Three Ways To Get Someone Else To Pay Your Mortgage
Congratulations! You’ve accomplished the adult milestone of buying a home! But before long, the not-so-glamorous side of home ownership appears – the mortgage bill. Every four weeks, come rain or shine, the mortgage bill always seems to arrive. If you’re like most homeowners, you’d love to get someone else to pay your mortgage. Well, you’re in luck! From house hacking to house displaying, your home could easily become a source of income, freeing you up financially! There are three ways someone else can pay YOUR mortgage: finding a roommate, renting out your spare bedroom via vacation rental sites, and offering your home for advertising to companies.
The Perks of a Roommate
Partly due to post-recession finances and student loan debt, more and more people are choosing to get a roommate. In fact, in 2017, almost 27 million people had roommates. From splitting utility bills to paying a portion of your mortgage payment, utilizing a spare bedroom to generate income is one of the easiest ways to create cash flow. As opposed to vacation rentals, getting a roommate should not alter your home owner’s insurance coverage.
Depending on your mortgage amount, a roommate could cover anywhere from 25%-50% of your mortgage payment. When someone else pays a chunk of your mortgage payment, that frees you to pay off debt, save up, or pay for updates in your home!
Become an Airbnb Host
Quickly becoming the dominant way to travel, vacation rental hosting is proving to be a great income generator for homeowners. And with one in three travelers choosing vacation rentals, there is certainly money to be made by renting out a spare bedroom. In fact, while getting a roommate could pay anywhere from 25%-50% of your mortgage, renting out a spare bedroom via sites like Airbnb could potentially pay your whole mortgage.
Not all Airbnbs are full houses. In fact, the company actually started with some guys renting out a spare bedroom with an air mattress (hence the name Airbnb). They quickly discovered they were on to something, and the rest is history. If you’re looking to pay off your mortgage faster or to save up for future expenses, Airbnb can be the quickest way to accomplish that goal. Unlike renting the room to a roommate, utilizing your spare bedroom as a vacation rental could potentially cause issues with your home insurance and other items. Make sure you’re fully aware of the process before you choose to list your room on vacation rental sites!
Turn Your Home Into An Advertisement
Do you ever scroll through magazines and see beautiful living rooms or stunning kitchens? Did you know that many of those living rooms are in actual people’s homes? And they were paid by the company or production companies to use their space in advertisements. Sites like Home Studio List bring homeowner and production company together and pay generously enough to cover a portion of your mortgage!
Even if your current decor isn’t suitable for the advertisement, some companies will bring in a crew to entirely redecorate the space for the advertisement and then restore it to its original condition prior to departing. And it’s virtually no work for the homeowner – just a good paycheck! Unlike renting out a spare bedroom to a roommate or as a vacation rental, offering your space to production companies comes with far less effort on your part and potentially the largest payout of all three options!
Know The Fine Print
While all three options can generate a hefty payday for a homeowner, each one comes with its own set of risks. From liability to inconvenience, there will be risks to any of the options. However, by creatively using your home, you can generate enough money to make that monthly mortgage payment a bit more tolerable!
Before you rent out a room or before a production company comes to your home, make sure you analyze how much you’re willing to be inconvenienced. Knowing your limits and whether the money is worth it or not is essential before you begin — because there will be inconveniences! But your bank account might just thank you!