Earn an income from your home!

If you and your Mate are debating whether to include a pool in your property search, Swimply may help you make the decision.

If you decide to buy a home with a pool, you can make money from the use of it when you aren’t home! By renting out a pool or spa you can be making anywhere from $50.00-$100 an hour during the summer months. If you are able to rent the pool for 4-8 hours per week you could theoretically pay your mortgage using space that you have available whilst you are at work! This option wouldn’t be for everyone, but if you can access your pool easily and quickly without going through the main property, individuals will offset the cost of maintaining the pool and other bills you may gain whilst you aren’t even home! By using a platform like Swimply, you can also make sure you meet any legal and safety requirements this may have. Be sure to do your research when signing up to a platform on things like insurance and safety proceedures.

Two of the newest gig economies to the market are those that rent your car, and rent your tools. Both of these offerings are options which again allow you to monitise items which you own, but may not need to access on a frequent basis.

If you get the train to work, but have a car for weekends, you can earn $20.00 or more a day by letting others drive your vehicle. There are a couple of websites which you can link in with to advertise your car (try DriveMyCar and CarNextDoor) as this would bring in upwards of $400 a month for weekday rentals only. By renting out the tools you own- you can make money on items which you may have only bought to do one or two activities! Rather than letting them go to waste, you can advertise your items for a daily or weekly fee. Alternatively, if you need to undertake an activity once or twice, rather than buying tools that you only use once why not save yourself money by renting from another owner. This logic can apply for the all the platforms listed here (use Airbnb to go on holiday or rent a car when you are travelling) as a way to reduce your outgoings as a new home owner!

Whilst the above income generation is unlikely to replace a primary income/employment method, it can be used to offset costs, increase mortgage payments or raise additional funds during specific periods of time. Buying a house with a Mate is a new way to own a home, and these applications provide a new way to maintain your home moving forward. Mortgage Mates has not been sponsored by any of the included platforms in this piece and we suggest you research the websites you wish to use before you list an item (as more and more are being created or becoming available every day).

It is also good to check any financial, legal or insurance obligations you may have, by reviewing the websites, their terms and conditions and any F and Q’s they provide. Reach out to your local council if you have any concerns or an accounted if you want to know how this income is treated as part of your tax return.

Mortgage Mates takes no responsibility for the outcome of using any of these listings platforms by any reader in the future.

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