How To Earn Spare Cash From Your Spare Room

How To Earn Spare Cash From Your Spare Room

Yeah, it’s true we are now crazy busy from our full-time jobs and we hate getting up early to go to work every day. But in order to build up our investment portfolio, we need to earn as much as we can to achieve our goals to become financially free by the age of 40. Earn income, invest and hopefully soon enough we won’t have to work for someone anymore. Let the money work for us.

One of our income sources last year was through Airbnb (referral link). We earned $349 in 2015 and more than $563 in 2016. This year we’re planning on earning around $1,000.

Through Airbnb’s service, you can host your place like a hotel or maybe more like a bed and breakfast. Have you heard about of Airbnb? It’s a company that allows you to make a reservation for a room when you are travelling anywhere in the world and likewise, host your spare room for travellers.  Their website and service is awesome so we registered in 2015 and put our room online. We didn’t really know what we were doing but still got 1 or 2 people asking to stay. We were picky with who we accepted as some people seemed a bit dodgy while others wanted to stay when we were not going to be home.

Last year we went on a road trip around Tassie and stayed at heaps of different Airbnb places. Most of these we were able to book only 1 or 2 nights beforehand. It was great, we met cool people, stayed at interesting places and got some awesome tips from locals. On top of this, prices are generally much cheaper than what you would pay for a similar hotel room.

When you host your room you can either set up instant booking where people book right away or you can set it up to review each reservation request before accepting so you can choose who stays at your place. The whole process is very simple and the mobile app makes it easy.

The room we have listed online is simple and not too expensive but provides facilities like a TV, high-speed wi-fi internet, private bathroom and a simple breakfast.

Here are some tips if you’re thinking of placing your spare room on Airbnb:

  • It’s best to list a room that is away from your main bedrooms so that both you and guest can maintain a certain level of privacy.
  • Adding a cleaning fee onto each booking of a few dollars helps to cover you for people who only book for 1 or 2 nights
  • Little touches like small shampoo and conditioner bottles are nice
  • Provide as much printed information as you can. Wi-fi password, where to eat, what to see in the area are all very helpful for travellers
  • This one is obvious but super important – make sure the room is clean, the bed sheets are clean and there is a nice smell when you enter
  • For tax purposes, make sure you register under your spouse’s name that has the lower income
  • Don’t forget to claim tax deductions for things like your internet bill, water/power/council bills, house repairs, depreciation of furniture etc.

You are welcome to book our place in the Central Coast.

Hope you enjoyed reading my article, feel free to give your comments below.

Cheers,

Toon

P.S. The links above are referral links. If you sign up to Airbnb through this link, you will get $45 in credit (and so will I).

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