Short-term rentals like Airbnb's are one way to earn additional income from your home, but this generally requires a second, empty property, which most Canadians don't have. Home sharing is another completely different way to generate income and is a great solution for anyone who wants to generate income from their home while still living there.
In a homeshare arrangement, the homeowner and the housemate share the home. Having a housemate is a great way for homeowners to get the most value out of their existing property. The income generated from a housemate will help keep housing expenses down and can mean paying off a mortgage faster, which can save thousands of dollars in interest.
The most common homeshare arrangements are task exchanges (in which two people share a home for mutual benefit, security, companionship and household help) and supplemental income (in which two people share a home for mutual benefit, a compatible housemate, and in the case of the householder, a supplemental income).
There are many ways to add make a supplemental income home share arrangement a reality. Here are a few common configurations:
Turn a garage, loft, basement or entire floor of your home into a separate, private apartment
Create private living spaces within your home for a housemate (a bedroom with ensuite is ideal).
Make your property desirable
As a homeowner, you'll be able to ask more for your property and you'll find more demand for your homeshare if your property is attractive and has these desirable features:
Separate living space
A parking spot(s)
A gorgeous view
A serene outdoor space
Special features like a hot tub, pool, gym, heated floors, etc.
Individually controlled AC/heat
Lots of natural light
Modern, comfortable furnishings
Internet capabilities
Get creative!
There are other ways to earn extra income from your home. For example, you can rent an unused parking space (especially in areas where parking is limited), rent your unused garage for storage, or rent a space for business purposes (for example, you could rent your private sunroom to a yoga instructor). You can even install solar panels on your roof to generate income! Whatever you choose to do, just ensure that you:
Meet all zoning bylaws in your area
Talk to your insurance agent to ensure you are covered should anything go wrong on your property
Discuss the tax implications with your accountant
Be a good neighbour – discuss any plans that may impact your neighbours with them first.
With the right housemate and a comprehensive HomeShare agreement that's designed to suit your needs, homesharing can provide a new stream of income free of hassle and headache. At HomeShare Alliance, this is what we live for! We carefully match householders and housemates, to ensure a successful fit and clear and manageable expectations from all parties. Give us a call to learn more!
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