Holiday let in your spare room or granny flat

Holidaymakers, weekend visitors, people visiting family and some business travellers.

A nightly rate, often with a cleaning fee on top. Income rises and falls with the season and how often the space is booked.

• Friendly, clear communication
• Keeping a space clean and tidy
• Organising bookings and changeovers

• Council planning and zoning rules for short-term stays, which vary by area
• Some states and councils require registration or limit the number of nights per year, so check yours
• Strata by-laws, rental agreements or a landlord's consent may stop you hosting
• Standard home insurance may not cover paying guests, so check for short-stay cover
• Income is taxable and may affect capital gains tax on your home, so ask an accountant

Startup costs are typically estimated at around $500 to $5,000, depending on how much furnishing, bedding, cleaning supplies and setup the space needs. Your own costs may differ, so check what your space already has.

Monthly revenue is typically estimated at around $500 to $3,000, depending on your location, the type of space, your nightly price and how often it is booked. The estimate assumes at least about 4 hours a week.

Check council planning and zoning rules for short-term stays, and whether your state or council requires registration or limits nights per year. Also check strata by-laws, landlord consent, insurance cover for paying guests, and tax with an accountant.