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Are you finding that the increasing costs of almost everything these days are making the dream of owning your own home seem more elusive? According to Bankrate, many individuals are exploring additional sources of income through side hustles, possibly to manage rising expenses and save for a home. This trend is particularly prevalent among younger individuals grappling with student loan debt.
Two effective strategies not only make homeownership more feasible in the short term but can also transform it into a lucrative side hustle with long-term benefits.
1. **Turning Fixer-Uppers into Opportunities:**
Consider breaking into homeownership by purchasing a fixer-upper – a home that may have lingered on the market due to its less appealing condition. According to a recent article from U.S. News, the current state of the housing market may prompt you to explore more affordable options. Opting for a home that needs some work can have two significant advantages: it may be easier to find, as you’re not searching for the perfect option, and it can allow entry into the housing market at a lower price point. Despite requiring some elbow grease, investing time and effort into gradually enhancing your house not only transforms it into a home but also boosts its future market value. This strategy offers an affordable way to become a homeowner while potentially yielding future profits.
2. **Renting Out a Portion of Your Home for Affordability:**
Another savvy strategy involves purchasing a home with the upfront intention of renting out a portion of it. According to a recent press release from Zillow, renting out a part of a home is already crucial for many young homebuyers. This approach can help with monthly mortgage payments, providing a financial boost for those navigating the side hustle culture. Renting out a portion of your home not only enhances affordability but also positions you as an investor, turning your home into a potential source of income.
In the face of today’s affordability challenges, both of these strategies offer more accessible paths to homeownership, particularly for younger buyers. To explore these options further and assess their viability in your local market, consider connecting with a trusted real estate agent.
