Have you ever faced a cash crunch at the time of bill payment? There is always a time in one’s life when he/she is back on his bills. Due to unavoidable circumstances, the cash reserve kept aside for payment of bills get used up and this causes panic as we look out for ways to deal with such a situation. The spacious house that you were proud to possess up till now seems to be a bone of contention in the present scenario. The solution to this problem is that you rent out a portion of your capacious house to get some early bucks to tide through the situation. The deposit money that is acquired by renting the room can be used for the payment of the pending bills.
Learn some fun and unique ways to pay out your bills
Slump is an opportunity for business
If facing a sudden low in life due to a slump period in your business or in-between jobs, there is a temporary halt in your monthly income and this is generally accompanied with increasing debts and the pile of unpaid bills that start stacking up. Now to wade through troubling waters, one of the most suitable options that you can avail is offering the extra space in your house as rooms for rent (considering you possess that extra space). The money that comes from that rent acts as a savior in troubled times.
Storage Units Save the Day
Some difficulties evade our homes without any prior warning. It gets difficult to deal with these problems as you don’t anticipate them, both mentally and financially. It creates a havoc in your home and turns your finances topsy-turvy. This happens when a resident of the house is diagnosed with an illness. You feel helpless and lost when you don’t have enough spare cash to cope up with this situation. The needs of the patient has to be looked after meticulously, therefore it is also difficult to work part time from home, to earn the extra money. In such a scenario, renting out the extra space such as a garage or a room comes in handy where you can approach people in dire need of a vacant place and allow them to use that place to store their goods at a fixed monthly allowance.
Crisis after separation
In an upscale city like Ohio, having a large house may be overwhelming but if the occupants of the house mutually separate by getting a divorce, it might really get tricky. After the cumbersome and strenuous legal process that leaves a person emotionally and financially drained, it is often difficult for the occupants of the house to come back to terms with one’s self and continue life unfazed. But the harsh truth is that with the end of marriage comes the bitter moment of separation, in person as well as assets. Now suppose, that after divorce, one partner gains possession of all the liquid assets while the other acquires fixed assets like the house. With the ownership of the house comes the obligation of paying off the bills generated through it. Due to cash deficiency, it is difficult to pay the bills. The best possible way to overcome this cash crunch is to hand over a vacant part of the house, say a garage to companies who are on the lookout for such places, for their storage business for sale purpose, on a commission basis.
Profitable maintenance of the house
When kids move out of the house for higher studies, some parents are left with empty rooms along with an obligatory responsibility/will to pay fees for their education. Now we all are aware how strenuous the financial burden of educational fees can be. To combat this situation, it is advisable to rent out the rooms which were earlier occupied by the kids themselves. In this way, the money generated by renting out the kid’s room can be invested in the education of the kid. Along with this, there would be an added advantage of maintaining the house easily with the help of the tenant.
There can be a struggling time in the life of a person when due to a sudden change of events (like the Lehmann Brothers fiasco), the person is stuck in a situation of partial insolvency. With no cash-in-hand, he/she faces the issue of non-payment of rendering bills. To get out of this sticky situation, he/she has no option but to liquidate certain high-value assets (which may include the house) in order to pay off debts. Now rationally thinking, renting out the vacant portion of the house can generate sufficient income to eventually clear all the debts in time. This also assists in a better home organization as if you think of it, there is now a smaller home to manage, eliminating costs involved in maintaining a bigger house. It is a win-win situation, any way you look at it.
So as you sit in the comforts of your home on a sunny day in Ohio, wondering ways to pay out your bills, always remember, that however large the bills may be, with adequate planning and utilization of assets properly, there is a solution to every problem.