Do you have a garage that you’re not using or a separate house on your land? If so, you might be interested in home monetization. However, monetizing your property can be tricky. If you let part of your house or property to another person, that person might not be as diligent about home security as you are. Rather than cutting new keys, consider “smart” devices that act like locks but have advanced features like security monitoring from a cell phone. Here are various suggestions for safe and effective home monetization that also keeps you and your family safe.
What Is Home Monetization?
Home monetization is the reclamation of home property for profit. Sometimes, monetization is the rental of home space to another person. This can take the form of a boarder, an Airbnb traveler, or a bed and breakfast guest. Sometimes, people have spare driveway space that could be used to store someone else’s car or boat. Even an acre of land can yield products that can be sold. A garage can be converted into a suite with a bedroom, a separate bathroom, and a small kitchen. A large plot of land can be used as a wedding or party venue. The options are unlimited with some creative thinking.
What Are the Pitfalls of Home Monetization?
Home monetization can be a difficult prospect. Maybe your municipality has certain laws which require renters to be a certain age or related to the homeowner. You might live in a private community with covenants that limit the type of property improvement. Perhaps you’ve got a property for monetization but encounter prohibitive zoning laws. You could convert your entire house into a vacation rental but then require a place to live while renting your house. A new insurance policy might need to be purchased to cover the new use for the property. Also, there’s the possible cost of construction or renovation to develop the property into new living spaces. Home monetization isn’t just a matter of putting out a shingle for a bed-and-breakfast.
What Are Ways To Secure Home Monetization?
Maybe a renter or guests might stay for a day, or they might be there for years. Regardless, security is a major concern. Merely installing a standard lock and cutting keys could be problematic. Keys must be guarded unless they are lost, stolen, or misused by guests. One solution is to install the best smart lock for Airbnb to manage who enters your property. These can be attached to your existing deadbolt, allowing for entrance by a key if necessary or by an app.
Security cameras are another effective tool to maintain the security of your property. Many advancements have been made in home security cameras, which allow you to see who is entering your property at the touch of a button. Motion sensors can also alert you when it senses movement with your home while being less invasive than cameras. The options for smart devices are extensive and cover many aspects of your home from controlling the temperature to controlling the outdoor lighting. These devices are especially useful if the owner lives more than a few minutes away.
Home monetization can be a profitable way to maximize property utilization. However, certain precautions must be taken to ensure security. Smart locks effectively control entry and exit, ensuring only authorized users can access certain areas. While smart locks are useful for an Airbnb, they are also useful for everyday security. Consider smart locks wherever a typical deadbolt exists. The benefits are not just convenience but also better protection against accidental misplacement of keys or the forced entry of intruders.