Buying a home is one of the most expensive things most people do within their lifetimes. Although most of us can afford to buy the house when we get into it: it’s nice to think that the home can eventually pay for itself or become a source of profit.
These are the top ways to help your mortgage pay itself!
Rent The Entire Property Out
The easiest way to have your mortgage paid off by the property itself is to rent your entire property out. To do this, you’ll have to look into local rental laws in your area, vet renters to find people you can trust, and set the rent at a competitive number so that you can afford to let them live there while they eventually pay off the house’s price.
This can take a lot of work since you’ll have to maintain the property, pay taxes on your rental income, and deal with the losses and the cost of court if you have to evict a renter. It’s not as easy as it may seem, so only take this approach if you’re ready for it.
Create A Rental Space On The Property
If renting out the entire property and not living in it isn’t an option, consider renting out portions of it. This could be a small in-law suite in the backyard or an attic apartment that you update to be comfortable for tenants. Even smaller, you can rent out a storage room on your property, which gives you the chance to cut out someone else living on your property altogether.
If you rent out this space, it’s a good idea to get security cameras and set some general rules for those leaving their property on your property. Study up on local laws, so you’ll know what you have the right to do if your renter doesn’t pay.
Use Solar Panels and Grow Your Food
Although this doesn’t directly result in money, you can save enough money over time that it will cover the cost of a portion of your home by investing in green alternatives. Growing your produce can save you hundreds of dollars a year, and putting in solar panels will give you a tax deduction while also saving money on your electricity bills. These can take some time to come to fruition, but it’s better than struggling with tenants asking themselves, ‘should I rent or buy a house?’.
Start A Home-Based Business
If the idea of being a landlord isn’t for you, and you don’t want to sell your home or grow food to pay off your home: consider turning your property into a business! The type of business you start depends on your skills, the zoning of your area, and what kind of customers you expect.
Some makeup artists and beauticians turn parts of their home into their studio where customers are worked on, but that’s not the only way to start a business! If you run your print shop, repair shop, or sticker company out of your home, the fact that you don’t have to pay for retail space will eventually help pay off your home’s bills.
