Money saving tips

Published on September 11th, 2014 | by richard

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Power Games: How To Get More Out Of Your Property

When your finances are tight, you might be at a loss over how to make more money. As a homeowner, you already have the means to make an extra income. You might not realize it yet, but owning a home opens up a whole world of financial opportunities. You have the space to do whatever you want in your house, which means that you also can make money from your property. Making the most of your home means making the property work for you. You are investing into the house and, as such, you have the right to get something in return. Here is how to get the most from your home.

Consider having a renter

If you have a spare room or attic space in your home then, you might consider taking on a renter. If you look at this open house in Henley on Thames, you will notice it has spare rooms. Don’t let this space go to waste. Letting out a spare room is a great way to make an extra income, though you do sacrifice some of your privacy by doing so. You will need to make sure that all the basic amenities are available for your renter. They are not just renting a room; they are renting a home. As such, they will need access to the bathroom, the washroom and a kitchen. Things can get a little tricky. The best case scenario is that you get along with the person renting a room, and so enjoy their company around your home.

Release some equity in your home

If you have paid off much of your mortgage and need a large sum of money fast then, you should consider releasing equity in your mortgage. Doing so will give you a huge cash amount in an instant, which means that you could have financial freedom straight away. That in itself means that you can invest money into other areas. Should you want to start a new business, for example, you can get the startup fees up front by releasing equity.

Create a home office

Instead of paying for expensive office space, why not consider designing a home office? Having an office in your home means that you can work from home on a daily basis. You may have to invest a little cash into setting up a home, but once it’s complete, you have the freedom to work whenever you want. Paying out on a monthly basis for office space is a waste of your money, save money by having a home office.

Open a daycare service

Stay at home parents can make an extra revenue stream by opening up a daycare center in their homes. If you already look after your children after school, it will be little hassle to take on a couple more for an hour or so after school finishes. Doing so could mean that you make an extra income. You will need to get the proper qualifications to open a daycare center, but in doing so you are creating more money for you and your family. Parents want to leave their children in the hands of someone they trust. If other parents already know you from school, they will be more likely to trust your services.

Rent out your garage space

Most homes now come with large garage spaces. The assumption is that most families have one or even two cars. If you don’t happen to have a vehicle, then all that room is going to waste. Consider renting out your garage space during the day to someone who works nearby with a car. You can put an advert on Craigslist and make extra money by picking up a rent fee.

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