Websites like Airbnb have taken the world by storm. Suddenly, there’s a quick and easy way to make extra income—rent out a space of your home! If you have a large living space and you’re looking for ways to make extra cash, consider renting out your home, or even a small portion of it! There are many different ways to approach this idea and soon enough you’ll be earning extra money without putting in too much effort.
Turn Your Home into A Duplex
Making your space a duplex is a great way to rent out a portion of your space while still maintaining your privacy. There are many custom duplex home builders in Canberra, Melbourne, Sydney, or many other cities in Australia. These companies can help split your home so one home actually becomes two! These duplexes are usually split side-by-side, or top-by-bottom. Either way, you can create two entrances. This can open up options like renting it out as a vacation home, or even for long-term rentals.
Create A Granny Flat on Your Property
A granny flat is a small, separate living space that is either attached to the house itself or on its own a little way away from the property. These living spaces can be built with a living room and kitchen, creating a wonderful spot for any extra people while again helping you to maintain your privacy. Granny flats get these names because they are often good for sharing space with additional family members but can just as easily become a great weekend retreat for any tourists in town.
Rent Out Rooms as A Bed and Breakfast
If your place isn’t very big or you prefer taking a more personal involvement, you can always consider renting out one or two rooms in your house and playing host! This can be a full-time job or even a weekends-only retreat. Be prepared to mingle a bit more with your guests and brush up on your cooking skills before welcoming any guests in!
Renting out property is a great way to make additional income. As long as you are okay with more frequent maintenance costs and the costs it takes to start-up your rental, you can easily see a return cashflow come within months. With a few repairs and new towels and linens, you’ll be well on your way to a worry-free paycheck each month.