Kathryn Lee - 12 Jun, 2019

Creative ideas to help you make extra money from your property

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From living with short-term tenants to leasing that car spot you never use – here are some sure-fire (and creative) ways to make extra money from your property.

Rent out your parking spot

If you’re lucky enough to have a parking spot on your premises but you never actually use it – why not look into renting out the space to those who may work in the local area?

With thousands of people driving to and from work each day, the demand for convenient, secure and well-priced parking is higher than ever. Apps like parkhound are great for people renting out their spots as well as those seeking an easy park close to the office because they streamline the process and do all the hard work for you. Operating throughout Australia, the app allows users to search for the perfect spot and pay a locked-in monthly fee. This is especially useful if you happen to live close to a central business district. Quick, easy and simple for everyone involved.

Short term tenants

If you happen to live somewhere desirable (it doesn’t necessarily have to be somewhere beautiful, but may be near an iconic destination for travellers or close to a hospital for nurses and emergency service workers), you could consider renting out a room in your home to short-term guests.

Becoming an Airbnb host is still the most widely recognised and simple way to do so, and allows you to pick and choose when you have guests and the length of their stay. This means of making extra money is especially useful if you happen to be going away on a long holiday and have the ability to rent out the entire space while you’re gone.

The first step? Take some high-quality photos of your home and write a description that conveys everything wonderful about your special space.

make extra money from your property
Image source: Airbnb

Become a storage facility

Believe it or not, people will pay for you to store their belongings – especially if you can provide a decent amount of space at a reasonable rate. Storage is an expensive commodity and if people believe they can have their belongings cared for by someone they trust, for less than what they’d pay with a mainstream service, they’ll be knocking down your door in no time. Head on over to Spacer to get started. Just like renting out a room to tenants, make sure your listing includes pictures that accurately display the size of space you’re proposing to lease.

Turn your home into an event space

Do you have a large yard or a beautiful home that could be used for events or photo shoots? Are you located in a country town and have the opportunity to host small functions or even a wedding or two?

Pending council approvals and permits, your simple backyard space could be the money-earner you’ve been looking for. Alternatively, if you’re happy to share your home but you’re not looking to commit to big events, why not look at renting out your home for an afternoon for an editorial or television shoot? There are a number of location-based organisations who can offer your home to productions that require a certain type of space. Head to Pure Locations or Search Party Locations to see if your home could make the cut.

Build with the future in mind

If you’re about to start construction on your home, ensuring the layout is tenant-friendly now could pay dividends later. Thinking how to make the most of your property before building plans are finalised could make you a decent sum of money in the future. For example, you might look at building your home in a way that ensures you have one or two rooms that are fully independent of your own portion of the property so you can rent the space without disruption to your everyday life.

Words by Alana Wulff. Lead image source Airbnb.

Thinking of making an investment in property? The right mortgage broker could make purchasing your next property easier. eChoice has access to hundreds of products across a panel of multiple lenders, so we can help you find a competitive mortgage.

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