Income Boosters Within Your Home

While everyone is looking for a way to boost their income, not everyone has the privilege of having many means of doing so. However, there are many ways you can use something you already own, like your house, to get an extra income. Here’s how:

Rent Out the Annexe

If you own your house clear and free then there is nothing to stop you from building an additional section to it and then letting it out. Simply call some granny flat builders Mandurah and have them extend the annexe into your back wall or even as a second storey. It is called that because of the small space and its self-contained nature. An annexe will have everything a larger house has but in smaller proportion, making it the ideal accommodation for an elderly relative, a student looking for digs or a young couple. Once it’s completed, list it online and you will be inundated with offers.

Rent Out a Room

If the above mentioned home additions are impossible, then you can look into the possibility of renting out a single room in your house. This can be twofold: the more common method is to find a long term lodger who will then receive keys to the front door and to their room. This works best if you have one room that is slightly isolated from the rest of the house. You can charge a monthly rent from him/her and negotiate meals, utilities etc. as you see fit.

The other way of doing it is to sign up a room in your house for temporary accommodation. Plenty of budget travellers and backpackers stay in rooms that are rented out of private houses to save money; local tourists and those who are commuting for work also look for convenient and economical choices such as these. If you throw in breakfast along with the room, you can earn a decent income from this. However, be careful when you try this as plenty of criminals could use it to rob your place. Sign up with a reputable website and screen your guests as much as possible.   

Holiday Rentals

This is slightly riskier than mentioned above because this involves renting your entire house out during the time when you yourself go on holiday. People who do so should always try to sign up with a travel agency or another reputable service that provides guarantees that the house will be safe when the owners get back. If you are doing it on your own, always be up front with the renters and make sure to sign a contract that stipulates the amount of time they will be spending there and how much they will pay.

So if you want to make an extra income off of your house, decide whether you would like to add an annexe, rent a room or rent the whole house during the holidays and be safe while you do so.

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