One of the best aspects of travel is getting to stay in lavish hotels or vacation rentals in far-flung exotic destinations, but for many of us, we end up leaving behind our own cherished home for weeks if not months.

Yes, you can simply leave your property vacant while you’re away, but why let your home or apartment sit empty when there are many ways to transform it into a source of income while you’re away. It is after all likely your most valuable asset.

Earn Additional Income from Your Home Instead of Leaving it Empty When You Travel

Choosing to Rent Out Your Home While Traveling

Renting out your home has never been easier thanks to advanced online platforms that can find suitable tenants quickly for both short-term rentals and longer-term leases. Surely the sound of earning extra income that can go towards repaying your mortgage, maintenance costs, or your travel budget is music to your ears. 

In addition, having your home occupied while you’re away can give you peace of mind that it’s being cared for.  Check out these top strategies you can use to start monetizing your property while you explore the world.

The Airbnb Opportunity: Turn Your Home into a Guest Haven

Listing your home for short-term rental on platforms like Airbnb is one of the easiest ways to generate extra cash with minimal work required on your part. Thanks to short-term rentals’ growing demand, you can rent out your entire house or simply selected rooms as guest accommodations with their variety of short-term rentals listings.

The greatest advantage of platforms like Airbnb is its flexibility in terms of being able to choose when and how often to rent out your property. This allows you to only have to rent your property during the periods you plan to travel.

Airbnb offers host guarantees and insurance, providing protection against potential damages or issues that may arise from renting to guests. Plus, you can set house rules and expectations you want guests to follow such as not allowing pets, no smoking allowed, or what areas of the house may be off-limits.

Key Tips for Success on Airbnb

• Create an Inviting Space: Decor should not only match your style and preferences, but also be pleasing to a wide range of personalities when it comes to guests. Therefore, you may have to make some interior design alterations to make it appealing to a wider audience.
• Establish Competitive Pricing: Research comparable listings in your area in order to set an appealing yet profitable price point for your listing. Don’t forget to add cleaning fees which should also be factored into this calculation.
• Communicate Promptly: Responding quickly to inquiries can improve your host rating and increase booking opportunities.
• Create an Attractive Listing: Take high-quality photos and write a detailed description of your property. Be sure to highlight your home’s top amenities and what local attractions or activities are offered near your home.
• Provide Amenities: Stock your property with essential amenities such as fresh linens, toiletries, kitchen supplies, and maybe even a few food and beverage item gifts in the fridge. Welcome snacks and drinks as well things like local guidebooks and brochures on the local area are always a nice added touch that go a long way with guests.

Long-Term Rentals: A Stable Source of Income

Another option is to go with long-term leasing which may be a more suitable choice if you plan to be away for many months or longer. Maybe you got a 12-month work contract abroad, are taking an education course in another country, landed a volunteer gig overseas, or simply wish to live the life of an expat somewhere internationally for a while.

Whatever the reason for your planned extended travel, going with a long-term lease on your property ensures continuous occupancy and stable income without the need for frequent management.

Keep in mind that some cities also have strict regulations on short-term rentals like Airbnb’s, making long-term leasing much less of a headache from a legal standpoint.

Benefits of Long-Term Rentals

• Less Administrative Work: While short-term rentals often necessitate ongoing management, long-term rentals often have less obligations. 
• Reliable Income Stream: Knowing exactly how much income will come through each month helps budget effectively for travel expenses.
• Trustworthy Tenants: You can conduct thorough background checks to locate reliable tenants and reduce risk of property damage.
• Less Maintenance: Long-term tenants are more likely to treat your property as their own, leading to less wear and tear often caused by short-term vacationer renters.
• Peace of Mind: Knowing that your property is occupied by stable tenants who will likely be actively looking after your property daily can provide peace of mind when traveling for extended periods.

House-Sitting: Get Paid to Leave Your Home

Unlike renting, choosing to go the house-sitting route will not directly generate income from you, but it can still end up saving you a great deal of money. House-sitters can care for your pets while you’re away which can save on boarding facilities. They can also mow your lawn, water your plants and grass, maintain your home with regular dusting and vacuuming, gather your mail, and provide security to reduce chances of break-ins.

One option is to rely on a trusted friend or family member to either live in or regularly stop by your house to check on it, or you can choose to go online and seek out reliable house sitters with websites like TrustedHousesitters which can quickly and easily connect you with reliable sitters. 

While house sitting is often done in exchange for free accommodation, you may wish to charge a nominal fee for the convenience of staying in your home, or at least ask them to cover the costs of various utilities like water and electricity or services like internet if they plan to reside in your home while you’re away as opposed to simply checking in on it every few days.

