This year has been a difficult one for so many of us and sadly the coming months don’t look to much better in terms of the economy and employment figures. If you own your own home and you are staring down the barrel of some financial difficulties then you could certainly look to turn your property into a money-maker. There are two ways in which you can do this, firstly you could rent out a room in your home and make money that way, this ensures that you can continue living in the property and still make money, the second option is to rent your property out and move somewhere cheaper so that you can still make a profit.

Renting a room

If you plan to rent a room out then it is not just as simple as preparing the room for a visitor and then advertising. There will have to be a behavioural change from everyone in the house which respects having a total stranger come into the property and still be able to feel as though they are at home. This means freeing up space, ensuring that you have rules in place for tenant and yourselves and that you respect the fact that things will be a little different. Once you have done this you can advertise on Airbnb or roomy websites, always look to vet the guest before they stay.

Now, if you plan to stay with friends or family and rent out your property long term, there are some tips on getting it right, we caught up with the brilliant Frank Carioti to find out what you should be doing, find him here http://frankcarioti.com.au/.

Using a professional Management Company

It will cost you a little extra money but using a professional management company is the best way to manage the letting of your property. There are a number of reasons for this, the first is that they know how to get high-quality tenants, secondly, they will always collect the rent on time, thirdly they will react to maintenance issues in a heartbeat and finally, they will save you any stress related to letting out the property.

Rules

Whilst you want someone to feel at home when they stay with you, there must be rules which are set out and adhered to. Make sure that you are clear on this from the off so that everyone knows where they stand.

Additions  

If you are in a position to make some small changes then look at trends which are taking place in terms of what renters are looking for. Turn the garage into an extra living space or free that loft of junk and do the same there. You can find many low-cost tweaks to make around the property which will make it more homely and attractive to a renter. For example, many right now want a great kitchen so it could be the perfect time to invest in new pots, pans and cooking gadgets.

If you own your own home, turning it into a money-maker could be the perfect tonic for your financial woes.

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