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Leveraging Your Home To Start A New Business From The Ground Up

Guest Post | Nov 1, 2021

reverse mortage - Leveraging Your Home To Start A New Business From The Ground Up

A lot of unfortunate people lost jobs thanks to the pandemic. Some have decided the only way to protect themselves in the future is to start their own business. Sadly, the vast majority of them are going to fail pretty fast.

I think people underestimate the amount of money you need to keep going when things get tough. Luckily, it's a lot easier when you own a nice home. Let's look at some cool ways you can use your home to bankroll a new business.

Look Into A Reverse Mortgage

If you're a little older you should have a good amount of equity in your home. If you speak to a company like CloverMortgage reverse mortgage brokers should be able to offer you quite a bit of money to fund your startup.

It's great because you won't need to pay anything back until you eventually sell your home, so it doesn't matter if your business succeeds or not. You'll get a lump sum so make sure you don't spend it all at once.

Extend Your Current Mortgage

Speak to a certified mortgage broker and you might be able to extend your current mortgage. How much are you spending on your mortgage per month at the moment? Those payments will drop when you add on more years.

It does mean you'll end up paying extra interest over the lifetime of your mortgage, but it's not all bad news. If your business is successful, the money you make means you'll be able to pay back extra at a later date.

Renting Out Your Garden Shed

Do you have a garden shed or garage that's sitting unused? You won't be the only person who is trying to start a new business right now. Someone who doesn't have a garden shed might be desperate to make furniture or fix bikes.

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You will be able to rent out the space for a monthly fee. As soon as you get the money you can reinvest it in your own business. If the person renting it out is successful they'll likely keep it for a long time.

Look For A Suitable Roommate

When was the last time you lived with a roommate? If you have a spare bedroom it might be worth renting it out for a few years. It's a consistent amount of cash being pumped into your business while it's in the growth stage.

If you're unsure about renting out a room try to look for a college student. They tend to spend most of their free time studying in their bedroom. Sharing your home is a small price to pay for building a successful business.

Let Someone Use Your Driveway

One of the best things about working from home is the fact you don't need to drive to work. But everyone won't be as lucky as you. They will still have jobs in the city where it's difficult to find parking spaces.

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Depending on where you live, it might be easy to find someone willing to rent your driveway. They could park in the morning and pick their car up after work. If you have enough space for two cars it's double the money.

You Need To Make Sacrifices

If you want to build a great business you need to make sacrifices. At least these options don't require you to sell your home, so you'll always have somewhere to live.


NCFA Jan 2018 resize - Leveraging Your Home To Start A New Business From The Ground Up The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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