Unlock extra income by maximising unused space in your home, says industry expert

In a climate of rising living costs and high interest rates, Australians are on the hunt for inventive ways to supplement household income. According to Kellie Richardson, a leading interior designer and founder of Melbourne-based Kurved by Design, many people already possess the key to financial relief: their own homes or investment properties.

“Many don’t realise that they’re sitting on untapped potential within their homes. A little guidance can go a long way in helping them understand where and how to maximise income,” said Richardson. She has established herself as one of Australia’s most innovative interior designers and shares her expertise on how to strategically use property to generate extra income without breaking the bank.

Squeeze more rental returns from Airbnb

Amidst a recovering Airbnb market, Richardson suggests that homeowners can substantially increase their rental returns by enhancing the guest experience. “With international travel becoming costlier, more Australians are opting for domestic stays. This provides a lucrative opportunity for property owners to create a premium Airbnb experience, attracting a better quality of guests and, consequently, more income,” she explained.

Transform unused spaces into profitable ventures

According to Richardson, many households have untapped spaces that can be put to good use. “Whether it’s a vacant bedroom, a garden studio or an empty garage, these spaces can easily be converted into luxurious yet affordable accommodations,” she said.

Affordable luxury design tips

Richardson suggests a few simple yet impactful modifications to achieve a luxurious look on a budget:

• Add a couple of statement furniture pieces in dark hues to withstand wear and tear.
• Stick to a consistent colour palette featuring rich, timeless shades like dark bronze, rust, and mushroom grey.
• Incorporate inexpensive accessories like cushions, wall prints, and lamps to elevate the property’s aesthetic.

Shop smart for furnishing deals

“You’d be amazed at the treasures you can find on platforms like Facebook and Gumtree, and even in Op Shops. Second-hand items can offer excellent value and significantly enhance the look and feel of your space,” said Richardson.

She also recommended keeping an eye on budget-friendly department stores like Kmart and Big W, which offer trendy designs at a fraction of designer prices.

Adding the finishing touches

Richardson emphasises the importance of small details that can elevate the guest experience. “Include local tourist brochures and premium experience materials, stock up on quality magazines, and add a coffee maker to the kitchen. These elements can be sourced affordably but make a world of difference to the guest experience,” she concluded.

So if you’re looking to bolster your household income, your own home could very well be your next investment project. From maximising your Airbnb’s earning potential to converting unused spaces into profitable accommodations, Kellie Richardson’s expert advice can pave the way for financial relief without the hefty expenditure.