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Ways to Turn Your Home Into an Extra Source of Income

Almost 15 million people in India are reaping the benefits of being self employed by running their own business, according to the Freelancer Incomes Around the World Report 2018.

As the trend for working at home increases in India, there are many jobs to do from home and earn good money, but did you also know you can turn where you live into a money-making machine?

Ways to Turn Your Home Into an Extra Source of Income: eAskme
Ways to Turn Your Home Into an Extra Source of Income: eAskme

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Whether you chose to work at home or use the property to generate the cash you need, here’s some inspiration to make a home into an extra income source.

Look at what you have

If you don't like the idea of having a permanent lodger, other possibilities include renting out a spare space for someone to use as an office area, small workshop or studio, which can be set at an hourly or daily rate.

If you’re an older individual and want to look at ways of tapping into home equity, a reverse mortgage or loan can be a valuable financial tool without having to repay your debts immediately.

However you chose to use your property to make more money, make sure you have a financial plan in mind in order to maximize your earnings.

Use your location

If your home has a special character to it or is situated in a unique location, think about renting it out for photoshoots or filmsets.

Once the property is signed up with agencies showcasing your home’s qualities and features, it’s possible that you might see the interior in a fashion magazine or catalogue company.

Alternatively, use your location to attract more tourists, and offer a local experience from within your home through cooking traditional cuisine or being a tour guide, which can be advertised online for better exposure.  

Sell, sell, sell!

There are many opportunities to sell online from home which allow you to increase your bank balance while being flexible with your time.

Consider having a clear-out to sell unwanted items, making your own crafted products, or even growing fruit and vegetables to sell online or in the local area.

In addition to selling items, you can sell your skills or knowledge.

Whether you play an instrument, know a language, or are an excellent cook, teaching people in the home or through an online class can prove to be a profitable sideline.

Owning a home does cost money, but it could also be earning you money. Consider what areas to capitalize on, and turn it into a successful goldmine, even while you’re living in it.

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