Your home is, by definition, the place you live or return to regularly for rest. Many do not realise it can also be a source of income simply by identifying a problem or need which can be solved with parts of or the whole of your home and rendering services to cater to that need.

Though this sounds simple, security reasons are thought likely to hinder the attempt to make some money off your property. However, handling the security concerns may be the key to your success, if done right. All the same, there are a few tried and tested ways and below are a few options worth a try.

• Rental Income

Rent income accrues to an individual as a result of leasing or renting a property to another. It could be on a long-term basis which is usually from 6 months to 1 or more years or short-term, which spans daily, weekly or monthly rent periods.

Hence, money can be made off your property by simply leasing your spare rooms and boys’ quarters to occupants at a fee. These spaces can be leased as short-let properties at a fee usually cheaper than what hotels and guest houses charge for the same or comparable period of stay.

Additionally, with Ghana on the map as a great tourism destination in Africa, listing your property as a short let is likely to fetch some decent income regularly if marketed right to expats, returnees and members of the diaspora who are not looking to plant roots during their visit.

• Rent out storage space

These spaces are mostly useful to individuals or groups with items they currently do not have room for in their regular place of abode. For instance, someone moving from a 3-bedroom accommodation to something smaller like a studio apartment is not likely to be able to keep all their belongings with them at the new place. But if they do not want to sell all their extra gadgets and valuables, they will need a space to keep them until needed. That’s where storage units for rent come into the picture.

Renting out storage spaces or compartments to cater to these needs is a very smart way to make money off your bare garage or unused rooms. You will, however, need to provide security so the contents are secure and not easily prone to theft.

• Home-based businesses

A business operating from one’s home can be referred to as a home-based business. Coupled with digitalisation, a lot of well-known companies began as a result of clearing out spare rooms, garages, basements, or boys’ quarters.

The services that seem the most viable for this kind are businesses with low start-up cost, flexible schedule, and generating good income. Though, just about any business can start out like this if it does not infringe any laws or regulations. Some easy-to-start-from-home businesses include a gym, leasing your swimming pool to trainers, and keeping inventory in an unused room for your online product sales business.

Additionally, day-care centres, music instruction classes, cloth designing shops, party planning businesses, ebook publishing businesses, hair care businesses and lots more are further examples of businesses that can be operated or started from the comfort of your home.

• Car parking spaces

Perhaps, your home is located in a city considered a commercial hub with many companies, restaurants, and shopping centres around. Even though parking spaces are usually provided in such commercial spaces, such spaces may quickly become insufficient during peak shopping periods when more people than usual may flock to the area and need unavailable space to keep their cars while they go about their commercial activities. The vacant compound within your house or the space adjoining your property can be rented out as a parking space.

Additionally, parking spaces come in handy to many busy workers who need to keep their cars in a secure and safe place as they go about their daily activities.

• Event Centre

If you have some acres of land on your property, you can make money from holding events. Steady income can be obtained by setting up that space for weddings, funerals, birthday parties, etc. Bear in mind, however, that events are held occasionally. Therefore, your space is not likely to get steady business unless it has a proper combination of great advertising and is located in that ideal location lots of event organisers fancy. With these ingredients in place, your property space is likely to bring you some decent income.

• Production Studio

You’d be amazed at the funds allocated for studio spaces by some creative production companies!

You could tap into this market by investing a little into making one or more of your rooms attractive either as a recording studio, an ideal shooting set, or suited for any other kind of purpose creative professionals may require which is within your ability. Most often, a new environment, a space big enough to host a team, and its equipment are all that is required. If done right, your property (house or apartment) can cater to these needs on a regular basis for some steady income.

These spaces can be leased to creative professionals such as musicians and artists for their productions.

The list of means of generating income from your property is endless to some extent. Your creativity may be the only limit. As such, be creative, find what works best for your space and within your abilities, and utilise it to make some money.

It is well worth considering that the services you render may bring some challenges as running a business is not always rosy and smooth. It is, therefore, advisable to secure the services of a lawyer to help you secure your interests in contracts you enter into regarding your monetisation efforts and to be certain your money-making venture is within the limits of the law. Also, securing your property against damages should be a priority so you can remain in business for the long-term. Let us know what ways have been effective for you in turning your home into a money-making property in the comments.