I am a bit over my mortgage. I love my house and I love knowing I am working towards owning a valuable asset one day, but all in all I do find myself spending a lot of time looking for ways to pay it off quicker and get back to the days when I could enjoy the fruits of a pay cheque in whole.
Everyone gives the same advice online – pay more towards your mortgage, make lump sum repayments, get an offset account – even we have tackled these many times over.
So in turn, I am wanting to look at some of the more quirky ideas to reducing your mortgage beyond the obvious. It involves basically finding ways to pay more towards your mortgage (to pay it off faster) or provide you with more money (to leave more of your pay cheque available to spend). Here we go..
Rent Your Spare Bedroom
Most people have a room in their house which never gets used. It probably acts as a pseudo study, dressing room or storage space. If you can put up with a stranger or close relative living with you – I would rent the sucker out and get some cash in return.
Ideally you want someone who isn’t going to host parties of the weird variety. Someone who works nights perhaps or is busy studying. Perhaps you could advertise the room on a University campus and aim to get an international student. I would imagine them to be quieter, more focused and just looking for a place to live – not party in.
You can even get them to split the costs of your broadband and electricity if you want.
Consider Renting Your Storage Space
Don’t need to say much here. Just Goole ‘rent storage space’ and post your house as an alternate for people looking to store some boxes. Just be careful what they ask you to store!
People Love Off Street Parking
If you live in the city, people are dying for a car park. Rent it out during the day or week and receive a premium in return. This can be very useful, especially if you are someone who drives their car each day to work – thus having an empty spot.
Not in the city? Perhaps you are in the Suburbs and have a semi, or a neighbour with a semi. Often semi-detached houses don’t have off street parking. Offer your parking space to them for a small cost. Many will take you up on the offer.
Mowing Your Front Lawn Could Pay Off
This one is a bit dumb, but I love mowing lawns. Sometimes I even mow my adjoining neighbours lawn so we both look nice at the same time.
Why not make a dodgy littler flyer telling your neighbours you love mowing lawn and would be willing to mow the entire streets front area for $10? If your street has 20 houses in it, not a bad $200 to make. Simply grab your lawn mowers and run down the hill! (Told you this one was stupid, but may pay off who knows!)