November 20, 2015
While you may think making money out of your home would usually involve renting out a room or gaining a flatmate, think again.
There are some very creative ideas emerging that allow you to squeeze every last cent out of your property.
Let people camp in your yard
Yep, you heard correctly, your backyard might just be the perfect overnight campsite and renting out your garden to campers might be an option for you.
Homecamp, a startup launched in August, allows you to advertise your home’s garden to travellers. They’ll pay to come along, pitch a tent and stay a while. Victoria and Sydney have the most listings on the website, ranging in price from $10 to $50 a night.
You can indicate whether you’ll accept caravans, tents, campervans and motorhomes and the number of people you’re willing to host. It is recommended that the guests have access to a bathroom, which could be a basic composting toilet or access to the bathroom in your home. Homeowners should check with their insurers to make sure they have the appropriate cover.
Rent out your spare space for storage
Your spare space might be the perfect storage solution someone else is willing to pay for and an excellent 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. 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.
Use your driveway for paid parking
You could quickly turn an empty driveway into extra cash.
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.
Allow creatives to use your home
Painters and performers are looking for creative and unusual spaces.
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.