6 Ways Hawaii Homeowners are Making Money from Their Property
Whether you like it or not, it's expensive to live in Hawaii. With the cost of living constantly increasing here in the islands it's not unusual for homeowners to find ways to make a little extra cash on the side. Here are my top 6 ways homeowners can turn their home into a money making machine.
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Do you own a beautiful piece of property with a lot of space? Maybe event hosting is something that would interest you. Lots of Hawaii residents rent out their slice of paradise for events like movies, weddings, parties, and business outings. Though prices vary, people often pay hundreds or sometimes thousands a day to host their event on your land.
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Vacation/long term rental
There is a very high demand for rentals weather it’s a vacation or long term. Hawaii is famous for beautiful beaches and scenery around the island and tourists often want to put themselves closer to the action. Vacation rentals often go for a few hundred a night, and with the nice sunny weather year round there’s never a short supply of tourists looking for a home to stay.
If you’re not into renting your house out short term, long term rentals are definitely the way to go. With house prices soaring well past a million dollars there is a very large demand for long term rentals in the islands. If you’re able to find a good tenant this can be an excellent “hands-off” way to generate a constant income.
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Start a Farm
Do you have a green thumb? Hawaii’s tropical climate is an excellent environment for an array of fruits and vegetables. Even though you may not be the next Dole plantation selling fruits and vegetables that you can grow around your home can earn you a nice bit of money every month. Typical cash crops include bananas, lychee, coffee, lettuce and much more. With the options of either traditional farming, aquaponics, or hydroponics there are a number of ways to get started.
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Host a foreign exchange student
Hosting a foreign exchange student could be a great way to learn about a different culture and language while at the same time making a little extra money. It's often an easy process to get started and can allow you to build a life long friendship with someone from another country.
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Rent out Storage Space
Do you have a lot of land or an empty shed you’re not using? Why not turn that empty space into an income generating side business! Whether it’s students going home for the holidays, military leaving on deployment, or your aunty who refuses to throw away all of her old cook books there’s always people looking to store something.
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Sell your Parking space
With websites like spothero or pavemint.com renting out your parking space has never been easier. Whether you live in the heart of Waikiki or out in the country of north shore, tourists are always looking for a way to get closer to the action. Renting out your parking spot can be an easy and hands off way to make a little extra cash without much effort.