There’s Still Money In The Old Home

How much is your home worth?

Now that’s the kind of questions most people come to ask when they’re considering selling – whether they want to upsize and invest the profit in a bigger home, or whether they’ve inherited a property they don’t want to keep. Regardless of the reason, there is an inherent issue about that question. Indeed, most homeowners assume that their house has only a value if they sell it, which ultimately means that as long as you live in the property, it isn’t worthless – from a financial perspective only; there’s no denying that every home has an unquantifiable emotional value. This is a mistake and one that you shouldn’t make in the future. In reality, if you know what to do, you can still make money out of your property, even if you don’t sell it. Admittedly, it doesn’t mean that your home is likely to transform your lifestyle overnight – you won’t become a multimillionaire from monetising your house. But you can make valuable profits, which you can repurpose to maintain a comfortable lifestyle or invest in future projects. Here are a few ideas to get you started.

Can’t wait? Sell it

Everyone can be in a situation where they need to sell a property as soon as possible. Imagine that you’re planning to leave the country and move to the Republic of Ireland or elsewhere in the EU before the Brexit deadline comes in force. You don’t have much time to waste! There are barely 6 months left before the end of March, and you’d love to be packing your stuff and cross the Channel or the Irish Sea as soon as possible. You can get in touch with property buyers who can get you the cash you need almost on the spot. We Buy Any House can make you an immediate cash offer for your property through their online valuation system. For anyone who doesn’t feel confident in the fluctuations of the property market, this is the ideal solution to get rid of a house and move out in a matter of days or weeks. You don’t have to worry about maintaining the property and paying for real estate services for a long time.

Jon Tyson
 

Check the loft and the garage

Do you remember that gorgeous little dress you received as a birthday present and that never fitted? Years later, the dress is stored in a bag in the garage, waiting for the perfect moment when it’ll fit again. Or maybe it was the Harry Potter series which you have in double or triple because all your friends bought you the same books at the same time. The bottom line is that everybody keeps plenty of stuff they don’t need. The old rubbish you’ve accumulated and hidden in various locations in the house – in the loft, the garage, the wardrobe in the guest bedroom, under the bed, etc. – can get you some cash. Indeed, you can sell the things you don’t want or need anymore online – eBay jumps to mind.

Make the most of your spare room

Do you have an extra room that only serves as a forgotten dust sanctuary? It’s a waste of space in your home that you can turn into a source of regular income with the Rent a Room scheme. Indeed, as a homeowner and sometimes even as a tenant – you need to check your tenancy agreement for further information or get in touch with your landlord about it – you can earn an income from letting your spare bedroom and receive up to £7,500 tax relief per year. Any revenue above that limit will need to be mentioned in your self-assessment tax return. However, you need to make sure that the room is furnished and that your lodger will have access to all the essential facilities; bathroom, kitchen, and living room.

Want the best price?

If you’re not in a hurry and want to make the most of your property, you might want to consider essential home improvements first. Indeed, making your house attractive to buyers can encourage high price offers and even rapid purchase – even in the harshest market circumstances. You don’t have to break the bank to make it work. Something as simple as fixing small decorative problems such as peeling paint or dirty walls can affect potential buyers positively.

Help a freelancer

The business market is changing. More and more people decide to start an independent professional career without building up a capital reserve first. Consequently, startups and freelancers are likely to flood the market with niche skills but very little business presence. Some of them don’t even have an office to call theirs. If you have a spare room that can be turned into an office, you could rent this workspace for £50 to £250 per day. From a kitted-out living room to a cosy study, you can promote your facility on Spacehop, an online platform for independent professionals.

 

Make the most of an eerie atmosphere

An atmospheric cottage in the Welsh hills. A hyper-modern home built around smart technology. A vintage house that oozes with the spirit of the vibrant 1970s. Atypical homes make a perfect location for film and photo shoots. Running a location house is a lucrative side-hustle, but it also requires full-time attention. You know that you have to look after it and can’t afford to miss a maintenance appointment. With day rates frpù £350 to £3,000, you can let the house pay its own mortgage.

It’s not a garden; it’s a food factory

If you haven’t considered growing your own food, it’s time to embrace gardening. Indeed, there’s still some time to plant your winter vegetables. You can have plenty of beets, pumpkins, potatoes, and spinach during the cold months of the year and enjoy the taste of fresh and healthy meals. Additionally, you can save tonnes in grocery shopping if you know how to look after your garden and conserve your harvest. So, what are you waiting for to switch to homegrown vegetables?

