You don’t have to sell up to make money from your home
The years of the property boom seem like they were a long time ago, but in reality it has only been a couple of years since the property bubble exploded with a resounding bang. During the years of the boom many homeowners in the UK made a killing on their investments, having seen the price of property soar in the UK. However, with property prices having plunged many have lost some or all of the equity in their homes, and this has left them unable or unwilling to sell their homes.
Property prices have been going up slightly over recent months, but there is speculation that they will start to fall again next year, which may be making homeowners increasingly nervous. Whilst many people may have been relying on the equity in their homes to provide them with more financial leverage and to make them some money a recent report has highlighted how homeowners can still make money off their property without having to sell up.
Many homeowners are in properties that too big for them, and this means that there may be a spare room going begging in the home. With many people that do not own their own homes looking for a place to live this could be the ideal opportunity to take in a lodger, which could help to pay the mortgage and ease the financial strain.
Over the past couple of years the number of homeowners in the UK that have been taking in lodgers has soared, as homeowners have looked for ways to make some money, make the most of the space on their home, and keep on top of mortgage repayments. Mortgages are still difficult to come by and renting a whole property may be too expensive for some people, so being able to rent a room in a house will prove ideal.
Another way to make the most of space in your home to earn some cash is to consider renting out storage space. There are many people that pay good money for storage facilities, and if you don’t really want another person in the home but you do need to extra cash then renting out attic space, cellar space, or even the spare room for storage facilities could prove the ideal solution, and could help your budget to stretch that little bit further.
It is not just furniture and odds and ends that people may want to store either. You may find that there are many willing takers for garage space or your driveway, so if you do not really use it then it is well worth finding out whether someone would be interested in the drive or garage for their own vehicle.
If you have a nice garden then the scope for making money from your home without selling up is even greater. Many people are very keen to grow their own fruit and vegetables, but allotment space is very short these days.
Those that have a garden should find that there are plenty of green fingered enthusiasts that are keen to rent some garden space so that they can enjoy their hobby, and at the same time the homeowner can enjoy earning some money for renting out the garden space, and may even get some fresh fruit and vegetables thrown in into the bargain.
For those that have end properties another opportunity to make money comes from the world of advertising. Some companies will pay the homeowner for use of the gable end of the property to place advertising boards, and this is another good way to earn a little extra cash from your home.
You don’t have to sell up to make money from your home
Tags: Renting, Real estate bubble, Loss mitigation, advertising boards, Real estate, mortgage, home insurance
