Consider Alternative Income Streams to Build Up for Closing

July 10, 2012

Take advantage of your skills with a home office to earn more power for buying a home and owe less!When it comes to

buying a home, there are many more expenses involved than just the asking price on the house. There are taxes, fees and all manner of other costs involved. The Equifax Finance Blog recommends that you consider building capital with additional income in the new article, “

Money Management: Ways to Diversify Your Income.”

The article specifically describes how to use additional income streams to make an emergency fund, but has useful tips for all kinds of investments and large purchases. You can benefit greatly from an additional fund when it comes to home buying. From having a larger down payment to being able to handle closing costs or contribute extra to your mortgage payment, having extra money for real estate is a win-win.

But how do you build that extra income? While you can take a second job, there are other ways to make money that put you more in control, like:

  • Home business: One of the best ways to cultivate another source of income is to start a home business. This can include anything from offering childcare in your home to freelancing using a skill you have developed. Think about what you would have the drive to do that can make some money on the side. Be sure to get the proper licenses for your area when required.
  • Odd jobs: Instead of getting a part-time job, look into earning money through odd jobs. Offer yard care, do handy work or find some other niche to fill. There are plenty of opportunities out there you can take advantage of!

The Equifax Finance Blog has more information on this topic and a treasure trove of additional finance tips, tricks and know-how that can help you

save money and avoid debt.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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