The last few months have seen me traveling quite extensively which necessitate that I spend more on accommodation. Naturally, I researched for deals that offered both comfort and value for money.
As I find these good deals, I also realised that as much as I’ve enjoyed them, the vendors that provided me with services also benefitted immensely. It was a win-win and I have high affinity towards win-win situations.
So whether you’re looking for a good deal or earning some extra income, read on to find out more.
What am I referring to? I’m referring to sharing your home.
Here’s how it works.
If you’re wondering how to increase your income source, renting out space in your home can be a simple and easy way to make some extra money. For travellers, it provides an alternative to hotels and the informal setting might also promote new friendships and allow them to get to know the local culture better. The savings they enjoy could also mean that they get to extend their vacation or buy better gifts for family and friends.
If you’re planning to share your home and earn some income along the way, you might want to consider the following tips to make the process as easy and profitable as possible.
- Consider your space. What you do have available? Can you create a living space in your attic or basement? Would you consider converting your office into a spare bedroom? Does your room come with an en-suite bathroom? If your home has an extra room with it’s own separate entrance, it might fetch a higher rate due to the added benefit of privacy.
- Provide your guests with a list of amenities that you will include during their stay. Because this is an off beaten track for most travellers, giving them a list of things that you will make available during their stay will help them with packing. As a frequent traveller myself, I will tend to look out for the availability of Wi-Fi, towels and a hair dryer. Access to kitchen amenities, laundry facilities, access to public transportation and free parking are a bonus.
- Set expectations from the start. Setting expectations from the beginning reduces disappointments for both yourself and your guests. Not all travellers appreciate having pets scamper into their bedrooms. You also need to communicate to your guests if you don’t expect them to invite their friends into your home or if you have a headcount limit for each room. You get the drift. Generally, the more restrictions you set, the less popular is your property to travellers. However, some boundaries are important to protect yourself and your peace of mind.
- Determine an appropriate rate. Check out hotel rates around your area. Are you located close to public transport? Will your guests need to share the bathroom? Use this information as a guide to help you price your space. The general rule of thumb is the higher the level of inconvenience the lower your rate should be.
- List your space online. Now that you are ready to make some money, you need to advertise your space availability to travellers. There are many online platforms where you can list your space and I have found Airbnb to be one of the best platforms. The site (click to check it out) is easy to navigate and there are many travellers and property owners converging on this site to find a suitable match and provide the ever valuable review.
Assuming hotel rates within your vicinity costs about $300 per night, if your rate is $100 and you’re only occupied for 10 days in month, you bring in an additional $1,000 a month whilst your guests would have saved $2,000 in the same period. Now that’s a win-win deal!
Thanks everyone for reading. Feel free to write to me if you’re already making money from renting space in your home. What are your strategies? Or if you’re a frequent traveller, have you benefitted from similar arrangements? Looking forward to hear from you soon.