Turn your home into a gold mine

Izelle du Pisanie Izelle du Pisanie
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Economic recovery after the recession might be under way, bur for a lot of us budgets are still pretty tight. If you own a home, this is probably your most valuable asset, and it can be used to gain a little bit of an extra income on the side. After the credit crunch it’s no longer your best option to re-mortgage your home for additional cash, and you’ll need to find some imaginative ways to boost your income.

Here at homify, we’re all about helping you out. So today we’re going to take a look at some helpful hints of how you can turn your very own home into a money-making machine. This does not necessarily have to involve too much effort or surrender of privacy on your part, and there are many options. Let’s see…

Turn your spare bedroom into a boutique hotel

We don’t know if you heard yet, but if you have a spare room in your home, you can make a ton of cash. There are plenty of sites like AirBnB.com where you can register for free and advertise your spare room across the globe. It’s a great system where you can specify what you have to offer and your boundaries.

With these sites you can earn upwards of R400 per night, depending on your location, your home and the condition of the room you have on offer. What’s more, if you invest a little in your spare room, turning it into a bit of a more luxurious and welcoming space, you can always get better reviews and earn more. Invest in good furniture, decorations and bed linen to spruce up the place.  It really all depends on what you’re comfortable with, but you might as well give it a try and see how it turns out!

Take a look at this helpful article on: How To Be A Great AirBnB Host.

Rent out your driveway or garage

Now here is an innovative solution that is sure to be in demand in any city. It will be in particular demand in areas near a football stadium or train station where the demand for parking is always high. In dense cities like Cape Town, parking spaces are in demand not just for daily commuters, but also for city residents who live in apartment buildings without parking garages.

You can advertise your parking space online on any free ad site, and you’ll be sure to get some interest in areas where parking is in demand. In the city you can make up to R1500 a month with this trick.

Turn your home into a set

minimalistic Bathroom by Drummonds Bathrooms
Drummonds Bathrooms

Drummonds Case Study: Tudor House, Roehampton

Drummonds Bathrooms

Another way of making money off your home, is to open it up to television companies and magazines, who are always looking for interesting feature backdrops for filming and photo shoots. If you have a lovely home, you are certainly in the running to getting some work for it.

There’s a lot of money to make from ventures like this, but it is by no means a sure-fire income. However, it might be worth your while to register with an agency offering free registration (although they will take a cut if your home is chosen for the shoot). You don’t really have much to use!

It will be very beneficial for continued work if you are not too controlling regarding your house. If you have a film crew moving things around in your house for a few days, you’ll be better off if you’re the laid-back type. But if you can hold out with a shoot of several days, you can easily hit the jackpot!

Have a garage sale

classic Bedroom by INGLISH DESIGN
INGLISH DESIGN

Bedroom Furniture

INGLISH DESIGN

If you’re looking to clean up a bit in your home as well as make some money, a garage sale is a great, tried-and-trusted way to go. Clear out the clutter in your house and take a look what may have value. Let the internet be your friend in determining the value of your old belongings, as some things may be worth more than you think. Once you have the things you want to sell, distribute some flyers and try to lure potential buyers with homemade cake.

If you’re not into that much effort in and a big event, try listing your things online. Long gone are the days where eBay is your only option. These days there are a multitude of sites where you can list your things for free.

Host a foreign exchange student

If you’re not sure you have the confidence or time to deal with tenants yourself (whether it be via AirBnB or direct listings), there is always the option to contact academic institutions, like language school, who have foreign students coming over to the country all the time. These institutions are always looking for private homeowners to host the students for the holidays or a single term. What’s more, these contracts are more formal and the institutions will usually pay you directly.

Are you tempted to try any of these ideas? Let us know how it goes!
modern Houses by Casas inHAUS

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