You can often find house sitters for specific time frames that match your travel plans, allowing you to forgo the formalities of signing tenancy agreements. However, keep in mind that house-sitting is generally suited for shorter duration travel and not extended travel.

Always carefully research potential sitters by reviewing their references and testimonials from prior homeowners before accepting one as your house-sitter. Establish clear expectations of what their responsibilities will be in terms of caring for your home.

Renting Out Storage Space to Monetize Unused Areas 

If you’re not comfortable renting out your home to strangers or even reliable tenants, you can still generate income from your property by renting out other areas of your property. People are often looking for short and long-term storage solutions for items like cars, boats, trailers, or personal goods.

This means you may be able to simply rent out your garage if someone needs to store their vehicle or boxes of personal goods, or they may simply need a driveway to park a car or boat in. Parking is often needed by people especially in or near big cities where parking options may be limited or costly.  

People often need flexible storage solutions at cost-effective rates, and subletting these spaces can yield significant revenue with minimal effort required from you. You can even rent out space in your yard for RV storage.

Getting Started with Storage Rentals

• Advertise Locally: Use local community boards, social media groups, or rental websites to publicize the availability of storage.
• Create Contracts: Draft clear agreements defining duration, costs and responsibilities so as to avoid any misunderstandings. Be sure it is clear that only specific parts of your property will be accessed by renters for storage, while other areas are to be kept private and secure.
• Make Sure Security Is in Place: For extra peace of mind, consider installing locks and camera surveillance for added peace.
• Insurance: Ensure you have appropriate insurance coverage for stored items or require renters to have their own insurance for high-value items.

Sell Unwanted Items: Turning Clutter into Cash

Take the opportunity to declutter your home before you take off on vacation by selling items. This is another way to make money of you don’t wish to rent out your home. If you plan to be gone for an extended period of time, you may consider selling your vehicle or other items that may depreciate in value, require regular maintenance, or cause issues if left behind unused.

Selling unused cars or motorcycles can generate a substantial amount of cash and eliminates ongoing costs such as insurance, registration, and maintenance. Or you may simply want to do a bit of spring cleaning to get rid of the old treadmill or exercise bike that has become a place to simply hang clothes on. Go through the garage to see if you can sell off old sports equipment like golf clubs or surf boards.

Power tools and lawn equipment such as mowers may also require regular maintenance to keep in working order, so if they will be left unattended for very long periods of time it may be time to sell before they become useless.

Traveling without having to worry about certain possessions back home can provide peace of mind, while also giving you extra funds for your travels from items that may otherwise again simply depreciate while you’re away.

Effective Ways to Sell Items

• Online Marketplaces: eBay and Facebook Marketplace can all provide fast ways of selling items quickly. 
• Host a Garage Sale: Hosting a weekend garage sale can be an enjoyable way to clear out items while engaging your community.
• Charity Donations: For items you’re no longer using but do not wish to sell, consider making donations instead. Many organizations will pick up donations directly, saving you the hassle.

Enhancing Your Home: Raising Value Before Monetization

Before leasing your home, consider making some strategic upgrades that will enhance your property’s aesthetic appeal and boost market value. Minor renovations or upgrades could attract potential renters or may allow you to charge a higher rental fee.

Likewise, make sure you give items you plan to sell such as a vehicle or sports equipment a good cleaning before you go to sell to ensure you receive top dollar.

Simple Upgrades to Consider

• Fresh Coat of Paint: Fresh paint can bring life and brightness into any room, creating an inviting space that welcomes everyone who enters it. Opt for neutral hues that appeal to a broad audience for best results.
• Enhance Curb Appeal: Clean your gardens, tend to your lawn, and consider placing potted plants near the entrance for increased curb appeal. First impressions count.
• Declutter and Organize: Create the illusion of space by decluttering common areas, then utilize storage solutions for improved organization to showcase the property’s full potential.
• Industrial Shelf Brackets: Add some industrial charm to any room by installing industrial shelf brackets. Perfect for both functional and decorative uses in the kitchen, living area, and bedroom settings, industrial shelf brackets add an edge that won’t go unnoticed.
• Thorough Clean: Giving your space a deep clean can make a significant impactful statement to guests or potential buyers alike.
• Highlight Functionality: If you’re renting out a room or storage space, stage it so as to highlight its uses, showing future users of what benefits could be gained by renting this particular area.
• Add Personal Details: Make your home even cozier by personalizing it with artwork, plants or cozy throw blankets that make the atmosphere warm and welcoming.

So, the next time you book a trip, make your home work for you by turning it into an asset that brings in income. From hosting guests or renting to long-term tenants, to storage solutions and selling personal items you no longer need, there are endless ways to make money from the things you leave behind while traveling.