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Transforming Homeownership into a Lucrative Side Venture

In a world where the costs of living seem to rise endlessly, achieving the dream of owning a home may feel like an elusive goal for many. As per Bankrate, a growing number of individuals are exploring supplementary income avenues through side hustles, driven by the need to manage escalating expenses and save for a home. This trend is particularly evident among the younger demographic grappling with challenges like student loan debt.

Discover below two innovative approaches that not only make homeownership more accessible in the short term but also transform it into a profitable side venture with long-term benefits.

Revamping a Fixer-Upper into an Opportunity

Breaking into homeownership becomes more feasible when considering the option of purchasing a fixer-upper. These homes, somewhat less attractive and lingering on the market longer than usual, offer a unique opportunity. According to U.S. News:

“The current state of the housing market may lead you to expand your options to find an affordable home. A fixer-upper, requiring some updating and care, can be a welcome alternative to move-in ready houses that vanish from the market before you can tour them.”

Choosing a home in need of some TLC might present two significant advantages. Firstly, it could be easier to secure a home as you aren’t fixated on finding the perfect option. Secondly, entering the housing market at a lower price point becomes possible. This strategy provides an affordable entry into homeownership while also offering the potential for future profits.

While the home may demand some elbow grease, investing time and effort in gradually enhancing it not only transforms it into a personalized haven but also augments its future market value. Enjoy the satisfaction of turning a house into a home while building equity that can be unlocked when it’s time to sell.

Renting Out a Portion of Your Home for Affordability

Another astute strategy involves purchasing a home with the upfront intention of renting out a part of it. According to a recent press release from Zillow, renting out a portion of their home is already crucial for many young homebuyers.

This approach serves a vital purpose, as Manny Garcia, Senior Population Scientist at Zillow, notes:

“For those first-time buyers navigating the ‘side hustle culture,’ where a regular 9-to-5 might not quite cut it for homeownership dreams, rental income can step in to help…”

Effectively, renting out a part of your home can assist in covering monthly mortgage payments. Beyond affordability, it positions you as an investor, transforming your home into a sustainable source of income.

In Conclusion

In the face of today’s affordability challenges, both these strategies offer more accessible paths to homeownership, particularly for younger buyers. To explore these options and assess how they might align with your local market conditions, consider connecting with a reliable real estate agent.

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