Houses Can Save Money and Make Money for You

Let your house work for YOU - read our money saving ideas below and see how it can be done.

Whether your home is a three bedroom property or a mansion, when cash is short, the need is the same. You must learn to make money as well as save money.

Here are some tips to set you off on the right trail. Have a look, see what you think and maybe adapt an idea to suit your own circumstances and your own house.

Whichever course you take, always, always, always make sure your smoke alarms are in good working order.

This is such a cheap, simple device but a proven life saver. Some are available with a ten year life span - at around £12. If you can afford it, it is certainly a good investment. Otherwise, opt for the cheaper option, but definitely get one (or more) installed.

1. Have you thought of taking in lodgers? Or to be more up-market, paying guests?

This will help your house make money for you. In many towns a spare room will rent for £60/80 per week.

Under the UK Government ‘rent-a-room’ scheme you are allowed to earn up to £4,250 a year in this way – free of tax. Not to be sniffed at. This is a quick and easy way to make money plus save money.

Also, if you live alone the company may be welcome. Don't forget to run the usual security checks to make sure the person you are admitting to your home is really who she/he says they are.

2. Have you considered an off-set mortgage? This combines current account, savings account and a mortgage – resulting in every penny you are able to save coming off your mortgage balance. A mortgage of this type can help you shave years off the total time period.

The flip side is that it would be easy to avoid paying off your debt indefinitely. Not a good move!

3. It might be worth having investigating whether you can take out a mortgage in Euros as base rates in the Euro zone are currently lower than in the UK. This risk here is that should the UK pound fall against the Euro then your mortgage debt will rise. Swings and roundabouts again where most mortgages are concerned.

4. There are several Internet sites that are like gigantic advertising boards with news of people wanting to share, exchange a flat, house etc.

Because of the possible doubtful nature of some of the adverts we are not recommending any specific site. Just be careful – make sure you stay secure and safe while you try to save money and make it as well.

5. Film and TV location sets can be grand or just everyday. Film companies will even look at derelict buildings, semi's etc.

See if you can make money this way. If these companies need to change the decor for their filming, this can be a bonus because they will redecorate the particular room they use to the colour scheme etc., that existed before their arrival. This is an excellent way of getting your house to make money for you. See our NEW page Your House as a Film Location

6. You will probably not endear yourself to your neighbours, but if your house has a large garden it is always possible to sell off this land for building purposes.

The Government are now about to make a change in the planning regulations here, so check with your local Planning Officer before you start.

7. If you have moved to your new property within the last six months, you can challenge your local authority on your property banding for Council Tax.

Another ‘be warned situation’ – one person noticed that his neighbours had a lower banding and challenged the Council. Result, they increased the banding for all his neighbours. Ouch! Some serious research is needed here before starting down this road, but it can be done.

8. Are you using your garage? Is it full of junk instead of a car? With parking spaces at a premium, why not consider letting it to someone with a car.

Alternatively, collectors or hobbyists may well welcome your free space and will pay to rent. Again run a few checks here – you do not want to be ‘done’ for storing stolen goods. No matter how good the rent you would not want to be raided by the police or Inland Revenue in the wee small hours! You are supposed to save money and make money here, not gather a criminal record. So be careful!

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