A little girl in sparkly red shoes once said "There's no place like home". Her friends didn't have the brains, heart or courage to listen to this sound piece of advice. But, she was onto something.
There are fantastic ways to make money using your property and make home a whole lot sweeter. So let’s get into it.
- Renting a spare room or cottage
The most popular option for making money using your home is by renting out your spare room, cottage or holiday home. There are many sites that let you do this. The largest and most famous is Airbnb. Airbnb has over 2 million listings worldwide. Over 60 million visitors have "slept" with Airbnb so far (which finally explains my dodgy cousin's nickname). A major compeitor of Airbnb is VRBO with over a million listings,
If you have an empty space to rent, follow these steps to decide the best option for you:
- Look at Airbnb for listed spaces like yours in your area. This will help you establish how much you could expect to receive per night through Airbnb. It will also show you how often these properties are rented out.
- Determine an expected monthly income by multiplying the expected monthly bookings by the price per night. Don’t forget to reduce this slightly to allow for Airbnb's booking fee of 3%.
- Compare this amount to what you could potentially get from renting your space out to a long term tenant.
- Remember, it is not all about the money. Way up other pros and cons of each option. Listing on Airbnb allows the greatest flexibility. You can try it and stop at any time if you are unhappy. You can choose not to book out your space at times when you need it. But, by renting a space to a long term tenant, the amount of income you receive each month will be more stable. You will also save time or money saved by not having to welcome and prepare for new guests on a regular basis.
If you do choose to list your space on Airbnb:
- There are great companies that will help you maximize your income. Use services such as BeyondPricing to improve the money you receive from your listing. They claim that their dynamic pricing system has increased lister income by 40% on average.
- Consider listing on many sites to improve the chance that your free space will be rented out. This will increase the amount of work you need to do to manage availability, etc. But, you need to decide whether the extra income is worth the hassle.
- Let someone work in your home
Vrumi, only currently available in London, is an innovative online platform. It lets you rent your home during the day to workers who are looking for an office. If your home is suitable for this, DeskTime can also be used for the same purpose. If you are not generally at home during working hours, this is effortless income. Such a practice is not as popular as renting a bed for the night. Vrumi or similar platforms may not operate in your area. If so, why not organize a similar arrangement with someone that you trust from your community? You will need to ensure that your home has an appropriate space to work as well as WIFI or printers if needed.
- Rent out space as storage
If you do not like the idea of having strangers inside your home, you can use various platforms to find people that want to use your spare space as storage. You are likely to earn less from this than from renting out to vacationers. But, income is stable and this is less obtrusive than having strangers in your home.
- Rent out a parking spot
There are many platforms that allow you to rent out your spare parking space. The price you can charge and the frequency of rental will be location dependent. For having a parking shortage in your town or city may be a positive.
- Let others camp in your garden
Campinmygarden lets you rent your garden out to campers. So if you have a large or unique outdoor area, this may be just for you. You won't need to give them access to your property if there is a tap and a place for when nature calls.
- Host a film or photo shoot
Is your property particularly beautiful or unique? ShootFactory, allows you to hire your property for a photo shoot or filming.
Besides the bragging rights, there is big money up for grabs if your property is selected. Depending on your property, you could earn anywhere from $200 to $4000 dollars per day. This should not be treated as a regular source of income but rather a nice bonus when your property is hired out.
Bear in mind that often large crews may be part of a shoot. You will need to be comfortable with this and enough space will be needed.
And for the sake of being truly comprehensive here is an unexpected way to make some extra cash.
- Let someone use your toilet
Believe it or not, Airpnp (no connection to Airbnb) allows you to charge strangers for using your toilet. So if are desperate for 1 or 2 extra dollars then list your toilet on Airpnp.
Don’t expect to earn fortunes from this, it won't leave you flush with cash. But, if you are in a location that often hosts events such as mardi gras where there may be a shortage of legal places to go when nature calls. Why not monetize your toilet with Airpnp?
So that’s my list, I hope it hit close to home and you will follow the yellow brick road all the way to financial freedom.