Having a house of your own is a great position to be in and offers a lot of freedom, but it also means you’re responsible for all the repairs and running costs of the home. Therefore, a lot of homeowners find ways to make some extra cash from their property. Some of these things are great ways to help pay off the mortgage faster, cover repair costs, and perhaps even to help save up to move to a better house. If you’re a homeowner who’s interested in making some extra income, here are a few ways you can use your house to do this.
Get a Lodger
This isn’t ideal for everybody, but if you live alone or with one other person and have a spare room, renting it out to a lodger could be a good way to make some extra money. This is quite a common living situation that first-time buyers might find themselves in, like the rent, their lodger pays for the room can go towards paying off their mortgage or home improvement costs.
Refinance Your Home
Refinancing your home could be a good way to save and make a little bit extra if you do it at the right time. Often homeowners take advantage of a changing market with lower interest rates to reduce their monthly payments (although this means they will be paying off their loan for longer). This can be a more comfortable arrangement for those who were struggling to pay their initial mortgage. You can learn about real estate investment opportunities and cash-out refinance here.
Host a Foreign Exchange Student
This is a good idea for those wanting to make some extra cash but wants a temporary shared living situation. There are foreign exchange programs that pay people to host a student during their studies, and this can be a wonderful opportunity to get an additional income as well as learning about a different culture. However, you are expected to feed them and provide them with transportation where necessary for the money.
Rent Out Storage Space
Do you have a vacant basement, shed, or garage? If so, consider renting out it out to those who don’t have enough storage space at their homes. You can always try this temporarily to see how you like it, but even charging just $30 a month all adds up in the end. Depending on your location, you could even charge up to $100 for the service.
Home Improvements
Making home improvements is more of an investment than a way to make some instant cash, but you’re likely to reap the rewards of playing the long game. Housing prices have been steadily rising over the years, and quality home improvements can increase the value of your property even more. Although you might not see the money straight away, when you come to sell, you could be making a sizeable profit on your home.
If you’re a homeowner looking to make some money out of their property, consider the options above and see what works best for you.
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