Your home is your canvas. It provides lots of money saving bennies that you won’t get when renting.
There are a thousand reasons to own real estate. If you are looking for some simple ways to get more out of your personal castle keep reading.
Here, we’ll share some ideas with you that, when added up, can save you thousands every year. These concepts can be mixed and matched for your own personal fit.
For now just open your mind to these income boosting possibilities. Imagine how many make sense for you and your life. You might be surprised.
You might be pleased by the different ways you can benefit from your decision to own property.
Be creative with your home. It’s yours, not the landlords. You don’t have to ask for permission to implement you ideas. Just go for it. If you want to grow a garden and let your baby hang out there with you, just do it. What a great way to introduce your child to the good things of home, gardening, and saving money growing those veggies to boot.
💰Rent your place out
Think about getting your vacations paid for. Wouldn’t that be great? Well, in today’s world it can be done, and Airbnb is your first class ticket.
When you’re ready to leave town for your vacation you can make a fist full of dollars renting your place out. It’s like getting paid to be on sabbatical.
Almost anyhow. While it does carry responsibilities, it can be a fantastic way to re-coup some of the money it costs to get away for some rest and relaxation.
Got a car? Two cars? Rent those out too.
You can do that through turo.com.
Check it out. See how renting out your house and your vehicle (s) can cover most, if not all, of your next get-away.
So next time you feel like your in a pinch when it’s time to spring for that vacation just remember that you have assets that can earn you money while you are away on vaca.
✍ Work from home
Many companies are now permitting their hard working employees to work from home. Some people office from their residence every single day. Some companies allow their people to work from home a day a week.
Some, more than that. Perhaps you could initiate the idea where you are employed? There’s much a company can gain from this kind of an arrangement.
It is motivating. Downright inspiring to be trusted to be able to do your tasks from your own digs.
What’s in it for you? Freedom. Your own fridge. Your bathroom. Your house.
🌅 Go Solar
Solar is your way to take back control of your energy costs. In today’s world there are fabulous incentives to jump on the bandwagon. To start there’s the money you’ll save on your energy bill. Expect to shave your electricity expenses by 30 – 50%.
Then there’s the impact on the environment. You can decrease your carbon footprint and help contribute to the job market all in one fell swoop. What? Yep, that’s right. Solar is a growing business. In fact, 260,000 Americans were working in the solar industry in 2016. It is conservatively estimated that by the year 2021 there will be over 360,000 employed in this important sector.
Arizona is the sunniest state in all of the US (along with Cali). So, until the sun burns out and shuts down we can look forward to many kilowatts of power available to be harnessed.
So there’s a thing called ‘imputed rent”. It’s a term that bean counters came up with to define one of the great bennies of owning your own home. What makes the investment of homeownership unique. Compared to all other investments it affords the owner opportunities to avoid lots of tax.
Her neighbor may be renting the same kind of home. The same floorplan. The renter does not receive the same tax savings that the owner does. The interest paid on a mortgage can be completely deducted from the owner’s taxable income.
Imputed rent is just one example of how a homeowner can benefit from owning property.
💡 LED lightbulbs
Here’s another big money saver for you. LED lighting. These are amazing. The perks are two-fold. First, the obvious. The energy saved. According to the Consumer Federation of America press release on June 5th, 2017 the savings are absolute. Their report says that the average home will save roughly $1,000 over the course of 10 years.
The other savings come from less frequent bulb replacement. My personal example hits home for me.
Check it out. My townhome community has 60 landscape lights. We used to replace the bulbs frequently.
Every time one of the old fixtures got bumped by a lawnmower or hot with a weed-wacker the filament in the incandescent bulbs would fail.
We got tired of the constant cost and found some excellent, inexpensive LED fixtures (bulb included) for $10 a piece.
A year later we have not had to replace even one bulb. According to the manufacturer, we can expect more than 10 years of service from these bulbs.
🍅 Grow Your Own Food
This can be fun. If you have a family everyone can get involved. The sense of pride that comes from enjoying food you grow from turning your own soil can be immensely gratifying. Knowing that your food is sourced from your own backyard assures you that chemical pesticides are not going into your bodies.
Don’t have a big yard? You can still participate. Raised bed gardens are a great way to get out and do some farming. Even a condo owner can grow tomatoes from a potted plant.
There’s an opportunity to cultivate for everyone. And if you have a traditional house with a typical backyard, you can really grow quite a bit of food. imagine enjoying salads with your own heirloom lettuce, cucumbers, and scallions.
🕴 Start Your Own Online Business from Home
You can get started now. Begin by getting all of your ideas in order. If you haven’t built a business plan yet, do it now. It doesn’t have to be complex. You know what they say: keep it simple. You can always revise it later. Just get this part done, and get ready to take massive action. That’s the key. Planning plus action equals opportunity.
Create a reasonable work schedule. Lets say you’re a graphic artist or a writer or a coder. There are tons of online platforms where you can advertise your services. You can control the price and the work volume. Perhaps you want to work 8 hours per week at your on line business in addition to your current job. That seems realistic. So start posting your offerings and get your feet wet. No doubt about it, you will learn while you earn during those first few months.
Make sure to let your accountant know what you’re up to. There are deductions you will be entitled to since you are now dedicating some of the space of your home to your new business. If you were renting, this tax benny would not be available to you. Might as well get what you’re entitled to.
📢 Recap – Seven Ways for You to Save Money with Your Home
- Rent Your House Out on AirBnB When You Go On Vacations
- Work from Home Once a Week
- Get a Solar System – Lower Your Electrtic Bill
- Take Advantage of Tax Benefits
- Use LED Lightbulbs
- Make a Vegi Garden
- Start an Online Business from Home
As you can see these ideas are not terribly complex. No, these are just actions to be taken. They are also actions to never be set in motion if you so choose. That’s all up to you.
If you have any other ideas that will save homeowners money please share your comments below.
6 Reasons to Own a Home – by Ellen Pitts
How To Establish A First-Time Home Buyer Budget – by Anita Clark
First time home buyer advice to myself from my future Realtor self by – Conor MacEvilly
Guide To The Home Inspection Process – by Paul Sian
9 Surprising Tips to Use When Negotiating Real Estate – by Will Fitzgerald
6 Important Steps to Buying a Home – by John Cunningham