Homestay: Making Money from Extra Space

Another great idea to make money is to make use of the extra space you have in your house. It is worth checking out as it entails you to do minimal work from the comfort of your own home. I have heard of people make a bit of money on the side just renting out the right space for the right time.

So What Is Homestaying

Homestay is fast becoming a popular term. It is basically renting out a part of your apartment for a lodger who is staying there to stay for a few days. Or if you are a visitor, going to find lodging at the residence of a local area you are travelling to. Due to the short time that they are staying, the price you charge can vary to fit what you feel is right.

Though this is best for someone with their own place I have heard of guys renting out a part of their apartment as well (though in some instances it is best to let your landlady know). As long as your area is big enough and the price not too high, it can be a welcoming place for people looking for an alternative to booking a hotel during their travels. It is also a great time to mingle with guests from other cultures and generally getting to know people.

Some people like to use a mediator website and some people like to communicate directly with their lodger (maybe the lodger was referred to by a friend). If you are using a website, they will take some commission but they are also useful as they provide escrow payments and mediation if problems arise. Regardless of what you use always be quick to communicate with the lodger if you are the host.

How Do You Make Make Money

You go through a website that facilitates the booking and during this time you can also directly contact the lodger as well. If it is certain, then he/she pays the amount for the duration of the lodging. When they get there you get to give them a brief introduction, show them the in’s and out’s of the city, and go through the house rules. After the lodger leaves, you clean up and await the next visitor that might come afterwards.

The website that facilitates the booking withholds your amount until you get to the threshold amount. After a few days they release it and pay you via Paypal or other money transactions methods.

What’s The Pro’s & Con’s of Homestay

It is great being a homestay but there are always going to be some pro’s and and con’s you willhave to think about. So here they go.

The Pro’s of homehosting are:

  1. If you are renting your own space, you literally working from home. I have known quite a few people who have made a good amout of money by providing some short-term lodging.
  2. It is a great way to meet people from various places and to mingle as you might be their guest while travelling.
  3. The website makes payment and receiving money really secure as it helps facilitates discussions if problems arise.
  4. Cleaning the area does not generally take a lot of time as most guests stay only for a few days at a time.
  5. The rating system for both guest and host helps to give a honest review of the lodging

The Cons are:

  1. You still have to clean up before and after the guest. Maybe a bit of vacuuming and cleaning the sheets.
  2. The website still charges few per cent extra to the guest as their income.
  3. Very rarely though sometimes you get bad guests and might need to be careful.

Things to Remember While You Host Your Home

So you have signed up to be a homestay and starting to figure out the in’s and out’s of it, but when you are going through the process remember these simple tips.

  1. Always keep the place your are letting out clean. Try to clean before and after the lodger leaves.
  2. Good communication is a must, even if you use a mediating website. Sooner of later the lodger will also need specifics from you. e.g How to get to the place? What time he/she will be checking in? Or if so-and-so date is available. So always be quick to reply.
  3. When the lodger arrives always make sure that he/she knows the house rules even if you have written them in your introduction on the website. Sometimes a mutual understanding is needed to make sure everything is still relatively tidy when they leave.
  4. If you are around. Enjoy the mingling! It is always great to get to know new friends and new places a little better.
  5. Always be aware of the lodger’s culture, sometimes he/she might do things differently to you.
  6. Remember to give them a rating if you feel you liked their experience or if you want to warn fellow hosts of dodgey lodgers.

A Few Good Websites to Try Out

The most widely used homestay site is AirBnB. They have rave reviews and have established themselves in the industry. Though there are other sites you can try as well. I will probably be trying them out as time goes on.

Final Word on Homestaying

If you have some space to rent out homestaying is actually a great way to generate extra cash with minimal effort. Though good communication is needed with guests so you both understand what is expected. Always be courteous as who knows you might be a guest in their place one day.

Do you have any experiences with homestaying? Is it good or is it bad? Please drop a comment to share.