According to the results of a new study, 3-bedroom home owners in the UK are now spending almost half of their annual income to pay off the mortgage and for household bills. The monthly running cost is £1,634, while the annual cost is a staggering £19,608 on average. The study also found that there are just two towns in the country where the average cost of running a home is lower than £650 every month.
Saving and Earning Money from Your Property
Utility bills, property taxes, mortgage payments, grocery, maintenance expenses… our homes cost us money in many ways, and the cost seems to go up every year. It is difficult to increase the salary in the UK to cover the high expenses. A reverse mortgage without any monthly mortgage payments will lower the expenses, which is one option. The other option is to find a way to use your asset, your home, to make more money.
How to Make Money from Your Home
Thankfully, there are many ways you can use your home to make money. The money you make could go towards paying off the bills, which will leave a lot more in your bank. Here are some creative ways to make money from your property –
- Rent out a room – You can rent out a portion of your property, perhaps a room, if you are living somewhere where there is a lot of demand. This works best if you live close to a big employer, a hospital, or a university or college. A bedroom with an attached bath will fetch you more money than a shared facility. Give up your master bedroom, if you can. You can also rent out to tourists, especially in the high season.
- Join Airbnb – Sign up to offer your spare room. 81,000 homes have already signed up with this online marketplace and hospitality service. 4 million people have used Airbnb in London alone, and the service is becoming more popular every year.
- Grow plants – You can grow plants and sell them on the open market if you have a backyard and if it is legal in your area. Some plants, like medicinal mushrooms, fetch decent money. You can also try growing seasonal plants and flowers.
- Storage – Most homes now are so small that there is a serious crisis of storage space. Your extra space can be used to store winter garments not used in the summer, books, cutlery, paintings, and a lot more. An RV or boat can be kept in a covered area or barn.
- Dog kennel – Create a fenced area where you can keep dogs when their owners are away vacationing or have gone on business trips. You can hire a trainer to give them exercise. This too can fetch you good money with little effort.
Invest a little money on your home to spruce it up, if needed as this may improve your chances of making money from the property. There are many ways to earn from your home easily and supplement your wage. The extra money will always be very useful.