Being self-employed is fantastic because you are the boss, and you decide when to work, whom you work for, and how much you earn while controlling every aspect of your business.
However, the only downside to being self-employed is that financial institutions hesitate to lend you money. Why? The answer is simple: they don’t see self-employed people as having a stable income and, thus, are more likely to default on their obligations.
Thankfully you can boost your chances of getting loans, mortgages, and credit cards through a few simple concepts and tips. Here’s what you need to do:
When you find yourself in a negative financial situation, it can be pretty demoralizing and you might not know what you should do next to turn things around. It’s a situation lots of people find themselves in and there are certainly no easy answers.
But if you’re feeling lost and unsure right now, you should remember that money is never the most important thing in life and there are always steps you can take to rectify the situation if you want to. So read on now and learn more about how to recover from the financial situation you find yourself in.
If you’re selling your house, you’re going to want to make sure that you get the very best price for it to maximise the return on your investment. House prices are currently having a bit of an upswing, so you’ll be starting from a good position, but are there other, non-expensive, ways to add even more value to your property? The simple answer is yes – here are five of them:
Garden Sheds and Storage
Believe it or not, a simple garden shed can be a real value-add to your property. Storage is often a key factor for buyers when they’re on a viewing. So, the sight of a shed in the rear garden is usually seen as a big positive, as sheds are great places to store items like mowers and other garden equipment, but also other additional belongings. Greenview Sheds and Fences offer a variety of outdoor buildings, all of which would appeal greatly to a potential buyer.
Maintain Period Features
Buyers will often pay more for a home with period features, so if you have them, do not rip them out. Bring out whatever character your property already has. If you live in a Victorian home, for example, try to make sure that skirting boards, architraves and doors fit in with the era. If you have an Edwardian house, ensure its wooden porch is freshly painted. Consider restoring or installing coving, picture rails or period fireplaces – it won’t cost thousands if you shop around and visit salvage yards, but it may well impress potential buyers.
Adding Built-In Storage Space
Excess space within any home is a premium. But even if you don’t have oodles of space, making the most of the space you do have, particularly unused spaces, is a great way to add value. Having built-in storage means you don’t need to buy any additional bulky furniture and it can generally just make better use of certain areas within the home. Alcoves are a great example of this; they don’t really provide any additional floor or living space, so they’re perfect for turning into cupboards and wardrobes. Even in the smallest of properties, thinking outside the box can unfold a whole bunch of clever ways to add storage solutions within the home.
Groom your Garden
It’s a well known fact that potential buyers hate overgrown gardens! Get yours under control by mowing the lawn, weeding flower beds and trimming hedges and bushes. Add interest with coordinating planters, which are relatively cheap and can be taken with you when you move. Not green-fingered? Let someone else do the hard work and shop for pre-planted pots.
De-Clutter
This one will not only have added benefits of making your rooms look bigger and more liveable to potential buyers, you could also make yourself a few quid in the process! Getting rid of things that you don’t want/need/use anymore will give your home a much needed freshen up and if there’s anything valuable, sticking it on eBay or Facebook Marketplace could be a double win in the long run.
Keeping your finances on the right track is always going to be a matter of making sure that you are preparing for the worst even when you are hoping for the best. Here are some inevitable costs that you probably won’t be able to escape in your life.
Though it might seem peculiar, we can start with the very last cost that you will need to think about that is completely unavoidable. What makes this cost special is that you won’t be paying the price. Instead, this will fall to your dependents. That’s why, believe it or not, a lot of people once they reach a certain age, will set up a funeral fund. This is designed to pay for all the costs of a funeral including the casket, tombstone, funeral photography and even plots of land. It might sound morbid, but it’s something that you might eventually want to think about.
Children’s Education
You could also think about the cost of your child’s education. Now, it’s worth noting that you are under no obligation to pay for the costs of your child’s higher education. However, this is something that many parents will aim for to help their child avoid unnecessary levels of debt later in life. If you are worried about the cost, then it’s recommended that you do think about looking at the average cost that you will need to pay for your child’s college tuition. This will help ensure that you can set a saving goal. You should also look at savings accounts and investment opportunities that will ensure you can quickly grow these funds.
Home Renovation
It’s also worth thinking about the cost of a home renovation. You might think that you can avoid this cost, but don’t be so sure. If you buy a home, then at some point, you will need to complete renovation work. Renovating your home will mean that you can deal with issues related to wear and tear that will limit the value of the property overtime.
It can also ensure that your home continues to be a safe and comfortable place to live for you and your family. This means that you might also be able to avoid selling your house to move to another property. Instead, with the right renovations, your house could become a forever home. It might also be worth thinking about emergency renovations that you might need to complete. There are lots of examples including flooding damage that will need to be corrected without any delays.
Retirement
Next, you should think about your retirement. It’s never too early to start thinking about saving for your retirement. In fact, experts agree that you should be putting money away for your retirement as early as your twenties. In doing so, you can guarantee that your retirement does not catch you by surprise. Don’t forget, once you retire, you won’t have a fixed income to fall back on. As such, you will need to make sure to save enough money overtime to afford everything that you want during your retirement. This could include a trip around the world or something more practical such as care facilities when you begin to lose your independence. A financial planner will explain exactly how much you need to save for your retirement plan.
Transport
Finally, if you have a family, then you likely will need to consider the cost of transport. Most people will want to buy a car at some point that is large enough for everyone in the household. This can be quite an expensive purchase and, similar to a home, a choice like this probably won’t fit squarely into your budget. Instead, you need to make sure that you look at other options. You can save up the money to buy a vehicle. Or, you can think about purchasing a vehicle on finance. If you purchase a vehicle on finance, then you can make it easier to afford over an extended period. If you live in a city you might want to skip the car purchase and instead rely on public transport. It’s a great way to keep things cost friendly.
You can also think about purchasing a car second-hand rather than brand new. This is another way to save and spend less overall.
We hope this helps you understand some of the key costs that you do need to be prepared for in the future. By recognizing that these costs are somewhat inevitable, you will be able to make sure that they don’t catch you off guard.
