In Elbow Lake, Minnesota, a homeowner stumbled upon a surprising discovery during the remodelling project of his 1938-built house. He discovered an original 1938 copy of the Action Comics. The comic book sold at an auction for $175,000 – that would be around £142,000, which is a pleasant surprise!
Admittedly, this is not to say that you might find priceless treasures in your home, but there’s a lot more value under your roof than you might at first suspect. If you are in no rush to sell your property, there are still plenty of options for you to maximise its hidden value and make money on the side.
You can free up some cash
If you’ve had your mortgage for a few years, chances are that your credit score today is not the same as it was when you first applied for a loan. Additionally, there might be new opportunities on the banking market that offer a better rate than your existing mortgage. In other words, it’s always a good idea to consider your remortgage option after a few years. Most homeowners can switch to a better rate and save money on the full payment process. Typically, you will have a high standard variable rate that can apply if you’re trying to switch your mortgage earlier, but it’s something you can discuss in-depth with an experienced adviser before making your decision.
Get rid of everything you don’t need
Everybody hates clutter, however, we all accumulate things we don’t want or need! Months after months, years after years, your living room, bedroom, and garage are filled with objects and gadgets you don’t need. Not only clutter affects your mental health, but it also transforms your perception of space. The room feels a lot smaller as a result. There’s an easy way out: get rid of everything you don’t need. Marie Kondo, the queen of decluttering, describes it as removing items that don’t spark joy. But, what she forgets to mention is that you could make money by reselling your old stuff – if it is in decent condition.
Airbnb is your best friend
Your spare bedroom is full of surprises. Indeed, have you considered renting out a spare room inside your home? With the rent-a-room scheme, you can earn up to £7,500 tax-free, using a popular renting tool such as Airbnb. You can also choose to advertise your room privately, aka in the local newspaper or via Gumtree for instance. However, Airbnb is by far the most profitable and sustainable option, as it gives you insight into your guests’ profile!
Do you live in a picturesque area?
Depending on your interior style and your location, you might even want to consider registering your house as a filming or photo shoot place. You can discuss the fee directly with the filmmaker – or let a specialist agent handle the matter for you – which means that if your house is picked as the set for an expected blockbuster, you can expect a very generous offer.
In conclusion, there is a lot more value in your home than you might think. While you might not become a millionaire overnight, you can certainly make some money on the side by managing your house value, features, and location effectively.
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