Rent Your Space

Paying the mortgage can be one of the most expensive monthly bills - so why not make your house pay its keep?

More and more people are renting space in their home for big rewards, turning their homes into income properties.

Katy's houses occasionally doubles as a film set, after she registered for free with a location scouting company:

www.sachaustralia.com

Di manages to pay her mortgage by renting out half her house through accommodation website Airbnb:

www.airbnb.com.au

Tom's beautiful garden doubles as an events venue. Many of the events raise money for charity, but Tom earns money from weddings and parties … and the proceeds help him maintain the garden:

www.romancingthestonegarden.com

Other ways to potentially earn money through your home:

- Renting out your driveway for parking

- Renting out a spare room as storage space

- Renting out your backyard to campers

But finance expert Nick Bruining urges caution. He recommends:

- Doing all the right checks on people you welcome into your home

- Make sure your insurance covers your new endeavour

- Do the right thing by the tax office and Centrelink

- Research the right way to advertise