Generate money from your home whilst you are away
It is no secret that many homeowners these days are experiencing difficulties when it comes to making their mortgage repayments and making ends meet financially, even with the base rate at an all time low of just 0.5 percent.
However, some industry officials have said that there is one way in which homeowners could generate money from their properties whilst they are away on holiday, offering the double benefit of the home being occupied whilst they are away and the ability to make some money.
A couple of companies are said to have launched that deal with renting out the homes of people in and around London to tourists whilst the homeowners are away. The money that can be made by renting out the home means that you can cover the cost of your own holiday if you are heading off abroad, or if you are simply going away to stay with friends or family you can use the extra money raised to make payments on debts or pay extra towards the mortgage.
The companies focus on renting out the homes of those that are heading off somewhere to tourists, and this can work out as a cheaper alternative to hotel accommodation for the tourist and could raise hundred of pounds of even a thousand pounds or more for the lucky homeowner depending on the location and the type of property.
The founder of one of the companies, Ivy Lettings, said that he came up with the idea after losing his job, when he and his wife were spending more time away from home and with relations. He said: ‘We wanted to let our home while we were away, and I couldn’t find a way to do it. It’s nice to know, from a security point of view, that there is someone housesitting, too.’
Related Posts
Homeowners given advice on making money from their home
In the past many people with their own homes were reliant on the equity in their properties to provide them with financial stability in the future. »
What is the Role of Debt Consolidation Companies?
There are many forms of lender on the market. Not all of them are banks. Debt consolidations companies play a specific role in the debt market. They often take on higher risk loans, and for this they will sometimes charge slightly higher interest rates on standard personal loans.However, they are far cheaper than the short term loans they usually replace and therefore continue to grow in popularity.»
Soaring unemployment could lead to rising level of mortgage defaults
It has been reported that up to four hundred thousand homeowners in the UK could be defaulting on their mortgage repayments by 2011 partly as a result of soaring unemployment levels. »
Avoid knocking the value of your home down further
Many homeowners in the UK may already be harbouring concerns over falling property values, with industry professionals predicting that property prices could fall by up to 20% over the next couple of years. This could really affect those that have recently taken on huge mortgage for expensive properties, as it could mean that their home loses value very quickly, leaving them in negative equity, where they owe more on their property than the property is actually worse.»
Rise in number of tenants being evicted
Recently released figures have shown that there has been a sharp rise in the number of tenants that are being evicted from private landlord accommodation, and this is because the landlords are falling into arrears with the mortgage on the property, resulting in the home being repossessed. »