The pandemic has been a financially difficult year for most people. Whether you've lost your job, are recently divorced, or just need more money to make ends meet, a side gig could be the answer. In Canada the side gig economy is expanding as people look to supplement their income, or "core job" with regular occurring, passive income.
According to QuickBooks Canada, 3.5 million Canadians have a side-gig, and while more than half of these Canadians are under 35, more and more people between the ages of 30 and 50 are finding ways to take advantage of the side-gig economy. And you may be surprised at how they're doing it.
The most lucrative side-gig is…
A side-gig doesn't require you to have an Internet-based business, and the possibilities go well beyond ride-sharing. Monster Jobs reports that the highest-paying side hustle job is selling or renting property. The median monthly income of this side hustle is $500 and maximum monthly income is $7,000. That could go a long way to paying off student loans or consumer debt, paying down your mortgage, saving for your child's education, building a retirement nest egg, and much more.
You don't need a second property
What if you don’t have a second property to rent or sell, though? Consider home sharing! When you home share you essentially rent a room in your primary residence, turning the property itself into a passive income generator. You can then use the rental income to pay down your mortgage, pay bills, or even save up to purchase a secondary residence like a cottage or an income property.
Do you have the space?
To make home sharing work, you may have to reconfigure your home to suit the needs of a housemate. You'll want to have a private bedroom at the minimum. It's even better if you can offer a private bathroom, too. In most home sharing agreements, the housemate and homeowner share a kitchen space, so having a traditional separate apartment is not necessary.
Legally speaking, homesharing is not the same as renting
Since the homeowner and housemate share a living space (like a kitchen, living room, etc.) a home share agreement is very different than a rental agreement, and typical landlord-tenant rules and rights do not apply. It's important to understand the legal ins and outs of home sharing before you jump into this as a side gig. The team at HomeShare Alliance can help you!
Take the time to find the right person
When you're renting a space, it's very important to find the right person, especially so with a home share because you're sharing a living space with the person who is renting from you. At HomeShare Alliance, we specialize in matching homeowners and housemates to find the right fit. Our stringent vetting process includes a thorough criminal and financial background check, as well as a detailed Lifestyle Compatibility Survey.
Homesharing is a fantastic way to boost your disposable income, and there are a lot of other benefits too including companionship, security, and so much more. If you're looking for a side gig and have a home with space for a roommate, then take the time to consider whether a homeshare arrangement is right for you!