One way to use your home for extra income

One way to use your home for extra income

Ever wondered how you can make some extra money to put towards a down payment for a larger home? Do you have an extra room that you don’t use? How would you like to make an extra $30-60 per night with that room? What I am suggesting is the original Air BnB. Becoming a Homestay Host.

What is a homestay?

A homestay can be a Tourist looking for a nightly stay, a foreign professional on a short-term business visit that wants to brush up on their English conversation skills, or students here on exchanges who need a local guardian.

Is becoming a homestay host for you?

Most homestay placement agencies give you options for time that you can offer. Many of our clients have turned this into a profitable business with continual turnover with long term stays and some, who use this revenue stream with shorter term stays to supplement their income. If you want to meet new people from other countries, share your home and values, and want a free babysitter (I’m not joking), or are looking for another use for your home, then maybe this is a good opportunity to explore.

Is your home ideal for a homestay?

The ideal home for a homestay is minimal. The home should be either a townhome, duplex, or detached home. The room needs to have a bed, desk, light, internet access, and a window. You must provide a warm and clean home, 3 meals a day, and eat with the homestay. If your guest is a minor, in most cases, you should not leave the homestay alone at night. Being close to transit and shops is a bonus.

How to get started?

The first step you should take is to make sure that you have the permission of local institutions, municipal bylaws, and strata bylaws if applicable. There are number of agencies who can help place qualified homestays locally and/or websites that can do this online. If dealing with students, you must also provide a criminal record check, and possibly entering into a Placement Contract.

For more information, contact your local university language departments or private English language schools.

If you would like some relevant real estate advice regarding using your home as short-term accommodation by becoming a host, send us a message and we will try our best to help you find the right answers. Maybe this is the excuse you needed to find a bigger home. Whatever your circumstance, this is another rewarding way to use your home!

If you are considering buying or selling your home, we ask that we be considered for the job. Please contact us to get started.


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