How to make money from your home

saving money

Even if you love your home, and have no intention of selling or moving on in the not-so-distant future, there’s no reason why you should become complacent regarding making some much-needed cash from your home. You might not even live in your property all year round, or maybe you feel like it’s time for a change regarding your current color scheme, flooring or even a larger renovation job? Whatever you decide to do to your home, remember that any work that requires an investment your end will result in extra capital in the long-term. It may be even easier to make money from your property than you might think.

You don’t have to be an expert in home interior design or invest in a costly team of experts to help add some extra value to your property. The chances are that any changes you decide to make, however small, will also benefit you too. If you spend several months a year abroad and you feel ready to put your home on the rentals market, then make sure to do your homework first. While a smaller change, such as replacing your kitchen or repainting your living room, shouldn’t be rushed into either. Luckily, there are a variety of property investment strategies open to you, depending on your needs and requirements. Remember, however, that it pays off to take your time when it comes to planning and budgeting, before rushing into any future home improvement plans or schemes.

Alternative options

If you have a spare room or a space that you could soon turn into a cozy getaway, then you may want to consider entering into the online rentals market. Sites such as Airbnb have become increasingly popular with students, travelers and even professionals alike, who are looking for a cheaper option to a hotel, while still having the freedom to come and go as they please. First and foremost, if you are considering hosting, it’s important to establish just how much of a service you want to offer to any potential new guests. Clean towels and laundry may come as standard, but do you want to also include breakfast in your room price? You will also need to check just what you are offering in your room rates, to make sure that you are in line with what’s on offer in your local market. Remember, that clients will be after fast broadband and some helpful tips and tricks as given, but any other extras can help boost your overall ratings and help attract a steady flow of guests. Hosting is not the option for you if you don’t enjoy getting your hands dirty and meeting new people, so make sure that you discuss this with your family or partner if you are considering going down the Airbnb route.

Alternatively, you can hand over your property to an estate agent if you are looking for long-term tenants. It pays to do your homework and take out some decent home insurance, just in case anything should go wrong. Take time to do your research and find the best cover for you, in addition to providing cover and assistance for proprietors. Remember, it is your choice if you decide to rent the property as either furnished or unfurnished and this will also affect the amount that you charge each month when renting out your apartment or house. If your property is in a much sought after area or a tourist hotspot, then it will pay to rent it out furnished, as this will guarantee that you have it booked up for the months of the year that you and your family are not there to enjoy it.

Home beautiful

Home renovation and DIY is the ideal option if you are also looking to make an instant change to your property that will benefit you while you live there currently. Luckily, quick fixes such as a lick of paint, buying new furniture or even buying new towels, don’t have to cost hundreds of dollars. If you are strapped for cash or want to make a few instant changes to your home, then investing in new linen bedsheets, a few candles for the living room and throws for your family room will make a huge difference. So too will cutting back on your clutter, so consider holding a yard sale to get rid of those items that you no longer use, or no longer want on display. If you are keen to take on a large-scale project, then giving your home a new lease of life is easy. Consider replacing those old floorboards in your hallway, giving your staircase a new coat of paint and adding warm hues on the walls in the larger, colder rooms of your home. If you are looking to make improvements, and you have no set budget in mind, then replacing your bathroom or kitchen can not only add a new lease of life to a tired property, but it’s also a great way for you and your family to enjoy spending more time together, and enjoy spending time in your home. Remember though, if any changes that you make are going to be structural that it’s important to check with your neighbors first as you may need to get permission.

So whether you are keen to sell your property within the next few months, or want to add a new level of style and sophistication to your much-loved home, there is a project for everyone, depending on your budget and the time that you have available. If you have a vacation home that you just don’t manage to use enough, or space in your house, then do make sure to consider the alternatives that are open to you. However, remember to discuss these with your entire family first. While homeowners who are strapped for cash or looking for a quick fix, that adds some serious feel-good factor, can use paint, new linen or even getting rid of those unwanted items, to help you make your home feel like a much more welcoming and practical space that you can all enjoy.