{"id":8206,"date":"2023-12-06T11:30:00","date_gmt":"2023-12-06T11:30:00","guid":{"rendered":"https:\/\/thezakariagroup.com\/how-to-turn-homeownership-into-a-side-hustle\/"},"modified":"2023-12-06T11:30:00","modified_gmt":"2023-12-06T11:30:00","slug":"how-to-turn-homeownership-into-a-side-hustle","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/how-to-turn-homeownership-into-a-side-hustle\/","title":{"rendered":"How To Turn Homeownership into a Side Hustle"},"content":{"rendered":"
\"How<\/p>\n

Does the rising cost of just about everything these days make your dream of owning your own home feel less within reach? According<\/a> to Bankrate<\/em>, many people are seeking additional income through side hustles, possibly to cope with those increasing expenses and save for a home. This trend is particularly popular with younger individuals who may be dealing with student loan debt (see graph below<\/em>):<\/p>\n

\u00a0<\/a><\/p>\n

<\/p>\n

Here are two strategies that can not only make homeownership<\/a> more affordable in the short term, but turn it into a lucrative side hustle that can pay off down the road.<\/p>\n

Transforming the Challenge of a Fixer-Upper into an Opportunity<\/strong><\/h4>\n

One thing you could do to help you break into homeownership is consider purchasing a fixer-upper. That\u2019s a home<\/a> that may be a bit less appealing and as a result has lingered on the market longer than normal. According<\/a> to a recent article from U.S. News<\/em>:<\/p>\n

\u201cThe current state of the housing market may have you expanding your options to try to find a home that you can afford. <\/em>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.<\/em><\/strong>\u201d<\/em><\/p><\/blockquote>\n

By opting for a home that requires some work, you may see two big benefits. For starters, you may find it\u2019s easier to find a home because you\u2019re not looking for that perfect option. Plus, it may also help you enter the housing market at a lower price point<\/a>. This strategy provides a more affordable way to become a homeowner<\/a> while also offering the potential for future profits.<\/p>\n

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’re also building equity<\/a> that can be unlocked when it’s time to sell.<\/p>\n

Renting Out a Portion of Your Home To Make It More Affordable<\/strong><\/h4>\n

Another savvy strategy is to purchase a home<\/a> with the upfront intention of renting out a portion of it. According<\/a> to a recent press release from Zillow<\/em>, renting out a part of their home is already very important for most young homebuyers (see graph below<\/em>):<\/p>\n

\u00a0<\/a><\/p>\n

<\/p>\n

This approach serves a strong purpose. As Manny Garcia, Senior Population Scientist at Zillow,<\/em> says<\/a>:<\/p>\n

\u201cFor those first-time buyers navigating the \u2018side hustle culture,\u2019 where a regular 9-to-5 might not quite cut it for homeownership dreams, <\/em>rental income can step in to help <\/em><\/strong>. . .\u201d<\/em><\/p><\/blockquote>\n

Basically, it can help you afford your monthly mortgage payments. So if you\u2019re open to it, renting out a portion of your home not only helps with affordability<\/a>, but it also positions you as an investor and turns your home<\/a> into a source of income.<\/p>\n

Bottom Line<\/h3>\n

In the face of today\u2019s affordability challenges<\/a>, both of these strategies offer more attainable paths to homeownership<\/a>, especially for younger buyers. If you want to discuss these options and see how they might play out for you in your local market, connect with a trusted real estate agent.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

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. 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