Having your own home is a huge benefit in today’s unstable financial times, but few people really seem to take advantage of the ways they could use their home to save money. Whether you’re looking for a second income of you just want to get yourself out of a sticky financial situation, these quick tricks will get some cash rolling in fast – making your home a help rather than a hindrance!
If your home has a designated car parking space that you’re not using, you’ll be surprised at how much you could make by renting it out online. While this is particularly popular in cities, where parking prices are at a premium, you may also find it successful in smaller towns. As well as people driving into the area for work or university, you might find your neighbours will be happy to pay for a space for guests’ cars or even a second car of their own, so let the surrounding houses know what you’re planning to do and inquire as to whether they’d like to hire it out. It doesn’t cost anything to maintain, which means that if you can find somebody happy to rent, you could end up with a pretty good income!
Lodging with a family is the ideal solution for students who don’t fancy the idea of bunking in halls – generally speaking this works to your advantage, as they tend to be quieter to live with! Renting unoccupied rooms out is a great way to bring in a relatively large sum of money – around £4,000-5,000 per year – and it’s up to you what terms you impose. Some lodgers may be happy to stick to their room at all times, while others will ask for meals to be included. A lot depends on whether they’re students or professionals, but do make sure they have a regular income. Long-term lodgers often become integrated with the family after a while, so be smart and make sure you like them as people before you offer them your spare room!
If you don’t have anything to rent out, don’t worry; there are still ways of making money using your existing property. The government recently launched a solar incentive known as Feed-In Tarriffs, giving you the opportunity to sell electricity generated by solar panels back to the National Grid, in return for a little spare cash. It’s not hugely lucrative, but it adds up over time, and decreases your overall bill costs.
To really drop your monthly outgoings, consider downsizing your property and moving into a smaller, more modern home. This will ensure far lower bills and living expenses, and is relatively easy to arrange – while estate agents can take months to arrange a sale, property buying companies will offer you an instant price, which is ideal if you’re looking to cut ties with the property ASAP. It’s also a great option if you’re moving out of the country, as you won’t get caught in a property chain!