Buying your own home is a huge step and it’s one of the biggest investments that you can make – both figuratively and literally. However, after making the jump into home ownership, you may find it more expensive than you initially thought. A lot of the costs that did not fall to you as a tenant are now your direct responsibility.
If you’re having difficulty dealing with the costs associated with home ownership or you’re just trying to get a bit more cash out of your house, there are a number of routes that you can take.
Rent Out Rooms
While hotels give you some luxuries such as room service and a team of staff ready to cook up your dinner at a moment’s notice, B&Bs are a growing trend in the tourist scene. Many people are choosing to rent rooms – or rent the whole house – on Airbnb and other property vacation platforms as a way to save themselves money.
If you have some extra space in your home, such as a spare room left vacant by a child who has grown up and moved out, then you could become an Airbnb host to make sure that valuable space isn’t left unused. The potential is also there to make a lot more money by renting out your whole house when you go on holiday – more profitable than just getting a neighbour to housesit, and your guest may even water the plants for you!
Remortgaging
One of the most common reasons people need to get more money out of their properties is because their financial situation has changed. If you’ve lost your job or your financial situation has changed because you have decided to start a family, for example, remortgaging can be a good way to set some solid financial foundations to work with.
A remortgage is when a homeowner switches the mortgage you have now to a new mortgage deal. It’s a good idea to seek professional advice from remortgage experts such as Trussle to get the best possible deal in this scenario. Doing so can reduce your monthly mortgage payments, get you some extra money to fund major home projects (such as repairs and extensions), or allow you to raise the money for another project you have in the works. While a remortgage shouldn’t be taken lightly, it can be a good way to bring in some new cash.
Become a Film Set
A less traditional way to make money from your home is to allow it to be used as a film set. While major action movies and sci-fi epics may use sound stages and production studios, narrative dramas often need a cosy home for emotional scenes. Or a comedy movie may need to film a house party scene. Your home could be a great place for it.
According to the BBC’s report on home film sets, you could potentially make £500 a day by opening up your home as a film set. The first step is to talk to an agency and then do some home decor to get your house ready.
Your home is an investment in more ways than one. If you know what you’re doing, it can be a real money maker as well as a roof over your head.
