Too often are people naive to the many advantages of owning a home. While being your own landlord is by far the most appealing, I also think the advantages of opening up alternatives revenue streams are rarely considered for their full potential. A house is a piece of property like any other and can be used to to achieve whatever means you see most useful.

With the price of housing on an interminable incline, I think its time we take full advantage of options capable of subsidizing an otherwise daunting mortgage. So, whether you’re already struggling to stay afloat in the deep end of debt or just doubting yourself on the diving board, let me lay out a few alternative revenue streams which might serve to get you back on dry, debt-free, land faster than you think.

1. As you are likely aware, the amount you contribute towards your mortgage in the beginning is multiplied exponentially when applied to the bottom line, or final amount you end up paying in interest. For example: lets imagine you are able to contribute an additional $300 more per month than what you had originally planned for when you bought the mortgage. Given a 20 year term with a 4.5% interest rate, that additional $300 per month equates to roughly $800 contributed to your bottom line.

Needless to say, the amount contributed to your mortgage at the beginning of your mortgage term is of far greater value than the same amount contributed at the end of the term. So, why not try and leverage your new untapped asset before using it for far less profitable familial enterprise.

2. Far and above, the most profitable and accessible venture is simply renting out a room, or multiple rooms if available. this kind of undertaking can prove especially profitable if you live in an urban centre or near a university. While busy schedules and frequent trips home make students an ideal candidate, professionals just starting out in a new city or recent graduates can be more than agreeable tenants as well.

Much like the example above, the 300 – 500 dollars garnered from an unused room is perfectly reasonable for cities like Lethbridge, Montreal, Barrie or Kelowna, and is far exceeded in more densely populated cities like Vancouver or Toronto. While we are on the topic, I might also note that, as with all renting arrangements, the profitability and legality depend on location.

3. If you find the commitment of a tenant off putting, then I would suggest hosting weary budget constrained travellers as a more interesting and even profitable venture. The amount you reap is dependent upon how often you decide to “host”, and what you are willing to provide. While the market price for a single bedroom may be small compared to your mortgage payment, the overall contribution in the end will be by no means negligible. In contrast, if you’re a trusting individual and like to get away for the holidays, offering up the entire residence to visiting families while you’re away can yield a far more significant sum. Websites like airbnb.com, craigslist, and Kijiji are excellent mediums by which to realize your dreams of becoming the hip b-n-b refuge to worldly globetrotters you had always dreamed of.

4. A third and equally profitable option would be subletting the basement out. While the most desirable arrangement would be to have a separate basement entrance, it most certainly doesn’t need to be essential. For a more accessible rent, I’m sure plenty of potential tenants would be happy to enter through the internal basement entrance if it meant saving a bit of money. If your basement is accessible by a staircase butting up against an external wall, as I believe is the case for most bungalows, it is very easy to erect a simple partition featuring a second door to allow access to the upper floor.

If you don’t have a basement, I would highly suggest either finishing or underpinning the foundation to create one. While both endeavors can be expensive, they are one of the safest bets you will make for long-term returns. Not only does it drastically increase the value of your house, but you will also save on your energy bill, strengthen the structural integrity of your house, and open the potential for a revenue stream which could pay for the renovation in 2-5 years.

5. While this next alternative requires a garage, I think its definitely worth mentioning as its value potential is rarely realized to the extent I think it should be, especially in cities like Calgary and Toronto. laneway and above-garage accommodation, and the rental income it can afford, is a vastly under-used alternative revenue stream available to nearly anyone who has a laneway accessed property. While the undertaking can be expensive ($30-$60k, depending on the size of accommodation), I still believe the additional value it adds to the lot and the rental income it can garner are well worth it. With renters in urban areas eager to gobble up single rooms in shared housing for amounts in excess of 600 dollars, I have no doubt a similar amount can be garnered from a private suite with windows. With a rental market as hot as Toronto’s, I would not be surprised if such an accommodation could be rented for 7-900 dollars/month which is a staggering 10%-30% of your initial cost back within the first year! Just think of the potential. I am sure anyone about their senses would far prefer living in a slightly less spacious garage suite than a basement.

6. As you know, film students and hollywood directors a-like all require a set to stage their epic. It just happens that, that set can be your home. By taking a few photographs and compiling a brief description/sale pitch, you can list your home amongst the potential movie sets for the next Hunger Games. The only problem is, while shooting it is unlikely you will be able to remain in the home as the deal is most often a take-over-only.

Hopefully some of these some of these options have got the proverbial gears turning.