Studies from recent years show that an entire third of Brits have been seriously strapped for cash at some point, and given the cost of living nowadays, it’s not really a surprise. But as The Guardian has reported, more and more people are finding creative ways to earn some extra pounds from the comfort of their own home. Whether you’re a busy mum setting up a business to operate from your kitchen table in between school runs or you’re a landlord taking in a guest to fill that spare room and have some company around the house, there are a lot of options. Here are some top tips for finding ways to help your home earn you cash.
Working from home
As Small Business magazine reports, one-third of Brits work from home once a week or more – and that figure is only likely to rise as the cloud computing options that power remote work get more and more popular. If you work for a company already, working from home gives you the opportunity to save cash on commuting – and whether that’s a return train ticket every day or simply a few pounds of petrol in the car, it’s not to be dismissed. And if you set up your own business from home, the possibilities for scaling are endless.
You’ve heard about it on the radio and seen it on the news. But what is a reverse mortgage, and how can it help you earn cash from your home? Once your home has grown to a certain value, you may be able to turn that equity into cash. A reverse mortgage, which is similar to equity release, is the name of the financial product which you’d need to take out in order to do this, and it’s definitely worth considering.
Host a lodger
Inviting a lodger into your home is also something to be considered. Many Brits are finding that having a lodger is a great way to ease pressure on family finances while also providing some company for whoever’s around the house. If you’ve got school-aged children at home who are learning languages at school, you could even turn it into an opportunity to broaden their cultural horizons and help them develop by finding a lodger who speaks the languages they need to practice.
Whatever your circumstances, there’s a whole host of options available if you want to get some cash out of your home. Whether you take the equity release route or you decide to take in a lodger, there are all sorts of choices. All that matters is that you choose the route which is right for you.