Not all of us are lucky enough to come into money, but when it does happen, it presents a whole new world of possibilities. Coming into an unexpected cash windfall is a huge benefit, especially these days when money seems to be so tight, and it can be difficult to make ends meet. Now, there is probably some kind of idea you have in mind that you can use this money for.
Your first option, and probably the more sensible one is to consider investing the money for yours (or your childs) future. There are a number of different ways you can go about investing your money, whether you choose to bank the money in a high interesting savings account, take out an ISA, buy into stocks and shares (you could buy British Airways shares for instance), or even consider buying gold through a website like this site. Different options have different risks involved and you will need to consider this when choosing or speak to a financial advisor who may be able to point you in the right direction.
Secondly if you are a home owner there is always something that needs doing around the home, and it can often take ages to get it done. By making use of this extra money, you will be ideally placed to do the things you’ve wanted to do. The cost of living is so expensive these days, and you can do a lot to come up with ways of boosting your home with your newfound cash. These are some of the things you can spend the money on that will improve things for you moving forward.
Repairs
Let’s be honest, there are going to be repairs that need to be done throughout the home. This is part and parcel of owning a home, and there isn’t a whole lot you can do aside from just get these repairs done once you get the time and money. Well, luckily, with this new cash windfall you will be well-placed to get all the necessary repairs completed as soon as possible. Identify what has needed fixing the longest, as well as what is the most important. Making your home safer and more secure is so important moving forward.
Getting the Kitchen Done
The kitchen is one of the most important areas of the home – some would call it the single most important. As a result of its importance, you will probably have had grand ideas for it ever since you moved in. This is why it is so important to make sure you use the money you get to do the kitchen up. A new kitchen is going to add significant value to your home, not to mention making it look better as well. But, it’s also not going to be cheap, and that’s why this cash windfall is likely to prove so vital.
Extending
The best way to add value to the home and more it a more saleable asset is to build an extension. Now, this might be something you have thought long and hard about, but perhaps you’ve never had the money to do it. Whether you are planning a loft conversion or a conservatory extension, it’s pretty clear that extending is going to cost money. So this is one of the most sensible and important things to spend this money on, and it can become a long-term investment for you in the future.
Paying off Some of the Mortgage
Sensible people will always look to clear their mortgage as soon as they can, and this is something that you should think about. Take a portion of the money you have received and use it to pay off the mortgage in one big lump sum. Use a home loan calculator to work out how much of your mortgage you have left to clear, and then decide on the amount you want to spend toward clearing it. This is going to put you in a much better financial position moving forward, and that is the best use of the money.
Go Solar
The world is much more forward-thinking these days, and there is a big emphasis on renewable energy. Well, the good news is that you can get involved with this by embracing solar power. Using the cash you have, you can arrange to get solar panels installed on the property. This is an excellent investment for helping you reduce your energy bills, and look after the environment at the same time. And, as an added bonus, you will also add value to the property at the same time.
Fix the Roof
The roof is the most important structural part of your property because it protects the rest of the home. A leaking roof is a nightmare for homeowners because it can lead to leaks, damp, cold, and pose a security risk. Getting this fixed is essential, but it is also expensive, so this might not be the worst thing to spend the money on. If your roof needs fixing this is something that needs to be actioned sooner rather than later because otherwise it will get worse.
Tend to the Garden
If ever there was a USP for a property it would have to be the garden. This is why you need to make sure the garden is as great looking as it can possibly be. There are so many excellent things you could do to achieve this in the garden, such as install a water feature and add some decking. Having a garden that looks amazing is so important, and you have to make sure you focus on how to achieve this. Spending a bit of money to make the garden the envy of the neighborhood is a wonderful idea.
Install a Pool
A pool is so often seen as a luxury for so many people, and this may have been out of your reach before now. There is a lot of planning involved if you want to get a pool put in, and you will have to factor in the cost of the design and the size of the pool. This is going to be expensive, but it’s also a great way of improving the property and pampering yourself a little bit in the process. A great way of spending some extra cash, a pool is going to make a big difference to the future of the property.
These are just a few of the excellent ideas you can use to spend your extra cash. There are so many wonderful ways to improve the home and make some changes that will really impact the property positively. It can’t hurt to have a plan for if you come into a windfall of cash suddenly, and these are definitely some of the things you should use it for.
**This is a collaborative post**