Want to make more money, but you aren’t sure where to start? No worries- we’ve got you covered!
1. Making money back on your bills.
So, it might not strictly count as making cash from your home, but if you’re paying less, month-by-month, in your bills, then it effectively turns out to mean the same thing. Aside from satisfying an ethical itch that a lot of us are feeling, making your home more energy-efficient can greatly reduce your energy and heating bills, keeping more cash in your pocket in the long-term.
2. Take on a lodger.
Having a rental property is one of the easiest ways to turn real estate into an income. However, you don’t necessarily need to move out in order to make room for a said lodger. There are significant benefits to renting and living in the same property as your tenant. It might be a little strange to have someone new in your home, but they can play a huge role in helping to pay the bills.
3. Taking out a loan on the house.
If you are certain that you are able to pay it off, then you may even want to look into the option of re-mortgaging your home. This means taking out a loan on part of all of the value of the home and paying it off as you did your first mortgage. The big risk here, however, is that you can lose your home if you fail to pay it off.
4. Free up some equity in it.
Remortgaging a property isn’t the only way to free up some of the equity you have paid to own, either. A reverse mortgage is a loan, too, but the terms are different. For instance, your responsibility to repay can never exceed the value of the property itself, meaning that it can safeguard your other assets to some degree. It’s often used as a way to boost an income during retirement, too, for those who might not have the need for a home they own in the long-term.
5. Turn yourself into a host.
You don’t necessarily have to live with someone to turn a part of your home into a bedroom property. If you live in a tourist destination, be it in the city, out in the country, or by the beach, then you might be able to appeal to the thousands of people who might be looking for a reasonably priced accommodation by turning a room of the home into an Airbnb.
There’s nothing to stop you from making money from the home that you’re living in. A little ingenuity can unlock a lot of options. Hopefully, the above tips show just that.