You could make money from renting out a room in your house, or your entire house over the holidays or vacations to maximize profits. List your space on websites like Airbnb, SpareRoom, and Craigslist.

Be aware that, in certain towns and cities within the following five states: California, New York, New Jersey, Maryland, and Washington DC, rent control functions as a price ceiling, putting a limit on rental prices and lease renewals.

If you take in a lodger, let your mortgage lender and buildings and contents insurer know in case you are breaching the terms of your agreement and be aware that rent is subject to federal tax. Check your local and state tax rates to be sure you'll turn a profit.

25 smart ways to make money from your home