The increasing cost of living can make owning a home an unachievable dream. But wait, there is hope for you, potential buyers! In this blog, we will discuss two unconventional yet effective ways to help you own your own home.
Here are two strategies that help make homeownership more affordable in the near term and turn it into a side hustle that pays off down the road.
Strategy One is to Embrace the Fixer-Upper
Think beyond the pristine homes marketed as “move-in ready.” Fixer-upper houses carry many benefits despite their initial burden of effort and resources, according to US News. This means such homes tend to stay longer in the market, resulting in better prices. This enables people who cannot afford conventional housing to access it.
Moreover, by putting some ‘elbow grease’ into gradual renovations, one is able not only to personalize one’s abode but build equity as well. Hence, this leads to an increased future market value, thus unlocking probable profits upon selling or renting out. It then becomes an experience that enriches life, whereby one turns a mere house into a beloved home and, simultaneously, lays down for future financial stability.
As U.S. News recently observed,
“The current state of the housing market may have you expanding your options to find a home you can afford. 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.”
Strategy Two is Renting Out a Portion of Your Home
Be both landlord and homeowner when purchasing property with rental potential. The Zillow press release has verified this. It indicates young buyers are using this technique more often, referring to Manny Garcia, Senior Population Scientist, who mentioned renting rooms or basements, which helps first-time purchasers deal with “side hustle culture” while paying their mortgages.
This is indeed an affordable way to live. And it makes you a proactive investor by allowing you to earn from your property. It also teaches a sense of responsibility and develops financial prudence for the future.
This approach serves a vital purpose. According to Manny Garcia, Senior Population Scientist at Zillow:
“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 . . .”
Two Innovative Paths to Homeownership for the Next Generation
These two unconventional strategies are rays of hope amid difficult times in the housing market. Even young people can own houses by adopting a fixer-upper attitude and considering strategic rentals. If you want more options and their relevance in your local market, please don’t hesitate to call back. We will find our way together toward that personalized haven of yours.