If you’re feeling a bit of the pinch following last week’s budget speech, fear not! One of your most valuable assets – your home – could actually be the answer to some much-needed financial relief.
Finding an additional income stream for yourself in today’s economy is becoming more of a necessity with each passing day. As result, more and more people are starting to think outside of the box when it comes to finding other ways to make money. Turning your home into a money-maker is one such way to seriously consider.
That said, using your home to generate extra income comes with its own pros and cons so be prepared to do some upfront homework before making this kind of commitment.
Things to consider and check out before embarking on such a decision should include investigating what laws – be it body corporate, municipal or even income tax – exist around using your home for income generation as well as what your home insurer will cover should you wish to take the plunge and rent all or parts of your home out to strangers.
With all this talk of earning extra income, it can be tricky to know where to start or how to go about turning your home into here are 3 simple ways you can turn your home into a serious money-maker for yourself:
Rent it out
The most obvious way for you to make money from your home is by periodically renting it out entirely – during the holidays for example. Travelers, students and single professionals alike are always on the hunt for decent accommodation, and yours could be the place they are looking for!
If you aren’t comfortable renting out your whole home, you can consider renting out an unused room or even a granny flat if there’s a long gap between the next round of visiting family or friends. It’s amazing what a good declutter can do for a space so if you think there could be an opportunity to turn that spare room into a money-maker, get stuck in! Get rid of all the clutter, give the room or flat a fresh coat of paint and bombs away – you now have an awesome income-generator under your very roof! Bear in mind that rooms or flatlets with an ensuite bathrooms and private entrances are in hot demand and can help fetch a pretty price.
Once your home is ready, you can go the traditional route and list your home, granny flat or room on estate agency sites or property sites such as Private Property for short to long term renting. Another option to consider when listing your home is online sites such as Airbnb and Bookings.com. These sites make this route to renting a lot less stressful than in years passed and should be seen as key resources in you renting out whatever space you it is you are comfortable renting out. For those of you who aren’t familiar with these types of services, they make it possible for homeowners to rent out their homes to people on holiday, traveling for business and so on. More and more travelers are expressing a preference for this type of rental arrangement as opposed to that of a hotel as it is often cheaper and more “personable”. While it might be a little off-putting at first having strangers in and around your space, consider it a super easy way to earn those extra Rands (and meet new people!) with very little effort.
Hire out the extra space
A lot more South Africans live or are moving into estates and complexes and with this comes the perks of being surrounded by others who, like you, could probably use a bit more storage space! You could therefore consider renting out your garage if you aren’t using it or even your second parking if that’s the type of place you live in. Another clever and “out-the-box” idea if your home happens to be situated close to the local airport, sports stadiums or even event venues is to rent out “parking spaces” for those wanting to leave their car somewhere safe without paying an arm and leg. This could be a hit as people will feel peace of mind knowing that their car is parked somewhere safe for a cheaper rate than that of “official” parking.
List your home with production agencies
Most video and photography agencies around the country are always on the lookout for real South African homes to film in – from luxurious to simple and everything in between! Most agencies genuinely do appreciate the assistance and often allow people to register on their location database for free. With this mind, use Google to find out which local agencies are around you and approach their production manager. Be sure to take decent, high quality photos or even better, videos, of your home to give them an idea of what space is on offer. It’s worth noting though that hiring your home out to a production crew comes with its own challenges. Most film or photo shoots start early in the morning and can sometimes finish early evening depending on how the shoot day has gone. That said however, most professional and reputable agencies will ensure that they are in and out of your home as quickly and efficiently as possible, ensuring that everything is left as it was found – all at a good rate for your pocket.
Of course, opening up your home in these ways might not guarantee you the kind of income your hoping for straight away, but it’s a good place to start if you are open to the idea. With everything so unsure, let this inspire you to give something new a bash when it comes to earning extra income. Sometimes the best ideas are closer to home than you realise – and in this instance, the best idea could very well be your home itself!