2 Home Features To Consider When Looking To Make Money From Your New Home
Posted on: 31 March 2016Share
Shopping for a new home can be a great and exciting experience, but the price of a new home and the associated mortgage payments can actually be quite terrifying for many people. Thankfully, there are a few features that you can look for in a new home that can help you make money, such as the two listed below.
Solar panels should be high on your list of your home features if you want to be able to earn money with your home. This is because any power that you generate with your solar panels can be used for your own power needs, which means that at the very least you will be able to save quite a bit of money by reducing your power bill every month. However, the main earning potential will come about if you are able to generate more power than your home actually needs.
When you generate more power than you need, the excess power will be redirected into the local power grid. When that happens the local power company will often be required to pay you for the power you provided, which means that you can expect a check from the power company instead of a bill. However, your income will vary greatly depending on your area as places that have plentiful power generation will often offer you less money for the power that you generate than those areas where the local power company is struggling to meet demand.
Another feature to look for in a new home that can help you make money is the availability of existing rental space, such as an accessory apartment. In many cases, an accessory apartment will consist of a portion of your house that has its own private entrance, kitchen, utilities, and living spaces.
By purchasing a home with an accessory apartment you will be able to rent that space to a tenant while you live in the main home and use the rental income to help you pay for the home. Additionally, you could also choose to rent out both the main house and the accessory apartment if you are interested in an investment property rather than a home for you and your family.
If you cannot find a home with an accessory apartment or other rental space in place in your area, consider purchasing a home that has space that can be converted. For example, garages and basements are both areas that can be converted into an accessory apartment.
Contact your local real estate agent today in order to discuss which homes in your area would help you make money. Solar panels can earn you money by allowing you to sell excess energy back to your local power company while rental space would allow you to offset the cost of your mortgage by renting out a portion of your home.