Some of us have beautiful houses that we are struggling to keep financially. Life hits little bumps in the road and can easily throw our finances out of whack. Our homes are the places we invest the most time and money. We want them to be beautiful, functional and trendy. They protect us and keep us warm. Most importantly, they say a lot about who we are. All of our personalities go into our houses. We choose the house that most closely matches our character when we buy them, and then decorate them to match our mood.
Owning a home has never been scarier. Keeping up mortgage repayments has been very tricky for the vast majority of us lately. Banks have foreclosed on so many of our neighbors, and scraping together enough money just to live has been a big problem for some. Wouldn’t it be nice if our houses could start earning us some money, instead of sucking up every last penny?
Dream house photography courtesy of Flickr.com
If you are feeling the pinch and you are looking for ways to make money this month, it is possible to make your home work for you. The first thing you can do is to clear it out. Our attics and basements are not the only places that hide lost treasure. Clear out all your cupboards and closets of anything you haven’t used in the last three years. Also, clear out anything you know you can live without, as tough as that may be. All of these items can be sold on eBay. Alternatively, try a yard sale or car boot sale. Include any furniture that is surplus to requirement. It is possible to cover a month or two of mortgage repayments if you are ruthless enough.
Do you have a spare room? If you have a spare bedroom, you could look at becoming licensed to rent it out. Alternatively, you could become a bed-and-breakfast style hotel. This reduces the commitment of having strangers in your house, but can still be a lot of work. You would need to supply new duvet covers and bed linen. You may even need to buy new furniture. There will be additional costs on your energy and food bills too. The rent or fee you charge should more than cover the costs in just one or two weeks, so don’t go to excess when setting yourself up in business this way.
If you have extra space downstairs, this too could be converted into additional accommodation you can rent out. If you don’t fancy the idea of someone living or staying in your house, you may be able to convert it into a working space for a small business or music studio. Check your local government guidelines for changing part of your home into a business premises. Some residential areas cannot permit this. If you can provide internet access, power and running water into your office rental, you can earn a fair rent for losing the room during office hours. Agreements of this kind are often longer than six months so it is quite a commitment for a temporary financial arrangement.
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