How much is your home worth? The answer is plenty. PLENTY. Selling your old clutter, growing your supper in the garden, or even renting out your lounge to creative freelancers, there is a lot you can do to turn your home sweet home into a money-making machine. And if nothing else helps, you can still sell it, instantly for cash or through a real estate agency to a private buyer.

Collaboration

Can’t Handle Selling Stress? Here’s How To Avoid Problems When Selling Your Home

If you think that buying a home is stressful, wait until you try selling one! Selling your property so that you can buy another can be extremely challenging, causing even more stress and tension than when you bought your first home.

Scott Webb

From difficulties with mortgages to getting your home ready to sell, there are many steps you’ll need to take along the selling process. Get useful tips on avoiding problems when selling your home below.

Don’t get ahead of yourself

It’s easy to dream up different situations, such as a high-value sale or a smooth selling transaction, but there are a lot of hurdles you’ll need to overcome to successfully sell your home. Get your property valued to ensure you know how much you’re looking at, and use that value to help you work on the budget for your next property. If you start looking at houses that are more than you can afford, you’ll only be left disappointed. Be prepared for a long road ahead, as selling and buying aren’t as straightforward as they seem.

Get your finances in order

If your finances aren’t in a great shape, then now might not be the best time to sell up and buy a new property. Your credit score remains important for buying your next home, so make sure you do what you can to improve your credit score and keep it high.

 

Meanwhile, if you run into difficulties selling your home after putting an offer on a new one (it does happen), then there are things you can do to help yourself. Bank bridging loans can be a good product to take out while you wait for the sale on your existing home to go through. If you have any doubts at all about your finances, make an appointment with your bank or a financial adviser for advice.

Take care of essential repairs

You might feel like it’s a waste of money to carry out repairs and renovations before selling your home, but it’s those added touches that could add some value to your property. Make a list of the things that need repairing and refreshing and find ways of carrying them out affordable. Some home jobs are more important than others when selling your home, so make these a priority to avoid difficulty with your buyers. Start decluttering sooner rather than later so that your home is easier to keep clean, ready for those visits that could result in a sale.

 

When it comes to selling your home, there are all sorts of snags you can hit along the way. However, getting advice from others who’ve been through the process can be a big help and save you a lot of stress. Looking for the best time to buy a new property? Consider waiting until the new year to help you get the best selection and value for your money. The stresses and strains of selling your home might be tough, but you’ll be able to breathe a sigh of relief when it’s all over.

Making Home Renovations Without Breaking the Bank

When we purchase a property, we tend to assume that we have to accept it in the form that we found it. The most major improvements most people make tend to be based around interior design. But this doesn’t necessarily have to be the case. You can carry out home renovations for a whole host of reasons. They can make your house a more comfortable and appealing place. They can add value to your home if you are planning on letting it out or selling it. They can even be essential if you find that your property has certain structural, electrical, or plumbing problems. But whatever your reason for considering renovations, it’s important to bear in mind that your project doesn’t necessarily have to break the bank. Here are a few things that you can do to fund your venture!

Prioritise Work

Chances are that you have an extensive idea of how you’d like your property to look. However, after a few consultations with sales people and other professionals, your eyes will be opened to a whole new world of additional features that suddenly seem a necessary part of the renovation process. If money is tight or work is essential, you need to prioritise jobs stick to just getting what needs to be done. You can always indulge in the extras later down the line.

Greyson Joralemon
Consider Equity Release

One major source of funds for home improvements is the money that you already have tied up in your property. Believe it or not, you can easily access this. You just have to engage with a process called equity release. Rather than taking out new personal loans with the bank or other high interest lenders, this means that you can dip into the money you have already invested into your home in order to improve it. Just make sure to use a professional company like responsibleequityrelease.co.uk to do this. This will ensure that you get all of the right advice before taking any major actions. 

 

Gather Savings

If you have time on your hands and don’t mind waiting for repairs to be carried out, you can always gather up savings to cover the costs. This requires a whole lot of patience, as the work is likely to be completed later rather than sooner. But it means you will literally pay for the work carried out without having to worry about high-end interest rates. Now, in order to save effectively, you need to focus on putting as much of your disposable income aside rather than indulging in luxuries. Sure, it may be a sacrifice. But it’ll be worth your dedication when your home is exactly how you’d like it to be!

While home renovations may well be a costly process, it’s generally worth the financial investment when your home looks and feels exactly how you want it to. Hopefully these simple steps can help you to get the work you want done without sinking into debt!