5 Ways To Earn Cash To Help Pay Off Your Mortgage Or Save For A Bigger Home

Whether you’re working to pay off your mortgage early or looking to save enough to up-size, every penny helps.

Here are five ways you can earn or save money to reinvest in your home.

1. Solar panels. – Installing solar panels requires some initial planning and financial investment, but once you make the switch, they can save you thousands of dollars a year on electricity.
2. Sell unwanted stuff. – Yard sales, Craigslist, and Facebook Marketplace are just a few ways to reclaim money you spent on items you no longer need.
3. Rent out storage space. – If you have a garage, attic, basement, or storage shed, rent the space to someone for a little extra cash.
4. Airbnb. – A guest room is a great money-making resource when you pair it with a rental app like Airbnb. Either list your spare room continuously or open availability for special events in town.
5. Rent out extra parking. – If parking is an issue near your home or you have a yard that could host a boat or RV, consider renting out the space. Parkonmydrive, Justpark, and Spot are great tools for finding people willing to pay to park.

Often first time home buyers wonder if they really need to have 20% down for their first home. Lenders have programs that do not require 20% down, but as the ELP (endorsed local provider) for Dave Ramsey, I am a firm believer in 20% being the minimum you want to put down on your first home for several reasons.

First, this allows you to skip PMI (private mortgage insurance), so your monthly payment will be lower. Second, 20% should give you more negotiating leverage with a seller and with a lender. Finally, once you learn to manage your money enough to save 20% of a purchase price, you’ll have a much easier time understanding that with homeownership comes many financial responsibilities that must be paid for with cash such as insurance deductibles or a new furnace. I just believe it makes sense to shoot for at least 20% down on a home purchase.

I am here to help you through the home buying process or the home selling process. At RE/MAX we have excellent agents with us to help you too! Our real estate agents are trustworthy, hard working and committed to the real estate industry and community. Connect with us today at 307-635-0303 or online to get started!