Money under the mattress: finding funds from your home
In the modern world, most people have less than perfect finances. With the expense of living, jobs paying less than they used to, and housing being so pricey, it can be hard for people to get enough out of their salary. In this case, life is a challenge and will be very hard for you to manage. But, it doesn’t have to be this way. Instead, using your home, you can find ways to give yourself a good windfall, taking away some of the financial strain you feel. To help you out with this, this post will be going through some of the best ways to make money out of your home.
- Giving Away A Slice
As the kids start to move out and space starts to open up in your home, the possibility of hosting a lodger becomes a reality. Of course, you won’t want this with young kids, so, for some, it might not work. Without a young child, though, having a young professional live in your home won’t impact your life that much at all. In most cases, lodgers will pay good rent for the place you give them, especially if you’re willing to provide food to them.
For people with young kids, the issues with hosting a lodger will probably be clear. Of course, though, this doesn’t mean that you can’t downsize. By moving to a smaller property, you can rent your current home to someone else. While they live there, the rent you pay will be covered by the rent you receive, leaving a little bit for you. This sort of action has to be taken very carefully, as it can be easy to lose if you’re not careful.
A lot of people will need a little bit of help to carry out action like this. Thankfully, in most cases, an estate agent is all you should need to be able to get started with something like this. They will be able to handle all of the paperwork while making the transaction nice and simple.
- Using It As Collateral
In some cases, it can be better to keep the space you have and give away some of the equity from your home, instead. One of the best ways to do this is through home owner loans. This sort of option uses your house as a guarantee for the loan, making it easier for the banks to trust you. Along with this, this sort of loan is very easy to apply for, as you don’t have to go through the same vetting as a regular applicant.
Of course, though, in some cases, you will need a lot of money to be able to get on your feet. In this position, it can be worth sacrificing a large part of your home. A remortgage can achieve this for you, as long as you’re not too old to pay back what you owe before you leave work. A lot of people find this method extremely helpful, as it can be done very soon after taking the initial mortgage.
Making a decision like the ones above is never something which can be taken lightly. So, in most cases, it’s a good idea to get some help before you start. Your bank will be a good place to begin, as they will be able to provide you advice for free. For some, though, looking for professional help could be a better way to get the support you need.
- A Clean Out
When bills are stretching the bank and you’re struggling to make ends meet, even a small boost could be enough to help you out. Though you may be attached to them, the unused items around your home could be plenty to fill your gap. You can start by looking for things of high-value which don’t get used very often. For example, an old music player or other electronic gadget. Then, you can start to look for some ways to sell it.
eBay and other auction websites can be the best to help you if you want to sell quite a few items, as they make it very easy to manage. Alongside this, though, you could also use a social media marketplace, like Facebook’s local sales tools. Using options like this will expand your reach and be much more effective than selling to customers in the flesh.
Hopefully, this post will give you a good idea of what can be done when you’re trying to find new ways to make money from your home. When you have a resource like this, you have a lot of potential behind you. To learn how to use it, you just have to do some research.