Money Hack: 6 ways to make money using your property
Spare rooms, storage space, gardens and garages can all make money for you.
Australia is obsessed with making money from property. We're a nation of mum and dad landlords and struggling renters. Whether booming or blowing up, property is all we seem to talk about.
But you don't have to be a landlord to wring some extra cash out of your property.
Virtually any spare space in your home can be put to good use. Try the following:
- Rent out car space.
- Rent out your backyard.
- Rent out spare space for storage.
- Get a flatmate.
- Get creative.
- Grow stuff (and sell it).
1. Rent out your car space
Parking is at a premium in Australia's biggest cities. If you've got your own parking space, be it street parking or in your driveway, and you don't need it, rent it out.
Sites like Spacer, Parkhound, Parkey and Findacarpark can connect your car space to drivers in need.
A quick search on these sites found parking spaces in choice locations across Sydney priced anywhere between $160 and $600.
2. Rent out your backyard
If you've got a bit of backyard space why not make use of it? You could rent out your backyard for parties, weddings or other events, if it's big enough.
In the right circumstances you could even rent your backyard out to campers. There are sites in the US that allow you to do this, but it hasn't quite caught on in Australia yet. You also need to check how your local council feels about it.
3. Rent out spare space for storage
You can try the same trick with any spare space in your house. Rent spare garage, cupboard or attic space on Spacer or Gumtree and store other people's stuff. For money.
You could earn a couple of hundred dollars a month or more. Who knew that empty space was so valuable?
4. Get a flatmate
If you want to get serious about making money from your home you can turn a spare bedroom into accommodation.
You might not be too keen on having a flatmate, but if your home has the space then do the maths first. The flashing dollar signs might change your mind faster than you think.
There are many places to find tenants, flatmates or short-term lodgers, including:
5. Get creative(s)
Consider opening up your home to creatives who need studio space or a unique location. You can charge a photographer, artist or film company for the privilege of using your home as a studio or film location. This can be a one-off, but potentially lucrative option.
Plus your home might end up featured in an iconic artwork. Or a horrifying scene from the next Conjuring film.
6. Grow stuff in your garden and sell it
If you have a bit of garden space you can put it to productive use. Grow and sell your own vegetables or flowers at a local market. Put some beehives in and collect your own honey.
Homegrown means artisanal, so you could potentially charge a premium for your organic cabbage.
This sounds like hard work but if you enjoy this kind of work then it's more of a hobby. Just, you know, watch out for those bee stings.
Finder Money Hacks is a weekly round-up of the latest tips and tricks to help improve your finances. Check back every Saturday for new hacks.