It might sound strange to use your home to pay off your mortgage. You’re probably wondering what that even means. It means using your home to earn some more cash which can go towards your mortgage repayments. This is something that is becoming more popular all the time!
Here are a few tips you should consider if you want to worry less about your mortgage repayments.
Before looking into the ways your house can earn you money, it’s important to recognize that these methods aren’t exactly convenient for most homeowners. While they don’t require much ‘work’ per se, they do require you to sacrifice some of the comforts you have perhaps becoming accustomed to.
So if you’re struggling with your mortgage repayments, you may want to consider refinancing. This involves negotiating the terms of your mortgage, which can make the repayments easier to manage. For example, you could reduce the interest rate if you’re willing to pay off the debt over a longer period. Use a mortgage refinance calculator to see if this is something that could work for you.
Rent out a room
One of the most popular ways of earning money from your home is renting out a room. More people than you think have a room that’s no longer in use, especially families who have seen their children fly the nest!
As long as you’re using the right website to find tenants, you should have minimal problem with this. It can bring in a few extra hundred dollars a month, which will help tremendously with those repayments. Just make sure the terms of your mortgage don’t forbid it!
Let the cameras in
A more surprising way that people are earning from their home is by renting it out for film and photo shoots! Studios, via location scouts and managers, are always looking for places to produce films – precisely because building one in a studio is often way more expensive!
Renting your property out to this sort of business is actually a lot easier than it sounds, but there are, of course, several catches. Perhaps the biggest one is that, when filming is taking place, it’s best for you to be out of the house altogether. And I don’t mean leave for a few hours and come back at night – you may find that you need to leave the property altogether for a few days! Still, people who are able and willing have made a good income doing this.
Turn your driveway into a car park
Do you have a driveway that can fit a few cars? Do you live near a train station, a popular restaurant, or in a residential area that never seems to have street parking? If you don’t use your driveway, then you should consider renting it out to those who do need parking.
There are websites out there that can facilitate this, but you need to be careful. There could be a municipal law that prevents you from doing this. Renting private property for public use in this manner might be legally questionable in Toronto, for example. If it’s okay in your area, then why not go for it?