Top tips for making money from your home. You may want to stay in your present home but you need to make some extra cash. We tell you how.
However you may want to stay in your present home but earn a little extra cash. This could be because you are struggling to pay your bills or dealing with redundancy, sickness absence or maternity leave. It may be that you just want to earn a little extra to pay for a holiday or save for a specific event like a wedding or university fees.
Zevizo Properties the online estate agent can sell your property for a fee of just £445
There are many ways you can use your house to provide a little extra money:
If your house has gained in value over the years you may be able to release some cash from the property and add this onto your mortgage. The advantage is you will have a lump sum in your hand and can spread the cost over a long period of time. This may have a negligible effect on your monthly mortgage payment. The negatives are that over the term of your mortgage you will be paying a large chunk of interest on the amount you borrow. Also house prices can go down as well as up and if you borrow too much against your homes present value you may find this a problem if prices drop significantly.
Rent parking or garage space
This is a popular option for property owners in busy cities where parking is a premium. It can provide a significant additional income. You can also offer your garage for storage although you must consult your insurance policy in this instance as you cannot claim for something you don’t own.
Films and photo shoots
Many people make a significant annual income renting out their property for film and photo shoots. Obviously it depends on the type of property and the location. However film companies use all types of property for shoots. Bare in mind that, whilst lucrative, this can cause significant upheaval for you, your family and your neighbours. So do your research and make sure everyone is happy and informed.
Selling household items
This is a good starting point if you want to de-clutter and make a few quid. If you have been in your home for a while you will have items you don’t use any more. Using free ad sites or auction sites such as eBay you can sell unwanted items and make some useful money. This is particularly true if you have a family and have items such as pushchairs etc. that you no longer need.
Renting out a room or part of your house
This is a popular option in areas where property prices are high. There are financial limits under which you can rent a room or part of your home without having to deal with legal and regulatory issues. Make sure you do your research as limits change and be aware that you will have to pay tax on rental income if you have other income which takes you over the relevant tax thresholds.
Many people make extra money by renting their house to individuals for holiday lets etc. while the house is empty. For example when you are away on your summer break you could recoup some of the costs by someone else paying to stay at your house. Of course this depends on the location and type of property you own. There are also implications in terms of your household insurance etc. and there may be mortgage factors involved. Make sure you fully investigate with the relevant providers.
Work from home
This is the preferred option of many who wish to maximise the benefit of their present property. If you are lucky enough to be able to choose your place of work, a home office space could save an absolute fortune. This could be in the form of office rental costs, petrol, a second car or even simple things that mount up such as new clothing for work or lunches etc. There are downsides to working from home. Don’t try to do it with children in the house; it is practically impossible unless you can wait till they have gone to bed. Also you need to make a concerted effort to separate work and home life. It can be tricky working on your computer with that pile of ironing intruding into the corner of your eye.
So you don’t need to move house to make money or pay your mortgage. There are lots of options available. Do your research properly and choose the one that is right for you and your family.
We hope you enjoyed the our blog on making money from your home. If your thinking of selling Zevizo Properties is a national, online estate agent. We market properties on all the major property portals from as little as £445 plus VAT.