Yahoo Finance 3 ways to make up to $10,000 a day from your home
With tourists able to once again come and enjoy the sunny shores of Australia, homeowners also have the opportunity to make some serious cash.
And while the obvious answer is through short-term holiday rentals on platforms like Airbnb, there are more options, director of First Hand Property Mitchell Farah told Yahoo Finance.
“Easing of COVID restrictions and a return of international travel is providing hope to the tourism industry after being heavily impacted for two years,” he said.
“While operators will wade through these early stages, there are great opportunities for property owners to jump aboard and take advantage of the income coming through.”
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Farah said while many property owners took security in long-term tenancies during the pandemic, there were now many more opportunities available to them.
“Property owners should be aware of the upcoming demand and see how others are making money from their home,” Farah said.
Here are three ways you can make some serious cash from your home.
1. Holiday stays and executive leases
Holiday stays, much like those advertised on Airbnb, are short-term rentals, generally during school holiday times.
Farah said renting out your family home during a time when you would normally be away was a fantastic way to earn a free holiday.
“Having the flexibility to leave your home and host a stay will often pay for a holiday or generate an additional income,” Farah said.
“Families base these opportunities around school holidays while those who travel for work open up the calendar intermittently.”
Farah said families could often double or triple their yield over the course of a year through this method.
2. Advertising shoots, film and television
We live in a beautiful country and the Aussie lifestyle is well sought-after, so why not captialise on your location?
Farah said many would be surprised to learn they could lease out their home for just a few hours for a photo or film shoot and make some solid cash.
“Australia is a marketable location and the last two years saw a number of major film and television productions utilise the advantageous work conditions,” Farah said.
“While housing big-name stars and crew is certainly an economical affair - utilising homes as locations for these shoots have become increasingly popular.
“Big brands, reality tv shows and Hollywood films have all graced our homes in the last two years and will continue to do so.”
It should be noted the properties that are most sought-after provide cliffside ocean views, architectural mastery or iconic harbourfront locations, Farah said.
But, if you have a very well-styled interior your home may be highly sought-after. Sites like Pure Locations, Sach Australia and A Perfect Space allow you to list your own home.
“An advantage of taking on location shoots to generate income is that often you only need to provide the property from half a day to 2 weeks and in some cases can continue to reside there,” he said.
3. Weddings, celebrations and corporate events
While it will require quite a bit of space, renting out your home for events can earn you up to $10,000 a day, Farah said.
“As hospitality venues have valiantly pushed forward the last few years, organising a chef to cook privately or planning a private wedding in a unique location are increasingly popular,” he said.
“From baby showers to corporate lunches with celebrity chefs, a poolside dining table or beachside panorama, event rentals have seen large payments made between $5,000 and $10,000 for a day, which is not uncommon.”
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