Aussies are increasingly turning their homes into a side hustle, as they seek financial security via multiple sources of income.
According to new research, two in five Australians are earning cash on the side by making a pretty penny out of their homes, with diversity a key focus.
Blue Mountains couple Asia Upward and Sam Edwards are just one example. They have transformed an old machinery shed on their Logan Brae orchard into one of the most popular short-stay accommodation locations in Australia.
Concerned by the unreliable nature of farming and searching for a dependable income as their family expanded, Ms Upward said the couple saw an opportunity to turn a wasted space, albeit, with incredible views, into a money maker.
“It was just sitting there,” she said.
“It was full of tools and machinery that was outdated and no longer usable, and we never went in there. And yet, it was built on a section of the land which has the most spectacular views. It was such a waste of an amazing location so I decided to invest in it and turn it into an Airbnb.”
The property is currently rented for $785 a night.
According to research from Finder, the average “hustler” makes an extra $444 a year.
Bessie Hassan, money expert at Finder, said having multiple sources of income helps ensure financial security.
“Whether it’s boosting your emergency fund, or paying off debt, a second income can fast-track your financial goals. And the great thing about a side gig is that it doesn’t always require a massive upfront investment or specialised skills,” she said.
Ms Hassan also said side hustlers need to remember the tax implications.
Transforming your place into a part-time hotel through portals such as Airbnb is just one way to make money from the roof over your head, but there are several ways that your home – and the things in it – can earn you a serious second salary.
Claudia Conley, community manager at Flatmates.com.au said renting out a room on a more permanent basis means less hassle with bookings, cleaning and marketing.
“Renting out your spare room is both financially and socially rewarding. If you’re a fan of a side hustle (and depending on where you live), you could be earning up to $300 a week just by having a flatmate,” she said.
“If you’re including bills, Netflix or free toilet paper in the weekly rental price, add that in!”
You could also consider renting out your pool, tools, parking space, basement or even offer up your home as a set for a TV show, film or photo shoot to earn some extra money.
SIDE HUSTLE IDEAS
Pool your resources
A swimming pool can be a pricey addition to the family home, but homeowners can make that watery money pit pay for itself. Swimply made a splash when it launched in Australia in 2019, earning some hosts thousands of dollars a year. Backyard pools can be rented out by the hour, or day, and the number of guests can be limited to avoid rowdy pool parties. Pools that succeed on the site are those with separate street access and poolside facilities such as a barbecue area, bathroom or gym. Swimply already has more than 400 pools across Australia with owners earning between $10 and $100 an hour.
Open your toolbox
There is a place for tool enthusiasts and once a year DIY-ers to make their perfect match online. Collectors of too many power tools can offset the cost of their hardware hoard by hiring out everything from hand held drills to ladders or heavy machinery. Sites like Toolmates Hire feature a host of categories for almost any home renovation project and all tool owners need to do is photograph and upload individual items and then name their price. Gadgets can be rented out by the day or week with owners earning between $250 an $600 a week.
Offer a car space
If you have a safe spot to park a car, then you could be sitting on a goldmine. On sites such as Parkhound, individual car spaces can make up to $450 a month depending on whether it is a driveway, secure covered spot or a lock up garage. Locations around schools, universities, hospitals and beaches are highly sought after, especially while people are avoiding public transport. The value of your spot is determined by location, availability and the type of space. Sign up is free and the owner decides access times so you’ll never be parked in – or out.
Share the shed
Space is at a premium so if you’re fortunate enough to have a few spare square metres, then you’re in the money. As more people are working and studying from home they’re finding less room under their own roof to house all their stuff. With spacer.com.au homeowners can earn up to $450 a month by renting out sheds, garages, basements or attics to others who might be spatially challenged. Homeowners set the rules around when the space is accessed but with most renters wanting long term storage it’s unlikely you’ll have loiterers every weekend.
Lights, camera, action
Let your lounge room or laundry be the star and make serious money offering up your home as a set for a TV show, film or photoshoot. Location scouts, filmmakers and advertising agencies aren’t necessarily looking for mansions, but they will pay good money to hire real homes for everything from a one-day shoot to several months of filming. Homes that get the work tend to have modern interiors and are spacious enough for cast, crew and equipment to move around in. Homeowners can earn from $1000 for a single day up to $100,000s for a long-term project. Visit aperfectspace.com
Read the full story of Asia Upward and Sam Edwards’ incredible home transformation in the new look At Home magazine this Saturday or online At Home.