Mark's Mortgage Minute

Apps That Can Help You Monetize Your Home

September 7th, 2018

Houses are expensive. In addition to the mortgage, insurance, garbage, electricity, lawn maintenance, HOA’s, repair and upkeep, a home can take a large part of your paycheck. However, it is an excellent long-term investment. While it seems like you work hard, so you can pay for a home, you also have a few opportunities to make a little side money as well to help pay for your house. Some apps are now available to help your home pay for itself.

Roomi

A home can be a good source of income by using the rooms you have for rent. Roomi is an app that allows you to connect with renters who need a place to stay. The best part of the app is that it gives both renters and tenants a piece of mind, by doing a thorough background check everyone who uses the app. You can view the payments for rent on the app. While having a renter does need to be reported as income on your taxes, there is now a law that lets landlords deduct 20% of their net income.

Air BNB

Air BNB is now a well-known company that has an app that allows you to rent out your home for short periods like a weekend for events. If you live near an area that has a popular event where hotels sell out quickly, you can capitalize on the Air BNB app. The app allows the renters to stipulate the terms, conditions, and prices of their space. Just like hotels, whenever demand is higher, an Air BNB owner can charge higher premiums. One example of this is someone who lists their place near the U.S. Tennis Open in Flushing, NY for $1975 per night during the U.S. Open when it would typically list for $753 a night.

SpotHero

SpotHero is another app that helps a homeowner that has a great location near events to make little extra money for renting out their parking space. If you have a secure parking spot near a stadium, train stations, airports or other favorite events, you might want to take advantage of this opportunity. The amount you charge for your space is up to you. If it is a high demand spot, you can charge more and use the money for housing expenses.

Neighbor

Neighbor is a new company similar to Air BNB and SpotHero, but for storage. Neighbor connects people who have space in their homes and others who need a place to store their things and want to save money compared to regular storage units. If you have an extra garage that you aren’t utilizing or a room in your basement, Neighbor may be for you. It allows you to make money on the unused space with someone who lives nearby.

Companies are getting more creative with using peer-to-peer opportunities because services that companies provide are too expensive and there are opportunities for people to connect with each other for savings. As a homeowner, this can give you a chance to make some passive income while having to do little on your part.

https://www.bankrate.com/mortgages/these-apps-make-it-easy-to-monetize-your-home/

Mark Moyes (NMLS# 267431)

Phone: 801-999-0886 | Fax: 888-835-4067
7730 South Union Park Ave Ste 200,
Midvale, Utah 84047
Veritas Funding (Corporate NMLS# 252108)
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Veritas Funding NMLS 252108