Things are hard for everybody at the minute, financially speaking. There is an ongoing cost of living crisis that shows no signs of quitting. Energy bills are through the roof, and fuel costs are more than ever before.
If you are experiencing financial hardship and are fortunate enough to own your own home, then you will be pleased to know that there are a few ways you can use it to make cash.
However, when using your house to make money, you need to exercise caution. Making the wrong choices or decisions could lead to you losing it.
This post will tell you six effective ways of making money from your home.
Re-mortgaging Property
One way of making money from one’s property is to re-mortgage it. However, you should know that when you re-mortgage a property, you do not ‘make’ money.
Instead, you borrow it. Re-mortgaging property can be a highly effective way of getting money in an emergency, nonetheless.
If you own a commercial property then check commercial mortgage rates before re-mortgaging. Commercial rates tend to be a little different from residential ones.
Make sure that you are going to be able to repay your loan if you do plan on re-mortgaging. If you are unable to repay it, then you could end up losing your house.
Mortgage lenders will expect you to pay them on time, every month. Not paying them will lead to a default being issued, and your property being seized.
Take Lodger
One effective way of actually making money, as in a profit, is to take in a lodger. If you have a spare bedroom in your house, then you can rent it to somebody who’s working in the area.
Make sure that you fully vet any potential lodgers, so you can be sure that they are safe for you to take in. It is especially important to vet potential lodgers if you live with your family.
Allowing anybody into your house who you haven’t fully vetted can be very dangerous.
Renting Driveway
If your house has a driveway and you live near a school or in a city or town center, then you could potentially rent your driveway out.
Renting your driveway to people who work in the area (or whose children go to college or school in the area) can be a great way of making money.
If you have a very large driveway and front yard, then you could even turn it into a parking lot, and charge workers in the area to park their cars there.
As long as you offer competitive pricing, then you will be able to make a profit.
Rent Storage Space
Another way of making money from your house is to rent out any storage space that you have, i.e., your garage, spare bedroom, or attic.
Turning your spare rooms into storage units can be very profitable.
One of the added bonuses of storing people’s things for them is that you then get to keep anything that people do not come back for.
It is very common for people to abandon storage units. If people do not make payments, then you can seize everything inside their locker.
Make sure that you write this into your contract with them.
Holding Yard Sale
Yard sales aren’t necessarily a way of making money from one’s house, but instead, using one’s house to give people somewhere to make money.
If you have a large front yard and a lot of old furniture and tech that you no longer need, then you can begin selling it all in your front yard.
Yard sales are a great way of making money.
You should advertise the fact that you are holding a yard sale in the days and weeks before, by putting signs up in your local area and advertising it to locals.
Office Space
One last way of making money from one’s house is to rent it out as office space. This is only really possible if you have outhouses.
If you have outhouses, barns, or sheds, then you can convert them into offices and rent them out for a low price to business owners.
You should ideally give people private access to the offices you are renting out, and privacy.
Make sure to block the office off from your yard and house, so you cannot see inside, and they cannot see into your house.
Renting office space can be a good way of making money if you live in a city or large town.
Just by owning a house, you can make money. If you’re short on cash at the minute, then consider the tips outlined here. The solutions listed here can all be great ways of making money in a hurry.