Your House Is Your Asset: How To Make It Work For You

Written by Posted On Monday, 13 May 2019 04:41

As well as being a place to live your family home is also an asset and there are various ways you should be considering how it works for you, just like any other asset. Here are a few ways to ensure you are making the most out of your home and how to add a little extra income into your life.

Run A Business From The Property

You can run a business from home, many people are doing it these days, from one of the many types of business you can operate via a home office . Dog Sitting or Child-minding are other options if you have the space, be mindful of getting all the necessary qualifications and insurance you should need to be able to do this. It’s easy to advertise these services once you are set up though and then it’s ready to go.

Rent Out Rooms

There are various ways that you can make some money renting rooms in your house out, you could go down the traditional route of taking on a lodger , someone new to the area or a student are typical examples of the type of person who would rent a room. You can also rent out a room on a more short term basis through sites such as Airbnb and such, letting out rooms in place of hotels and B & Bs.

Release Equity

You have spent years putting money into the house through mortgage payments and it’s your asset so why should you not be able to use some of that asset as and when you see fit? The good news is that this is perfectly achievable as there are ways to release equity in your property and you can look into getting this organised for you, look up an expert and you can get Key Equity Release to look at what amount of release you could get.

Teach Classes At Home

If you have any particular skills, such as art or languages you can always offer private tuition right there in your house and make some extra income that way. If you have any particular qualifications be sure to emphasise these when advertising the classes as it will make you seem much more appealing to potential customers and word will spread that a qualified instructor or teaching is offering classes at a reasonable rate in the neighbourhood.

Pay Off Mortgage Early

This one is not so much a way to make money but rather a way to save it in relation to your house being a valuable asset. If you choose to pay off a mortgage early or even just make some extra payments you can save yourself a small fortune in interest payments. This way you own the property outright much sooner and can really do as you like with it, borrow against it, sell it off or whatever suits you without having to worry about the mortgage lender.

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James Stevenson

Hi, My name is James and I've been involved in the property and real estate industry for 10 years now. I hope people will like to read about my thoughts and experiences in the industry and please contact me if you want to discuss my articles further!

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