If you own your home, then you understand that being a homeowner is a special sort of responsibility. The initial output of finances to purchase a home is only the beginning of home ownership, so the ability to generate a little extra income is an extremely beneficial.
Given that the holiday season is upon us, every extra dollar will help make you and your family feel more comfortable. Take a moment to check out a quick overview of a few ways owning a home can help you make more money.
Sometimes homeowners take part in “rentvesting”
If you are not familiar with the term “rentvesting,” then we shall enlighten you. Rentvesting is when renters purchase a home, but continue renting. They use the home to make money. If the benefits outweigh the cost, you are in good shape.
Obviously, rentvesting is not something you enter into lightly. There are several ways the plan could go very wrong. It is best to conduct some thorough research on the housing market before you invest in a particular property.
Rent out the extra space in your home
It takes a special setup to have the ability to do so, but you could rent out space in your home. College students and other young people often need shorter leases and less rental responsibility to make it through their adolescence.
If you have the space and the patience, renting out a room in your home is a great way to bring in a few extra benjamins each month. Just make sure your space meets all the legal requirements before entering into any contractual agreement with a renter.
Rent out your storage space
Many homeowners have a lot of extra storage space in and around their homes. You could rent out that old building for storage. You could rent out your attic space for storage.
People are always looking for more space. Space is a valuable commodity that every homeowner may use to their benefit.
Rent out your yard space
Maybe your location is an appealing spot for travelers. You could rent out your yard space to traveling families and others who are passing through. It does not take much to let people set up a tent on your land. Use the spring and summer months to fund your holiday shopping adventures.
Refinance your mortgage today
Even if refinancing lowers your interest rate by a mere one percent, you have the opportunity to save an average of $100 a month. That is $1,200 a year. Interest rates are ideal for those who purchased their home more than five years ago, so take advantage of the system while it is leaning in your favor.