rent Out Storage Space in Your Garage
If you don’t have an extra bedroom, you can still optimize your extra space by renting it out to folks who don’t have access to storage space. If you have an attic, basement, or extra closet, you can make some money from it. Check out apps like Spacer to explore the different ways you can rent out extra space to people who don’t have as much free space at their disposal.
3) Direct Sales
Direct selling companies are a great way to make a little extra money if you have a network of friends and acquaintances who are interested in buying your product. Work flexible hours from the comfort of your own home after making an initial investment in a start-up kit.
You can become a direct seller of almost anything. From makeup and beauty products to wine and homegoods, you can sell your favorite type of product right from your home for a percentage of the profits.
4) Plant a Garden
Planting a garden is a sustainable way to bring some extra cash flow into your household. Simply eat your extra fruits and veggies from the garden to save money each week on groceries.
You can take it a step further by selling your harvest at local farmers markets or to food distributors. According to The Spruce, setting up a business plan on how you will make money from your garden will help you succeed as a veggie business owner.
5) Solar Panels
While installing solar panels is a process that requires some up-front planning and financial investment, over the long haul, it can help you save thousands of dollars every year.
Depending on how much sunlight your home gets and in what state you reside, you can sell extra harnessed energy back to your utility provider. There are now apps that help you monitor how much energy you are selling back to your provider, so you can always be on top of your usage and energy management.
6) Become an Online Tutor
Websites like StudyPool, Chegg, and TutorVista help you connect with students from all over the world, so you can offer your tutoring services from the comfort of your home office or living room.
Many sites and programs pay up to twenty dollars an hour and have extremely flexible hours — so if you have an extra or hour or two in the evening, why not help a student get a better grade and make some side cash in the process?
7) Sell Unwanted Stuff
Yard sales are a tried and true way of getting rid of clutter and making a few extra bucks, but now there are ways of selling your unwanted items without all of the hassle of setting up a physical sale.
For example, sites like Bookscounter will help match you with book buying companies that will buy your gently used books right off your shelf.
8) Optimize Your Parking
If you have an extra garage, there are several apps and websites that will now help you rent out your driveway, garage, or yard space just like a conventional public parking garage.
Knowing whether you are looking to rent your parking spaces out for extended periods of time, or just a few hours here and there will help you decide which app to use. Spot, Justpark, and Parkonmydrive are a few good options to check out when you begin your research.
9) Become a Dog Sitter or Walker
If you don’t mind having a dog hanging around your house, you can offer up your space to dog sit and help people who need a safe place to keep their dog while at work or on vacation.
Rover is great for people who would prefer to bring a dog into their homes for dog sitting. Wag is a good app for folks looking to walk dogs but keep the dog hair out of their home.
Babysitting is a great option for families who have outgrown their playrooms. Babysitters often make a going rate of $20 an hour. Check out UrbanSitter or SitterCity to connect with families needing sitters today.
If you feel like you have the energy to work with many kids at once, consider converting your family room or playroom into a manageably sized daycare center.
Sit Back, Relax, and Monetize Your Home
You don’t need to take on a whole new job in order to make a little extra cash to pay off your mortgage faster. Instead, be your own boss with these quick and easy ways to put some money back into your pocket as you look to pay down your mortgage faster.
Make our site your Real Estate "Pinterest" if you will. Fill out your info below to be able to save all your favorite homes in one place. When you've found "the one" you'd like to see, contact us for a private home tour!