When most people think about how to make money out of their home, they usually think it involves renting out a room to a flatmate or short-term holidaymakers.
But there are many other ways to squeeze every last cent out of your property.
1. Rent out your spare space for storage
An alternative to someone staying in your home is to provide a safe space for their storage needs.
Innovative Australian company Spacer, currently in pre-launch mode, allows you to rent out your space for self-storage, acting as a link between those with empty rooms and those with storage needs. This could be a garage, spare room, sheds, basements, attic space or backyard.
You could earn $150 to $250 a month for allowing others to store their boat, caravan or other vehicle in your driveway. A garage could earn $200 to $350 a month, an attic or bedroom $150 to $250, while a backyard could be rented for $150 to $250 a month for boats, caravan or trailer storage. Those looking for storage options may be attracted by a local option, rather than traditional facilities. It is also about 50 per cent cheaper to use someone else’s space.
Those offering storage should consider the security of the available space, which should be described in the listing. You should also think about what access rules you want to set.
2. Use your driveway for paid parking
With parking prices skyrocketing in many inner-city areas and growing congestion, your driveway could be a goldmine. If you’re in a sought-after area, particularly near employment hubs, there could be an opportunity for you to make money from this space. Some homeowners advertise directly to locals, but another option is to market vacant parking space on Park Hound.
The amount you can earn varies significantly, but it could be more than $3600 a year. Park Hound suggests checking the price of local on-street and off-street parking and ensuring your asking cost is lower. A bond is charged and the booking provides a legally binding contract. Another website offering a similar service is JustPark.
It is worth checking local council regulations, by-laws and the appetite for parking spaces in your area, before marketing the spot.
3. Film sets and photo shoot locations
If you are willing to see your home on the big screen you can offer it up as a film-set location. Alex Intihar, of Search Party Locations in Sydney, told Domain about 3000 locations are already listed in Sydney and NSW.
All types of homes are sourced by film crews, so your home could be picked even if it isn’t a glamorous mansion. While there may not be regular clients, it can be a lucrative source of money – Federation-style property owners could achieve $800 to $1500 for a photo shoot of up to 15 people and $200 to $250 an hour for a television commercial. A series of lower-end shoots bring less money, but could provide a more regular income.
Make sure you consider each job carefully. The Rhode Island owners of the home featured in the 2013 movie The Conjuring are suing Warner Bros over trespassers coming up to their home as a result of the film’s popularity. They’re claiming for an unspecified amount that includes a security system and security plan.
4. Allow creatives to use your home
If you have a space that could easily be used by creatives, such as sound producers, dancers, artists or other performers, then you may be able to charge a fee to rent out some of your home for a short period. Creative Spaces, an initiative from the City of Melbourne Arts and Culture Branch, is also licensed by the City of Sydney and City of Brisbane.
All manner of spaces can be listed, including “non-traditional” options, such as letterboxes and lounge rooms. Some of the listings, which cover both commercial and residential options, advertise themselves to creatives for free, while others ask for a significant fee. Some offer entire residences for artists to rent.
You can also figure out ways to save on larger scale expenses by visiting our comparison tables section for better deals on credit cards, super and home loans. For more information, click here.
What money making tips do you have?
Written by Jennifer Duke. Republished with permission from Domain.com.au.