Sometimes you realize that you’re rich in all the wrong ways. You have plenty of physical assets, but you’re short on cash. While it’s nice to have possessions, you can pay your bills with a painting or buy a new sofa with a gold necklace. Selling your physical assets is one option, but it doesn’t have to be the only one. There are several ways you can make money or take a loan out on your possessions. If you’re not ready to give up your assets you could pawn some items, allow people to rent things from you or even remortgage your home.
Of course, often the quickest and easiest way to make money on your assets is to sell them. You may not always make a profit on the price you bought them for, but it will turn your assets into cash. You won’t have to pay any loans back, and you can do what you like with the money. If you’re considering selling your house, visit estate agents in Sandown to get the balls rolling. But selling requires a degree of sacrifice. You can make money from your assets, but you’re unlikely ever to see them again. If you want to hold onto what you’ve got, consider the other options below.
If they want the chance to buy back your possessions, you could also pawn your assets. It depends on what you have, but you may be able to take out a loan against your assets. Although most pawnbrokers deal with items of low to mid-range value, some specialize in more valuable items and could get you a sizeable loan. You can choose to pay back the loan, or there may be a chance to extend it. Alternatively, you can let the loan contract come to an end, keep the money and let the pawnbroker keep your item. Pawning could be a good option if you have jewelry and watches or perhaps paintings and ornaments to borrow against. Some pawnbrokers will lend against larger items, such as cars.
Remortgaging Your Home
If you own your home, remortgaging it can help you to turn your asset into cash. Obviously, this means you will then have to make mortgage payments. But the amount of the loan could be a substantial amount of money, which would be useful for any big plans you have. Remortgaging isn’t to be taken lightly, however. It may not be the best idea if you’re looking to pay off debts because it could end up costing you more.
You can rent out some physical assets, so you can keep hold of them but still make money from them. For example, you could rent out a garage or parking space if you don’t use them. You could also rent out spare rooms, holiday homes and even your lawn mower. If you have something that other people can hire, it may be the best option. You don’t risk losing anything, unlike with some other methods.