Looking for ways to make extra cash? Your home may be an unexpected source of extra income.
Rent It Out
Renting a spare room to a friend or someone who is looking for a house-share arrangement can be a steady source of income and way to share the cost of bills. This can be great if you and your housemates get on well together and a complete nightmare if you don’t, so think carefully before you enter into any kind of binding arrangement.
If you would prefer to have paying guests on a more flexible arrangement, consider becoming an AirBnB host.
The rent you receive is considered taxable income and must be declared to the ATO, unless you are accepting payments from a family member for board or lodging.
Host An International Student
If you can provide a friendly and welcoming home and are interested in helping an international student integrate into a new culture and lifestyle, being a homestay host may be for you. Host compensation varies according to your location and the level of facilities you can provide -indicative payments are $176 for basic accommodation up to $320 a week if you provide a room and full board for your guest. Source: Homestay Network
Do you have the opportunity to work from home or are you starting your own business?
Using your home as a home office or workspace entitles you to a number of tax deductions.
Always seek the advice of a professional accountant if your affairs are complex or you are not completely sure what you are entitled to claim.
Rent Out Your Car Space
Car spaces in busy city areas are in high demand.
If you live in an area where the demand for car spaces outstrips supply, renting your car space could be a low-maintenance way to make up to $450 a month.
Rentable spaces include your driveway, a space in an undercover parking lot, lockup garages, an outdoor parking spot or a covered area like a carport.
Apps like Spacer and ParkHound manage bookings and payments with the required safety and privacy considerations.
Turn Your Home into A Film Set
It’s more than likely that the period home or quirky cottage you admire on your favourite show is making its owner some serious cash.
Don’t be put off if your home or street are more run-of-the-mill than mansion. They may have a feature or design that fits the location scout’s brief perfectly.
Fees for the use of your home can be substantial, but be prepared to have your home available at short notice and to be taken over by a film crew or photographer.
Run A Bed and Breakfast
If you like the idea of providing hospitality for a living, and live in or near an area that attracts visitors, running a bed and breakfast may be a great way to earn a living.
Start-up costs can be significant, particularly if you modify your home to turn it into guest accommodation.
You may also have to deal with difficult guests who don’t treat your home with the same respect you do.
On the plus side, you may very well have a valuable business to sell when you decide to retire, and as a business owner, you will enjoy the perks of working for yourself.
Become An Agritourism Operator
If you live on or own an orchard, farm, historic garden or other place of interest or natural beauty, consider opening it up to guests or for events.
Agritourism is an industry that has become popular in recent years, combining the industries of events, hospitality, tourism, agriculture and farming.
It has also become a popular source of entertainment with TV programs such as River Cottage Australia and The Gourmet Farmer illustrating how your hobby farm can be a lucrative enterprise.
With international tourism currently on hold, now might be the time to pitch your business at domestic travellers who have extra cash to spend that would otherwise leave our shores.
Found a property with exciting possibilities and want to make an offer?
Make sure you have all the facts with a pre-purchase building and pest inspection from The Home Inspection Hub.