Does the rising cost of just about everything these days make your dream of owning your own home feel less within reach? Many people are seeking additional income through side hustles, possibly to cope with increasing expenses and save for a home. This trend is particularly popular with younger individuals who may be dealing with student loan debt.
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
One thing you could do to help you break into homeownership is consider purchasing a fixer upper. A fixer upper that needs some updating and a little love can feel like a welcome alternative to move-in ready houses that go off the market before you can even take a tour.
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 are 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.
Yes, the home may need a little elbow grease, but investing time and effort into gradually enhancing your house not only makes it a home but also increases its future market value. So, while you enjoy the satisfaction of turning a house into a home, you are also building equity that can be unlocked when the time to sell.
Renting Out a Portion of Your Home To Make it More Affordable
Another strategy is to purchase a home with the intention of renting out a portion of it. Renting out a part of your home is already very important for most young homebuyers.
This approach serves a strong purpose. For those first-time buyers navigating the side hustle culture, where a 9 to 5 might not quite cut it for homeownership dreams, rental income can step in to help. Basically, it can help you afford your monthly mortgage payments. 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.