If you’re a homeowner, you’re in a fortunate position. You might still be paying off a mortgage, which means there is a risk of losing your home in the future, but owning a home can provide you with stability too. Even with a mortgage in place, you’re safe as long as you can meet your payments. The same can’t necessarily be said of someone who is renting, so you enjoy the benefit of a more secure roof over your head.
But there are times when homeowners might need to think about how to make their financial position even more secure. Perhaps you want to get out of debt or you’re looking for ways to boost your income. As a homeowner, you can have some unique options available to you so you can access or make the money that you’re looking for.
Hold Off on Overpayments
Are you trying to pay off your mortgage as fast as possible? If you are, you might be making regular overpayments. This is a great strategy to pay your mortgage off faster so you can own your home outright sooner. However, sometimes you have to consider whether it’s the right thing to do. Are you doing it to the detriment of your other needs? It’s not ideal if you’re putting all of your spare cash into paying your mortgage if it means you have to miss out on other things. It could be worth reconsidering your overpayments, which can immediately put extra cash back into your budget.
Access the Equity in Your Home
When you buy a home with a mortgage, you might not own it outright as soon as your name is on the title. But the good news is that as you pay off your mortgage, you’ll build more and more equity in the property. This gives you a huge advantage if you’re exploring ways to access money when you need it. You can borrow 100% of your home equity with some lending options, so you have the chance to make the most of your home ownership. This is something you might choose to do if you want to consolidate debts or maybe if you’re looking to pay for a large expense such as home renovations.
Rent Out Part of Your Home
It’s not unusual to own a home that has more space than you need. You might have bought a home so that your family can grow into it, or maybe you just wanted more living space. While having to maintain a larger home can be a bit annoying, it also gives you some good options if you want to make some money. Renting out part of your home could be an easy way to make some cash, and you have a few different options to explore.
One option could be to rent out one or more bedrooms. This could mean having a permanent tenant living with you, or you might try renting short-term to visitors and tourists instead. Another possibility is to rent to someone who might need a room during the week but goes home on weekends.
But bedrooms aren’t the only spaces in your home you could consider renting out. If you have a garage or parking space, people might pay you to be able to park in a convenient space. Garages can double up as storage spaces or workshops too. Maybe even your kitchen could become a place other people pay to use if it offers the facilities they want.
Rent Out All of Your Home
Obviously, if you’re living in your home, you can’t rent out the whole thing. But there are circumstances when it might make sense. Short-term, this could be when you go on vacation. Rather than leaving your home empty, find someone else to stay in it (and pay for the pleasure) while you’re gone. If nothing else, it could pay for your vacation. There could be ways you rent your home out more long-term too. Maybe you’ve had to make a move but you can’t sell your old home yet. Getting tenants would make sense to help you pay off the mortgage. Just remember that you may need to check with your mortgage lender before doing this.
Allow Your Home to Be Used as a Filming Set
The idea of having your home used to film a movie, TV show or maybe a commercial might be an exciting one. And it could be an option for you, especially if you have an interesting home. Of course, while filming is taking place, you’ll be expected to be out of the way. You also need to consider that the filming process could leave your home in disarray. There’s the possibility that different furniture and other set dressing needs to be brought in, and you’ll have a film crew traipsing all over your floors. But you can also get paid for this, so it’s definitely something to consider.
If you’re interested in doing something like this, you can sign up to certain websites for film locations. These include sites like LocationsHub and Set Scouter, which production teams will use to find the right filming locations. It’s also a good idea to approach your local government film office, if there is one, which is probably keen to encourage filming in the area. Stay on the lookout for any callouts for homes in your area so you don’t miss your chance.
Host Students
Hosting international students is somewhat similar to renting out a room in your home. However, it can come with a little more responsibility, depending on the age of the students. You might be required to provide a little bit of support, including meals or help getting around. This might be a good way to make some money if there’s a language school close to you or a school that has an exchange program. You could host students at a particular time of year or for the whole year.
Make the most of your homeownership by using it to make or borrow some extra cash. It could help you to get ahead.