Image Credit
This is a collaborative post.
Most people think of their home as a long-term investment – which it is! But a home can also be a short-term investment with plenty of opportunities to squeeze money from it here and there. For example, why not reduce your energy consumption, use equity release, or open an AirBnB?
Energy Consumption
The cost of energy is rising all the time, mainly because of issues around oil accessibility and peak oil considerations. While alternatives, such as renewables, are becoming available, it is still expensive to run a large family home; but, energy saving can squeeze money every year.
Start by reviewing your energy bill and understanding it. Unless you know how you spend your energy, you can’t make effective changes that help you save. Some saving techniques include switching standby equipment off, hanging heavy curtains in winter, and taking shorter showers.
Equity Release
Equity release is becoming a popular way to acquire large sums of money fast that can be used for home renovations, traveling or retirement. Equity release capitalises on the appreciation of property value, releasing large sums of cash to homeowners in the form of another mortgage.
If you’re unsure whether you are eligible for equity release, or you want to find out more about equity release and how much you can acquire, use an Equity Release Calculator. This calculator is accurate and user-friendly, so you can learn how much you can earn instantly.
AirBnB
Why not put that spare bedroom, loft, or basement to good use and create an AirBnB for travellers? Not only can you earn money effortlessly from your spare rooms, but you can enjoy the company of travellers and help them to navigate the city with your local knowledge and tips.
Setting up an AirBnB is quite straightforward. The first thing you need is a suitable room – somewhere you would be comfortable staying in for a few days while visiting the local area. Next, open an AirBnB account, ensure you comply with the standards, and promote the room.
Car Hire
It’s fair to say there is no shortage of cars on the road, and with more people looking for alternative ways to get around, a peer-to-peer car sharing service is not a bad idea. This system is a lot like renting out your room on AirBnB, but instead, you are renting your personal vehicle.
Websites like Turo are popping up on the internet and offering residents in the USA, Canada, and the UK a chance to hire someone’s personal vehicle for a period while they are visiting. In return, car owners receive favourable rates. Find out more and start boosting your income today.
Storage Rental
If you have a spare room in your garage, basement, or loft, you could generate additional income by allowing someone to use the space for storage. Again, rates vary depending on the space you have and items being stored, but overall, you could be onto a winner. Why not use this as a passive income to support a more frugal home and a more affluent way of life.
Leave a Reply