“What do you mean what * else * can my house do for me?” you say. “A house is for living and generating capital; isn’t that enough?” Well yes and no.
If you just want a simple home with a simple mortgage, you don’t have to bother answering this question. Most people don’t and they do it well. But if you are wondering how you can buy a home that provides the maximum amount of income and / or the minimum amount of expenses, read on!
Ways your home can be used to earn money or minimize expenses:
* Multi-family homes
Everything from duplexes to apartments can be shared with others to save money on maintenance, repairs and electricity. Consider partnering with friends or family to purchase a home that gives both parties the benefits of a private single-family home for a lower price.
* Gardens
1 acre or even multiple pots on a balcony can add fresh fruits, vegetables, and herbs to your diet. Many plants can also be grown indoors, which makes the air cooler.
* Livestock
Even some suburban homes keep some chickens or rabbits raised for eggs and meat.
* Business from home
Save on overhead by working from home. Whether you work in the office or babysitting, you can save on transportation, food, and clothing.
* Space for repairs and construction.
A home with space to create and repair appliances, tools, and clothing can save you a lot of money in the long run.
* Cheap or free heating
Does the house have heating that you can supply yourself with fuel for little money, such as a wood stove with a chimney, a pellet stove or some other type of heating device that does not require connection to the electrical network? Wood stoves can double as kitchen appliances, so don’t discount their value for cooking and making hot drinks.
* Energy efficiency
Is the home energy efficient? Today, programs like EnergyStar certify homes and appliances for their efficiency in conserving resources such as electricity and water. Can you add more systems to move your home away from the grid, such as wind turbines and / or solar panels?
* Environmental friendliness
A green home is easier on your health and your wallet in the long run, too. There are many healthy alternatives to standard chemical-laden building materials, décor, and protectors. Look for sustainable natural materials and low or no VOC (volatile organic compounds) paints, treatments and dyes.
* Accessibility on foot
Buying a home close to the services you visit frequently can save you money on gas and improve your health.
When you want to live frugally and use your home as a way to maintain an affordable lifestyle, it’s a good idea to shop with these things in mind. A home that offers some or all of these options can save you money and put a little bit in your pocket.