As the economic recovery continues, many people are finding it difficult to make ends meet. The mortgage payment is often the largest non-discretionary expense in a family's budget and it can take some creative juggling to ensure that it gets paid every month. Here are five ideas for making your house help to pay for itself.
1. Take in a Renter
If you have an extra room or a portion of your house that you can partition off, renting the space can cover a significant portion of your monthly mortgage payment. Before choosing to rent part of your house, be certain that you are ready for the task of being a landlord and neighbor. Every province and municipality has its own rules and regulations for rental properties. Make sure that your rental space complies with all bylaws and that you understand the legal contract you will enter into with a renter. Also consider the potential disruption that a renter may cause through noise or even just coming or going. Renting out a part of your home is not for everyone, but it is a useful way to help with the mortgage. (For related reading, also check out Can You Make Money Renting Your Property?)2. Rent out Storage Space
Even if you don't want to rent part of your home to people, you can still rent out your extra storage space. There are always people looking for space to store a car, a boat or boxes of household items. If you have an empty garage, you can provide safe, locked storage space for vehicles. A few shelves in the basement can offer space for boxes or for excess inventory for a local company. Before renting out space, check in with your insurance provider as you may not be covered for other people's contents. You may have to take out a special policy rider to cover the rental space.
5 creative ways to pay your mortgage
