Australia markets closed

    -28.20 (-0.40%)
  • ASX 200

    -23.30 (-0.34%)

    -0.0053 (-0.68%)
  • OIL

    -1.15 (-2.16%)
  • GOLD

    -10.40 (-0.56%)

    -960.67 (-2.27%)
  • CMC Crypto 200

    +41.45 (+6.79%)

    -0.0045 (-0.71%)

    -0.0017 (-0.16%)
  • NZX 50

    +221.24 (+1.69%)

    -38.59 (-0.29%)
  • FTSE

    -20.35 (-0.30%)
  • Dow Jones

    -179.03 (-0.57%)
  • DAX

    -32.70 (-0.24%)
  • Hang Seng

    -479.91 (-1.60%)
  • NIKKEI 225

    -125.41 (-0.44%)

How to make an extra $4,000 per MONTH from home

Anastasia Santoreneos
Young woman tourist sitting on sofa in airbnb. Source: Getty
Young woman tourist sitting on sofa in airbnb. Source: Getty

Making an extra salary from home, working for yourself and on your terms sounds a little like a faraway dream.

But, in today’s society, with so many opportunities outside of the regular workforce, it’s actually pretty achievable.

One way to do it is to be an Airbnb host, according to Finder.

Three entrepreneurs - Raeleen Kaesehagen, Tom Rawlins and Angela Carrick - who also happen to list their homes on Airbnb, told Finder they make between $700 and a whopping $1,200 per week.

So how can you do it?

Figure out what you’re going to charge

According to Finder, you need to work out what other people in your area are charging for their home or room by filtering prices by private room or entire house.

You should compare similar properties to make sure you get the most for your accommodation, which means looking at properties with similar location and amenities.

For example, if you happen to live nearer to transport links than competing properties, you might be able to raise the price.

Carrick said you could consider raising your prices based on seasonality, so take into the time of year and your proximity to attractive destinations like the beach.

Deck out your place

People love a good looking home, and if your home has personality, character and looks clean, that’s a huge selling point for Airbnb hunters.

Remember: you’ve only got photos to showcase your place, so you should definitely get a professional to show off your home’s best assets.

Reviews, reviews, reviews

You need to make sure you get good reviews, and part of that is offering the comfort of a home, but the standard of a hotel.

“It's hospitality at the end of the day, people expect hotel service,” Kaesehagen told Finder.

Carrick suggested you make it more inviting for your guests by adding books, magazines and boardgames.

“I include good coffee, tea and shampoos...The goal is get to get good reviews,” she said.

I don’t own my own home. Can I still do this?

If you don’t own a property, you could still ask your landlord for permission to sub-let your room.

But, if they don’t allow you to do that, Finder said there are other ways to make money on Airbnb too.

For example, you could become an Airbnb experience guide, and host experiences for tourists or visitors to come along to.

Are there any risks?

You should keep your safety in mind, and while it’s unlikely, you don’t want to give guests the chance to steal valuable possessions.

You should always find a safe place to put any sentimental possessions, bank statements and tax returns. Or, it could be worth investing in a safe to put those things in.

And, while Airbnb does provide some insurance for property damage, it’s no replacement for home insurance.

It’s worth noting that there are no concrete laws around the legality of Airbnb in NSW, and the government is still looking to impose regulations on it.

Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, property and tech news.