YOUR HOME is one of your greatest financial assets. With a little creativity, it can also be a source of residual income. Slumping home values have encouraged many home owners to seak additional ways to make their mortgage payments. We're all familiar with renting out an extra room or selling some of your clutter for extra cash, but what else can be done to get extra cash from your home? How about using your home for marketing? Or featuring your home in a film or magazine? You can even rent out your driveway. These are only some of the many ways homeowners are creatively getting extra cash from their home.
A company called Braniacs from Mars has introduced and interesting marketing campaign. They are offering to make your mortgage payment for you for up to a year! What's the catch? Your home is converted to a billboard. What do you have to do? Fill out the application. You must own the home (no rentals) and keep the billboard up for a minimum of 3 months. At the end of the contract the company will return the house to it's original color.
Another way to earn some extra cash is to register your home as a possible location for magazines and films. Larger budget films build their own sets, but there are the occassional projects looking for existing homes to film in. One example is the Home Alone house. Similarly magazines need homes to serve as backdrops for their photo shoots. This is definitaly not a guaranteed way of making money, but if you have a gorgeous home it could be ideal for film. There is some inconvenience involved if your home is chosen (a large crew will be in your home for days, and they may re-arrange things, scrape walls, or even re-paint), but earning up to $1,000 a day may make it worth your while.
Renting is one of the most common ways to make money with your home. Whether it is a bedroom for an extra guest, your den as a study lounge, or even a section of your yard for garden space. Now you can rent out your driveway as a parking space. Park At My House is a company that registers driveways for rent. Living in a city center, near mass transit hubs, or close to large venues can now help you earn extra cash.
If these methods don't get you the extra cash you need to make your payments, you may need to short sale your home. Contact me if you may be facing foreclosure and want to know your other options.