Nowadays, people have found new ways of renting out their property and make a hefty profit. Sites like Airbnb have gained much praise for its ease and security of renting out rooms and entire houses to guests. To make an even bigger profit, people are now also renting their properties out to film and production teams. Many properties are now being rented out to shoot films and people are really enjoying the perks that come with it:
The Payout
Typically, renting out a property can bring in a steady cash flow throughout the year. Rent for properties is traditionally paid in monthly installments. When it comes to renting out a property for film production, the income is much larger and much more frequent. On average, a home or business will be rented out for between $1000 to $5000 per day. Depending on the size, location, and the duration of filming, some properties will cost more than others.
Free Renovations
Not only will the production teams keep the homes they rent for filming in pristine condition, but they’ll also throw in renovations and home improvements. When properties are rented out, owner’s are signing away control of the interior of the home. Sometimes a director will make improvements to the home for their vision to become real. If any changes are made during filming, homeowners will often come home to a fresh coat of paint, new landscaping, or a renovated bathroom.
Meeting Celebrities
One of the biggest perks of renting out a property is meeting the cast and crew of the production. When renting out their home for film or television productions, homeowners have the chance to meet the celebrities. Homeowners will get the chance to stop by to watch filming and meet the cast. Although making stops to the set won’t be able to be made on a daily basis, they still have the chance to meet some of Hollywood’s greatest directors and biggest stars.
Consistent and Tax-free Income
Not only is the payout great, but it’s also consistent and tax-free. If a personal residence is rented out for less than two weeks out of the year, depending on the current tax law, homeowners might not have to pay taxes on the income from the production. If the production goes well, crew and filmmakers will typically recommend the property and chances are the property will be rented out again for other productions.
Renting out a property to film and production teams is an easy way to make some extra income. Not only does it pay well, but it also comes with some pretty great perks.