How can you get money back from your home?
If you own a home then did you know that there are countless ways to make money back from it? Purchasing a property is said to be one of the safest investments that one can make but if you’re not utilising it then you may be missing out on easy money.
Instead, why not try one of the following methods and bring some extra capital into your life. The money can then be used for vacations, hobbies or even other investments. Read on to find out how you can get money back from your home.
Rent out your home
UK house prices are higher than ever. With the average home costing £281,000, it’s becoming harder and harder for people to get onto the property ladder and so, rental prices are being pushed up too.
You can make some great profit if you rent out your home but to do so, you’ll need to find a new place to live. Try renting a property that is cheaper than the rent you’ll be charging your tenants and you’ll be making a profit every month.
Rent out a room
Renting out a room is a great option if you don’t want to move out but are looking to make some extra cash. Advertise it on websites such as Spare Room and charge rent for someone to use your spare bedroom. This model is popular among students who need a room to stay in whilst they’re studying.
You’ll have invested a lot into your home over the years but did you know you can use an equity release mortgage to release some of the cash stored in your home’s equity? This money can then be used for whatever you please, be that other investment or a holiday.
Renovate your home
Invest money into your home with renovations and see the property’s value increase. There are many different home improvements that can increase the value of your home, some can be done by DIY enthusiasts but others will require a trained hand to ensure the house looks exactly how you imagined.
Sell your parking space
If you live in a flat in a city centre and have been gifted a free car parking space with your property, then you could be making a fortune. Consider renting it out to people that need a parking space in the city centre and you could be making £200 every month.
This will require no effort from yourself in exchange for a healthy influx of cash. Just make sure you can legally do this in your building and get your landlord’s permission before you start renting it out to avoid any conflicts down the line.