Homeowners are the first to notice the increase in house-related costs, from energy bills to everyday shopping, without mentioning the council tax rise that is likely to hit most families in the UK from April 2018. In other words, it is difficult to think of your home sweet home without considering the costs that it incurs. However, there are ways in which you can let your home finance your family time, such as helping you to pay for future holidays. How does this work? With a lot of planning, organisation and savviness! But here are four methods you can employ to make money out of your property.
Save money on your energy bills
A lot of families struggle to keep on top of utility bills, especially as most energy suppliers in the UK have increased their invoices on the past months. If switching didn’t help to cut down the costs, then it’s time for mindful energy consumption. You can encourage positive habits within your family by teaching your children that their behaviour can have a positive impact on the bill. Additionally, you can also implement little changes, such as switching to LED bulbs with https://www.simplelighting.co.uk, as they can save up to 70% on your yearly energy consumption. Finally, now that the warm weather is back, you can bleed your radiators to keep them effective next winter.
Cut your grocery shopping costs
It might sound unbelievable, but you can save a fortune by establishing a more sustainable lifestyle when it comes to food. Indeed, you can save up to £1,300 a year by growing your vegetables, according to the National Allotment Society. Additionally, if you choose to build a coop in your garden, you can get your own supply of fresh eggs all year round and more than enough to sell to your neighbours too.
Rent a room to exchange students
Did you know that you could host foreign students and earn a tax-free income in the process? Under the Government’s Rent a Room scheme you can earn up to a threshold of £7,500 per year from letting out a furnished room in your home. You can, of course, earn more than this, but you’ll have to pay taxes on it. You can get directly in touch with school and university for exchange students to be part of their list of approved hosts – your room will need to pass the inspection standards first. As you provide accommodation for someone who is standing only temporarily in the UK, you need to ensure that the bedroom is habitable and properly furnished, including spare bedding, towels and curtains.
Declutter with a profit
Every house has items that nobody needs anymore. If you want to declutter as part of your spring cleaning habit, you can choose to sell the items you don’t want on https://en.shpock.com or eBay. Items that are in good condition can go at a profitable price. What can you sell? Anything including furniture, used clothes with plenty of life left, books, DVDs, appliances you don’t use, etc.
There’s more value in your home than you suspect. From saving your money on energy and grocery bills to generating a new income from letting or boot sales, your home can support your finances in more than one way!