While renting out your home can be a good way to make money, it does limit how much enjoyment you personally get out of it since you can’t pop in to use it whenever you want. For those with a larger property, there is another option.
“A basement or top floor may be converted into a standalone apartment so that the property is always making money, but you can go there whenever you want,” said Tomas Satas, founder and CEO of Windy City HomeBuyer. “You can sublet it to vacationers or a full-time renter. Just keep in mind that you will have to hire someone to take care of the place if it isn’t nearby, and factor that into the rent.”