Whether you dream of escaping the harsh, loud life of the city or you’re already living your dream on the farm you purchased, extra money is always helpful, no matter who you are. On a farm, there are always animals to feed, barns that need to be repaired, gardens that need to be planted, and home renovations that need to be completed, not to mention the equipment that needs to be fixed or replaced.
While you can get a HELOC lender to give you a home equity loan with a low monthly payment, you still have to decide which of the best ways to use a home loan you’d like to take advantage of and make sure you have a high enough credit score to apply. A lender can give you some suggestions, and a home equity line of credit is a great way to get the ball rolling on home renovations instead of putting them on your credit card. As a homeowner, you want your renovations done. Still, you also know that home equity can fund business expenses and pay down credit card bills that have high-interest rates, so cashing in your home’s value for a home equity HELOC loan is something to think about very carefully.
While you decide whether to go to your lender for a home equity loan, read on below for a few ways to make extra money while living on a farm.
While you’re deciding whether to cash in your home equity with your lender for your home renovations, consider selling your seeds from last year. You can talk to neighboring farms that don’t grow the same crops that you do or even set up a stand, package the seeds and go from there.
While you’re at it, look for how to increase corn yield farming if that’s the primary crop on your farm. If you’ve devoted many acres to your corn crop and the crop yield you’re getting isn’t high enough, then you need to do your research to make next year’s corn crop yield larger. Make sure to check for pests on your corn, as well as having a soil test done to ensure the fertility of your soil. The same is true for soybean crops. If you can’t sell seeds from last year’s crop yield because of a poor yield, maybe you can next year, when the crop yield is better.
Instead of going to the lender to cash in your home equity and end up with another monthly payment, you could rent out a room on your farm to tourism. You probably already know that the slow living movement is growing, and many people want to get a feel for life in the country and on a farm. However, most don’t want to leave the city for good, before they know if they would enjoy the country life. Renting out a room in your farmhouse would be the perfect way to finance your home renovations and let tourists decide if country life is for them or not.
Blogging and Freelance Writing
In today’s highly digital age, the opportunities to make extra money when you live on a farm are endless. Many people are fascinated with farm life that have never lived on a farm. Starting your own blog and featuring things about farm life can make you a tidy sum each month. If you do decide to go with cashing in your home equity or getting a personal loan from a lender, it is possible to pay your monthly payment with a blog, eventually.
In the meantime, while you’re waiting for your blog to take off, there are many freelance opportunities out there for writers that can help you pay that monthly payment for the home equity loan and line of credit you got from your lender. Just make sure that your credit score is good enough to get a home equity loan, and you’ll be fine.
These are just a few ways to make extra money when you live on a farm while you decide whether to cash in your home equity to get a home equity loan. Just remember to try for the lowest interest rates and monthly payments possible.