{"id":9538,"date":"2023-12-06T06:30:00","date_gmt":"2023-12-06T11:30:00","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=9538"},"modified":"2023-12-06T06:30:00","modified_gmt":"2023-12-06T11:30:00","slug":"how-to-turn-homeownership-into-a-side-hustle","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=9538","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","protected":false},"excerpt":{"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?<\/p>\n<\/div>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","footnotes":""},"categories":[3,123,88,84,89,125],"tags":[],"class_list":["post-9538","post","type-post","status-publish","format-standard","hentry","category-blog","category-demographics","category-first-time-home-buyers","category-for-buyers","category-move-up-buyers","category-rent-vs-buy"],"_links":{"self":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/9538","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9538"}],"version-history":[{"count":0,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/9538\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}