Your home may look like a castle. It may be your most significant and biggest investment, but it could be your biggest liability too. As long as it does not generate any money for you, it remains as your liability. Turn it into an asset by lowering its expenses. The only way to do this is to generate cash flow from it. Here are five ways to get a net positive income from your home by turning it into an asset.
Earn Rental Income from It
You may want to lease out space in any part of the house for temporary storage or an office. You can also have parts of your home leased for filming a movie or an advertisement. You may also have it leased for events and parking. Rent out a part of the house that is unoccupied. You can accept tenants or convert your home into an apartment for vacation. Make sure the rental income can at least cover the mortgage.
Borrow on Your House Equity
You can acquire another asset by borrowing on the equity that you have in your house. Make sure that you are purchasing an asset with this equity so that you can at least help pay for the mortgage. If you are borrowing in order to buy liabilities, then you are only putting yourself in more trouble. Get in touch with companies that can do the refinancing.
Go For a Business From Home
You can convert a part of your home into your home office or an extension of your business. You can opt for an art studio or a home-based cooking business. That can save you money that you would spend on office rental. You can begin a business from the backyard or garage. Make sure you price your products or services in such a way that money is entering your pocket.
Start a Yard or Garage Sale
If you're located in a place with enough traffic to promote good publicity, then you can open space in front of your house. This will be ideal if you want to sell things you no longer need, such as appliances, clothes, furniture, and spare parts. You can make it a regular monthly or weekly affair while you can also invite your neighbors to sell their stuff too while they pay you for the stalls.
Have a Garden, Save on Food
You can save a lot on groceries if you decide to have your own fruit and vegetable garden in your backyard. You may want to sell your products to some local food vendors too. You can also go for eggs and meat from the chicken. You can also sell flowers if you want. This is one way to generate extra cash to pay the mortgage.
Some Final Words
There are many other ways to turn your home into an asset. You can use your imagination to find ways to generate extra income to pay your mortgage. Don't let your home remain as a liability to you. If your home is your asset now, then it's more sensible to get home insurance for it. Home insurance can protect not only your home but even the business that you operate from it.
At Berlin & Denys Insurance, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (800) 946-3303. You can also request a free quote by CLICKING HERE.