Does the rising cost of just about everything these days make your dream of owning your own home feel less within reach? According to Bankrate, many people are seeking additional income through side hustles, possibly to cope with those increasing expenses and save for a home.
Here are two strategies that can not only make homeownership more affordable in the short term, but turn it into a lucrative side hustle that can pay off down the road.
Transforming the Challenge of a Fixer-Upper into an Opportunity
By opting for a home that requires some work, you may see two big benefits. For starters, you may find it’s easier to find a home because you’re not looking for that perfect option. Plus, it may also help you enter the housing market at a lower price point. This strategy provides a more affordable way to become a homeowner while also offering the potential for future profits. So, while you enjoy the satisfaction of turning a house into a home, you’re also building equity that can be unlocked when it’s time to sell.
Renting Out a Portion of Your Home To Make It More Affordable
Basically, it can help you afford your monthly mortgage payments. So if you’re open to it, renting out a portion of your home not only helps with affordability, but it also positions you as an investor and turns your home into a source of income.
In the face of today’s affordability challenges, both of these strategies offer more attainable paths to homeownership, especially for younger buyers. If you want to discuss these options and see how they might play out for you in our local market, DM me.
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