Buying a home is a long-term investment and one of the biggest decisions you’ll ever make. One day you may think of selling your home to finally cash in on your investment, but there are a few simple ways you can make money from it beforehand. You can carry on living in your home but rent out the space you don’t need, for example.
Here are a few tips on how to get the most out of your property:
Get a Roommate
If you’re in need of money-saving tips, why not get a roommate? If you have a spare room you can rent this out to contribute to your mortgage payments and expensive utilities. You can get a roommate on a temporary basis and choose the right person for you. This will help you stay afloat in more challenging times. You might even make a friend out of it.
Become an Airbnb Host
You can either rent a room or the entire property when you’re away as an Airbnb host. This is a simple yet lucrative way to make some passive income. The staycation trend is here to stay and many vacationers are looking for self-catered, socially-distanced local alternatives to traditional accommodation. If you live in a desirable location this could work for you. Here is a guide to Airbnb hosting.
Rent Out Storage Space
Another way homeowners can make extra cash from their property is by renting out storage space. If you have an empty garage, basement, extra closet, or even storage unit you could rent this out privately. There are apps for renting out storage space and it’s an easy way to make short or long-term profits.
You could even consider renting your driveway or parking space, especially if you live near a busy hub where it’s difficult and expensive to park.
You can consider different mortgage options to leverage equity on your property. With a Reverse Mortgage, for example, you can borrow back some of the investment you made and claim on the value of your own home. This is usually an option people take to expand their retirement funds or as an alternative to selling. If you don’t want to leave your current property, speak to a mortgage advisor about your options to leverage equity instead.
Make the Most of Your Garden
You’ve got the outside space so why not make the most out of it? Plant a vegetable garden or even fruit trees. If you enjoy gardening you’re in luck as growing your own cuts grocery costs. It’s also a lot more sustainable than shopping in the supermarket. You’ll have a fruit and vegetable supply all year round and you can plant crops according to the season.
Even if you don’t have a big yard, you can still plant a few things in pots and window boxes. Set up mini flowerbeds using old crates of drawers. If you’re creative enough, you can save money by getting more use out of your outside space.