How You Can Make Your House Pay For Itself; tips to help you pay your mortgage off faster and get out of debt! Who knew that your own house can be a money making machine!
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There’s no doubt that buying your own home is one of the single biggest financial commitments you’ll ever make. It's something we strive for, dream about and scrimp and save for. And once we get there? The reality of 30 years or more of paying back the debt we’ve accumulated starts to sink in.
But what if there was a way of easing the burden and getting that mortgage paid off quicker? Turns out that there are a few tricks to help your home pay for itself. That gives you valuable financial freedom and leaves you free to use your money for other savings to diversify your assets - be it stocks and shares or even other properties for equity multiple real estate. Turn your house into an income generating asset and the choice is yours…
4 Ways to Make Money Off Your House (& Pay Your Mortgage Faster!)
1. Renting Out Extra Space in Your Home
If you have unused space in or around your property, renting it out is the perfect way to offset your mortgage payments. Outbuildings are ideal to be rented out as studio space or storage for someone’s belongings. Check that your home and contents insurance will also cover the renter’s possessions and update your policy if needed. If you have a garage or driveway space, this can also earn you money with minimal hassle as you can rent out the parking, especially if you live near to a tourist site, train station, airport or large concert or sporting venue. You can advertise via specialist sites to rent out your drive or locally on sites like Gumtree.
2. Taking In Guests
If you are a people person, and you don't mind sharing your space, you could let out a spare room. This doesn't have to be on a permanent basis - short-term stays can also give your income a boost. If you live in a university town, overseas students may be looking for a room. Check out student housing websites to find a match for your accommodation.
3. Fitting Solar Panels to Save Money
It's not just the mortgage but the rising cost of utilities that can make modern living so expensive. Offset your power bills by installing solar panels - not only will they cut your monthly outgoings right down, but you may also be able to sell excess power back to the grid. The money you save or make can be put towards mortgage costs. In some cases, government grants are available to help with the costs of installing solar panels.
4. Setting Up A Market Garden
If your house has a decent-sized garden, set it to work for you! You can grow vegetable crops and even keep chickens to be able to either sell fresh produce and eggs or do things like growing fruits to make into jam. You could end up with a stall at a local farmers market or a cottage industry such as making honey. You could even breed rare small birds and sell them. It could make you an extra couple of hundred a month to go towards your financial commitments, plus it makes a great hobby, especially if you can get kids involved.
Hope you enjoyed these tips and tricks to make your house pay for itself!
How You Can Make Your House Pay For Itself; tips to help you pay your mortgage off faster and get out of debt! Who knew that your own house can be a money making machine!
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