From taking in boarders to really renting out part of your house, extra space in your home can sometimes easily be converted into welcome hard cash.
MSN Money describes how taking it to the next level can turn additional income into a steady cash stream which amounts to a yearly salary.
In 2001, Baschke remodeled the basement of her 1914 home into three more rooms and opened Connie’s Bed & Breakfast and Boarding House.
Income from her six units — including three to four full-time boarders at $550 a month and two to three seasonal bed-and-breakfast weekenders at $65 to $75 per night — averages more than $30,000 a year.
Before renting out make sure you’re up to date on local laws. Some counties and states require a separate entrance, others an additional emergency exit, for example.
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