When times get tough, few people recognise the opportunities they have in owning a home of their own. Whether you’re in a bind or just looking to increase your income, there are plenty of ways you can optimise your home and its features to earn a little extra. Take a look at your home and see if any of these top ideas could help you turn a fortune!
A relatively well-established scheme by the UK government to offer money in exchange for electricity generated from solar panels is worth taking advantage of, for a little spare cash coming in. Electricity built up by your panels can be sold to the National Grid – not for a huge amount of money, but it all adds up!
Many homes come with a designated parking space, but if you’re in the centre of a town or city you might not deem it necessary to own a car yourself. If that’s the case, consider renting your parking space out – your neighbours may need an extra space for a second car, or you might find people who drive in from out of town looking for somewhere close to their workplace. This can be quite a lucrative deal if you can strike one, as it doesn’t cost you anything to maintain!
If your home has unoccupied bedrooms, you could earn around £4,000-5,000 extra a year by getting a lodger in. Many keep themselves to themselves, but it’s up to you what the terms of their agreement are – some lodgers will cook for themselves, others will be happy to pay extra in return for meals to be included. Some may hide themselves away in their room, and others will integrate themselves into your family. It can be beneficial not just financially, but socially, too, as lodgers often build lasting relationships with their hosts, so make sure you meet all applicants before agreeing to anything!
If you’re really trying to bring the cost of your monthly bills down, then moving into a smaller home is an excellent way to do this – not only will you be spending less on energy bills, but you’ll release some equity to help pay off other debts or treat yourself to a larger budget for a while. If you don’t want to spent money doing up your home, contact a property-buying company – these will offer you a slightly lower rate than market value, but will guarantee you a sale, so you can get on with optimising your new home instead!