With the rising cost of living and stagnant wages, many of us are struggling financially. Whether it’s to save for retirement, finance that new car, or simply make ends meet, we could all use a little extra cash to ease the strain and improve our quality of life, but it is ever that simple?
At times like these, it pays to look around and see if there are ways you can make money from your existing assets, like your home. Here are three ways that your property could be making you money on the side.
Interior Design Blogging
If you have a knack for interior design but no outlet to share your passion, starting a blog is an easy and cost-effective way to launch your own home-based business. All you need is a computer or tablet device, a content management system like WordPress or Blogger, and a good camera so you can take professional-looking shots. You can then create your own poster to give each blog post a polished, shareable look using Adobe’s Spark Post. This software is free to use, and you don’t have to be a design whizz to create professional-looking graphics.
You don’t need any experience to start an interior design blog, either. Most readers want accessible content they can relate to, so sites that offer easy DIY hacks and budget decorating ideas are some of the most popular. You won’t make money right away, but with enough commitment to the cause, blogging can become a lucrative income source. If you don’t want to blog, you can contact an existing publication like Apartment Therapy to see if they could feature your home on their site.
Airbnb Hosting
Airbnb is the kitchen table startup company that’s taken the Internet by storm. The site connects homeowners with people looking for short-term accommodation, and it currently lists 2 million homes in 190 countries around the world. As an Airbnb host, all you have to do is register your home with the site (and state whether it’s the entire property or just one room you want to let) and approve or deny potential guests when they apply.
Renting your home to strangers might sound like risky business, and it’s true that becoming a host has its pros and cons. However, Airbnb’s commission that’s charged to the guest provides a host guarantee (which includes insurance cover), and the fees are paid upfront, so there is little financial risk involved.
Location Agencies
Another option, mainly if you live in a period or character property is to register your home with a location agency. These agencies primarily serve fashion magazines, homeware companies and catalogues, but there is also money to be made from commercials and movies if you own a particularly sought-after property.
The downside to this moneymaking venture is that you will have to let photographers or film companies take over your house occasionally, but this may be a small price to pay to see your home appear in the next Hollywood blockbuster. The market is competitive, so this is not necessarily a reliable source of income, but if you own a property that’s the perfect backdrop for a set, then it could earn you some extra cash on the side.