If you’ve ever read any of investment guru Robert Kiyosaki’s books on wealth creation, you know that he only classes true assets as things that are income producing. This idea has been controversial, particularly when it comes to the humble home and the emotions that surround it. But we’ve uncovered some very clever ways to turn your home into a ‘low-work’, or even ‘work-free’ income producer!! Take a close look at some of these ideas to generate extra income from your home….

Private Home Storage

Did you know that there are online services that allow you to advertise empty or free space around your home, garage or business as general storage space?
The most established site of this type – SpaceOut (www.spaceout.com.au) – allows people to find storage space that is cheaper than ‘traditional’ storage facilities. Space owners can easily earn a few hundred dollars a month, with no ongoing work. Car spaces can also be advertised on SpaceOut.

Rent your Driveway

If you live anywhere near a city centre or other populated area where on-street parking costs are high, then your driveway or spare carport could be worth a few hundred dollars a month too. Australia has some of the most expensive parking in the world, so offering your spare car space to a professional working in the city could really save someone some money while helping your passive income! Sites like www.findacarpark.com.au  give you a place to start (or Google search “rent parking spaces Australia”).

Take a Homestay Student

You can bring in some extra cash – sometimes a few hundred a week – for accommodating an overseas homestay student, but this kind of income stream can also offer many other benefits. It is certainly a great way to broaden your horizons, particularly if you have similar age children. Some homestays will need daily meals like other members of the family, but this not that much extra effort. Providing a unique experience to a foreign student is not passive income, but can leverage your property if you have a spare room or area in your home. Check sites like Australian Homestay Network (AHN) for more information.

Teach Something at home

Not all learning happens in the typical ‘classroom’. If you have any skills that can be taught, anything from piano lessons, tax basics, IT skills, flower arrangement or cooking, you can convert a spare room or part of your house into a classroom. This can be a great little earner at home, and typically you’ll be teaching something you love. You can advertise in local classifieds or social media and you’ll be building a customer base in no time.

These ideas may sound simple, but they can be very effective ways to turn your home into an income-producing asset. And why not?  Increasing your number of income streams can reduce the impact of increasing everyday expenses or just give you some extra cash.

NOTE: Be sure to check with your accountant for any tax implications when tax time comes around.