While it may seem strange to talk about spending money on your property during the recession and the credit crunch, this is the time when you can be more at risk if you start making a difference. Let’s start with a simple question. One of the consequences of this slowdown has been a significant increase in the level of unemployment. Many people have lost their working hours or become unemployed.
Even if your efforts produce only a few dollars of profit per week, it is a few dollars more than you would have received, except that it changes the use of part of your home from residential to commercial. So think about the activities you can try. This could turn your kitchen into a catering company that sells cakes and cakes.
You can try to work with wood in the garage. Your spare bedroom can become a home office. The idea is to convert an existing hobby or skill into money, except that your home is currently secured as a residence. Addition to carpentry or cooking operations may increase the risk of fire. More people can come to you to buy goods or services. If they are injured by sliding on floor tiles or sliding on a loose rug, are you covered for civil liability claims?
This is the address: Always tell your insurance company if you plan to change your home use. If you do not, the insurance company may refuse to pay any claim! Another possible way to raise money is to convert and rent out part of your home into a self-catering apartment. This rental income can make a big difference when it comes to paying those monthly bills except that your policy will be limited to occupancy by you and your family. Almost all systems have conditions that require you to notify the insurance company if you increase the number of passengers. Again, failure to inform the insurance company will lead to the refusal to pay the claims. Finally, let’s say you have a little money, but you have negative equity in your home. Now the best option is to add or renew your home – forcing you to stay doesn’t mean the building remains small and uncomfortable.
Now, remember the value of the reconstruction you announced when you got home insurance rates. The price was in square feet to restore your home to its previous state. If you increase the size and quality of your home, the cost of the renewed foot for the hdb bto renovation package will also increase. You must inform your insurance company of the proposed increase in value. If any change in the materials used will affect the risk, such as using more wood will increase the risk of fire, replacing the wood stove with central heating will reduce the risk. Remember that home insurance rates are only good for the home as you have had. Always inform your insurance company when resizing or building materials used.