Most homes hold hidden wealth in some of the most unexpected places. This guide breaks down five things you can do now to identify opportunities in your home that could be generating income and the easiest ways to capitalize on them.
Recycling for Cash
Remember when recycling centers used to pay you for cans and scrap metal? That never went anywhere; people just stopped doing it. So if you save up enough of these recyclable goodies, you might find that your local center rewards you handsomely for it.
Check to see if they take more niche items, too, like car batteries or old electronics. These are often hard to dispose of anyway, so getting some extra cash for turning them in somewhere safe is a win-win!
Utilize Extra Space
Maybe you have an extra parking spot or an empty workspace in the top half of your garage. You’re glad you have them, but they can often feel like wasted potential if they go mostly unused. That is, until you realize you can lease either or both spaces out for a pretty penny.
You can even rent storage space now, which is great news for those who aren’t fans of AirBnB’ing their home to strangers, but still have extra space they could leverage for cash.
Energy Savings and Rebates
Upgrading appliances or swapping out old lightbulbs for LEDs doesn’t just make you feel responsible—it slashes your monthly bills. But before you upgrade to anything specific, review your local, state, and federal energy rebates.
There’s money to be made here, whether by rebates for specific energy-efficient appliances or tax credits for green energy initiatives. Sometimes the government or utility companies will even give you cash back just for getting rid of old appliances. This is another huge bonus if you’re looking for an upgrade, since the newer models mean you’re spending less on energy expenses.
Sell or Trade In Valuables
Almost everyone has a drawer, closet, or room teeming with forgotten things that other people would gladly pay for. Ensure these items aren’t just collecting dust; consider flipping them for cash if you need extra money.
Be smart about this, though, especially with collectibles. Do market research before you list anything online, and be extra careful with things that could potentially be antiques. Some items sell for more during certain times of the year, so be aware of market fluctuations and time your selling accordingly.
Start a Business
Your home is often the ideal storefront for a side business. Lean into what you’re good at and what you can easily produce at home. You can bake goodies, make candles, refinish furniture, or offer services like tutoring or pet sitting.
And once you’ve landed on what goods or services you’ll sell, it’s time to spread the word! Post on social media, neighborhood apps, or community bulletin boards. Your next client could be living two doors down just as easily as they could be across the ocean, so explore all avenues.
