Buying real estate can be one of the biggest and costly decisions of your life. Use these quick tips to become a mortgage free homeowner as soon as possible.
Lump sum payments: If you are lucky enough to come into some money, you may want to consider making a lump sum payment into your mortgage repayment. The more lump sum payments you make, the quicker you will pay back your home loan. If you can’t afford to make lump sum payments, consider setting up repayments to coincide with your pay day. These strategies will significantly help cut down your repayment timeline.
Offer your house/room for rent: If you’re planning on jetting off for a holiday for a few weeks, why not consider renting out your property for that period. Many travellers enjoy good quality accommodation and will be willing to pay. Renting out your home for even $100 a night for 10 nights is a quick way to put $1000 in your pocket.
Get energy efficient: Lighting consumes 8%-10% of the average household electricity while appliance can use up to 30% of the energy in your home. Making the switch to energy-efficient lighting and appliances can reduce the amount of energy you use and therefore decrease your bills, giving you more money to put toward your home.