Buying a home is a great financial decision for many reasons. In many instances, a mortgage can be less than rent. Building equity in a home can also show creditors that you are financially viable and will offer you better interest rates. Also, you can save with many tax credits. However, paying for a mortgage over 15 or 30 years can be a daunting situation. There are ways you can use your home to make some money on the side that will help you pay the mortgage. Try some of these ideas if you are looking for a little help paying your loan off a little faster.
If you live in a great destination and have a spare bedroom, Air BNB is a great way to make a little money. People are looking for more authentic experiences on the travels and living in someone’s home for a week, or two is making Air BNB a popular option when traveling. If you can spare a room or two, an Air BNB can net you some extra cash towards your home.
If you have a third garage that you aren’t using, or can quickly make space, there are now new services that allow you to rent out your garage as a storage unit. Since storage units cost so much, people are willing to pay other people to rent out their garage space.
If there are products that you use and are passionate about, doing a direct sale business out of your home is a great option. If you have friends that enjoy the product as much as you, it can make you some extra money every month to help with your mortgage.
Buy some seeds and other plants so you can start your garden. A garden can provide some healthy food for your family and can save you a little money in the process. If you have a passion for gardening and a little ambition, you can start selling the fruits of your labor to a local farmer’s market or food distributor.
Solar panels are an up and coming source for lowering your electricity bill. There is a high initial start-up cost, but getting solar panels are a significant long-term investment. They can reduce your bill to almost single digits, they increase the value of your home to future buyers, and there are programs where you can sell energy back to your utility provider.
How can you help kids in need of school help and also make some money from home? Online tutoring programs can give you the opportunity to help in both areas. Take a look at StudyPool, Chegg, or TutorVista for more information about how you can help and get paid in the process.
Sell Unwanted Things
If you are moving into your new home, you probably brought some things that you don’t have room for. Or you might realize that you brought some stuff you don’t think you will be able to use in your new area. Either way, why not sell some of those things that are taking up space in your home to someone that could use them.
Your home is a great asset and can help build equity. Don’t overlook these other simple ways you can use your home to make even more money towards your most expensive purchase.