Being a homeowner is liberating. You don’t have to beg the landlord for permission to paint the walls in anything else than the sempiternal Magnolia colour. You can hang frames without worrying about the way holes in the walls are going to affect your tenancy deposit. And more importantly, you don’t need to worry about when your landlord is available to do the necessary maintenance repairs. However, while you’re free to decorate your home as you please, and you don’t need anybody’s authorisation to transform or fix the place, this freedom comes at a cost. You have to pay for everything in your home. From maintenance costs to renovation projects, you need to finance everything that happens under your roof. As a result, it’s not uncommon for homeowners to struggle to make ends meet when a last-minute bill appears, or when the property needs to undergo substantial transformations. But, here’s a little tip for you: your home can sometimes finance itself by saving or generating a lot of money.
Open the wardrobe and be honest with yourself: do you wear everything you keep in there? If the answer is no, there’s the potential for you to make money by selling everything you don’t use anymore. From dresses that don’t fit anymore to new clothes you’ve never brought back to the shop – or received as a present and didn’t dare to mention you didn’t like them – there may well be a few hundred pounds in your wardrobe only. Your shoe rack could also gain from losing the extra weight of unworn shoes. Then, you can focus your attention on games, toys and entertainment gear. You can start with simple things, such as clearing out your DVD collection and then move to toys that the kids have outgrown and board games that you never play. With a minimalist mindset, you can explore possibilities of making money with your unwanted at home.
Rent a room
Have you heard of the rent a room scheme by the government? You can make up to £7,500 tax-free when you take a lodger at home. So now’s the best time to add this loft conversion you’ve always dreamed of and turn it into an extra bedroom. Once the loft is paid for, you can choose to maintain the scheme for extra income, or you can set a fixed tenancy date with your lodger. If you’re worried about sharing your house with a stranger for a long period of time, you can approach universities to offer rooms for international exchange students, as they generally stay only a few months in the UK.
Did you know you could save tonnes with your garden?
Last, but not least, your garden can be the secret to growing your savings. Indeed, you can save over £1,000 a year by growing your own vegetables and fruits at home. of course, this doesn’t mean you can sell your fruits and vegs. But you can certainly cut down your groceries bills significantly!
In short, there’s still a lot of hidden value in your home. While it’s fair to say that you may not get rich from these tips, they can make your financial responsibilities as a homeowner a lot easier to bear.