There’s a lot your home can do for you; it’s a place to live and relax, yes, but it’s also a good way to make some extra money, if you know how to use it right. Of course, working from home is one of the best ways to make money, seeing as it’s flexible, on your terms, and you can do what you want with your own business, but you can work a little more creatively here too. After all, when it comes to bringing in a regular income, it can be hard to find a good way to bring in the big bucks, so why not use the very valuable real estate you’ve got on your hands?
A nice kitchen like this is worth a lot on the market, so why not rent out its use? (Pexels Image – CC0 Licence)
Rent Out Your Rooms
Your home could be a source of free real estate to you right now, especially if you’ve got some spare rooms that live-in tenants could make good use of. Mostly, this is a very good money making method to employ when you live near higher education centers, as students will flock to cheaper, spare rooms in houses they don’t necessarily have to fund or look after themselves.
But you don’t just need to have a spare room to make money here – oh no! There are plenty of other ways to make money out of the rooms in your home, including the living room, dining room, and even the bathroom. If you have any kind of cohesive theme about your rooms, you could very well advertise them to be used in filming and TV sets, or simply photographed for stock sites, or even be featured in magazines. Rates vary here, but you could easily hope for at least $500 per day for the use of your home and time.
You can even rent out your attic or garage, seeing as people are always looking for extra storage space for their own items, and along you come with a temperature controlled, safe outlet for them to make use of! Even just charging about $10 a month could make you a nice profit of over $500 by the end of the year, and that’s the lowest rate that’s currently going out there.
You Might Also Want to Get a Lower Mortgage Rate
Next up, you might also want to think about lowering your mortgage interest rate, because this could really be biting you in the budget department. A lower mortgage rate gives you a lot more freedom to work with, and it’s a good way to save money through your home, rather than make more revenue for you outright. However, it’s still an important thing to consider if you’re in this money making mindset.
Of course, there are all kinds of refinancing home loan out there for you to choose from, and it’s good that you take a look at the variety right now. You shouldn’t just settle for something that’s naturally going to be long term and costly, especially when it’s supposed to be replacing a previous loan that was far too much for you! But how do you go about finding the right loan for you, and getting the best deal?
Well mostly, think about your credit score. If you already have a mortgage on the house, and you got it because of your relatively good credit score at the time, check to see if your credit has improved since then. If you’ve been keeping up with the mortgage payments thus far, it should have done! And because of this, you’ll have the freedom to go in for a much better mortgage type, either with lower repayments, lower interest rates, or simply a shorter term length to serve.
So, Can You Make Money Out of Your Home?
Easier than you thought, isn’t it? Because making money out of your home is all about knowing how to make use of its most basic assets! So get online and look for people who need shooting locations, or need certain backdrops for magazines.
Advertise your spare rooms to people who need a short term place to stay, and even advertise the storage you have available for people who need their possessions looking after.
And at the end of the day, you can always revisit your home’s mortgage board, and think about getting a much better deal on what you’re having to pay out each month. It’s as simple as!