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New Yorkers Are Turning To Their Homes For Extra income
For most Americans, housing is the single biggest expenditure they will make in the course of their lifetime. The New York real estate market is notoriously competitive, which means that many residents are turning to creative ways to supplement their income and lower the cost of monthly housing. Whether you rent or own, there are a number of ways to earn extra income through your house or, if applicable, by boosting the value of your real estate before you put it on the NYC market.
Financial Options
First and foremost, it’s vital to look into the financial aspects of your home to see how you can use your real estate to save you money. If you rent, there’s the possibility that you are overpaying in rental fees and could look into legal action, according to NYS-controlled rent limits. For older homeowners, it’s often worthwhile releasing equity to supplement your income. However, younger homeowners can also refinance their mortgage to lower the value of monthly payments.
Subletting And House-Sharing
Subletting an extra room is one of the most popular ways to turn your extra space into a quick, easy source of extra income. In fact, 79% of Airbnb hosts in New York City use the app to keep up with monthly rent or mortgage payments.
However, if you don’t want to share your home with guests, there are other options: you can also earn extra income by renting
storage space or garage space, the latter being a prized commodity across the five boroughs.
Boosting Curb Appeal
By one estimate, the increase in property value from good landscape maintenance is priced at 15% of the property’s total worth. But because green space is a priority for city-dwellers, curb appeal matters even more for homes in and around the NYC area. If you are looking to increase the real estate value of your home through curb appeal, keep your grass freshly trimmed, external garbage to a minimum, and ensure that the porch is regularly swept for a crisp appearance. Even smaller apartments on the market can benefit from boosted curb appeal through taking small steps, such as cleaning walkways and planting window boxes, that draw attention to your home.
As the prices of NYC homes continue to climb, housing continues to be a top priority for New Yorkers looking for affordable and quality living spaces. And although the New York real estate market is finicky, there are valuable ways to earn extra income each
month by turning your home into a source of profit for the family.
Financial Options
First and foremost, it’s vital to look into the financial aspects of your home to see how you can use your real estate to save you money. If you rent, there’s the possibility that you are overpaying in rental fees and could look into legal action, according to NYS-controlled rent limits. For older homeowners, it’s often worthwhile releasing equity to supplement your income. However, younger homeowners can also refinance their mortgage to lower the value of monthly payments.
Subletting And House-Sharing
Subletting an extra room is one of the most popular ways to turn your extra space into a quick, easy source of extra income. In fact, 79% of Airbnb hosts in New York City use the app to keep up with monthly rent or mortgage payments.
However, if you don’t want to share your home with guests, there are other options: you can also earn extra income by renting
storage space or garage space, the latter being a prized commodity across the five boroughs.
Boosting Curb Appeal
By one estimate, the increase in property value from good landscape maintenance is priced at 15% of the property’s total worth. But because green space is a priority for city-dwellers, curb appeal matters even more for homes in and around the NYC area. If you are looking to increase the real estate value of your home through curb appeal, keep your grass freshly trimmed, external garbage to a minimum, and ensure that the porch is regularly swept for a crisp appearance. Even smaller apartments on the market can benefit from boosted curb appeal through taking small steps, such as cleaning walkways and planting window boxes, that draw attention to your home.
As the prices of NYC homes continue to climb, housing continues to be a top priority for New Yorkers looking for affordable and quality living spaces. And although the New York real estate market is finicky, there are valuable ways to earn extra income each
month by turning your home into a source of profit for the family.