While some of you may be fortunate enough not to have any financial worries or constraints at all or foresaw the recent FED rate rises and started spread betting or investing to cover your butts, the reality is that if you’re reading this article then you could probably do with more cash or are at least interested in how to make more.
For years, people have been paying their mortgages off in the same droll fashion of a long-term plan where you seem to spend more on the interest rate accrual than the actual property itself. So just what can you do to either pay it off quickly or generate an additional stream of income that can help you relax about your monthly outgoings and expenditures. It’s simple – your house can be so much more than just your home – it can be a cash cow too!
Here’s how to start:
1) Re-Finance Your Mortgage (Obviously)
Perhaps slightly obvious, mortgage offers are constantly improving to counteract the rising FED rates and you are probably not on the best one for your situation anymore. Whether you go directly to the banks or find a decent mortgage broker to use, you could find yourselves $100’s better-off per month.
2) Rent Out a Room / Find a Lodger
Whether you live in a mansion or a hovel in downtown New York, there is always someone looking for a room to rent. Clean out the old kids’ bedroom and dust out the attic as lodgers can pay decent money and can take years off your mortgage or help out with the bills each month
3) Airbnb It:
When you go on holiday, what do you do with your home? Lock it up and hope that it doesn’t get burgled … or worse … pay someone to stay in it? Why not GET paid to have someone stay in it using sites like Airbnb. You can make over $100 a night easily and take a large chunk off your holiday budgets just by letting someone else have a holiday too.
4) Rent Your Drive Out:
As cities try and restrict more and more free-parking opportunities for hapless motorists, your drive may become a piece of real estate in itself. Should you be fortunate enough to live next to a station or attraction and have some spare room on the drive – you can charge a few bucks a day to have someone park their motor on it. If you’re feeling really hipster – offer ‘electrical charging facilities’ and hike the price up even higher.
5) Turn It Into a Film Set:
Who says you need to go to Hollywood when Hollywood can come to you. If you have something different about your house/flat or amazing views from your windows – you can register your property to become part of a film set and make anywhere from $50-$1000+ a day from it, depending on the size of the shoot and the duration.
So there you have it – some of our top tips to make your house into a potential second income without having to sell it or release equity from it. For more advice on how to make money through the rate rises or to learn how to spread bet and invest on the markets to bet on when the next annoying one might happen, check back with us and our latest articles soon.
Featured image courtesy of Flickr