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These days, owning a home can appear daunting, especially with high prices paired with low interest rates. If you’re looking to purchase your first home, there’s an increasingly popular strategy called “house hacking” that may help you purchase that property you’ve been wanting for far less money.
House hacking is a method of investing in real estate that enables buyers to buy a property, live in it, and potentially rent out the remaining rooms or unit to generate additional income. This method of investing ties together home ownership and rental income all in one place.
When house hacking, buyers will want to look for a property, usually a multi-family home, that costs just a bit more than the typical rent for the entire home in the area. This will help to cover the house payment, taxes, and insurance. Additionally, the “extra” space in the multi-family home can help offset the mortgage by renting that area out. This makes sense, as multifamily properties might increase in value, while typical renters may pay the same rent year after year.
House hacking is a great way to get your foot into the real estate market. It can help reduce the financial burden of monthly mortgage payments and start building equity right away. Plus, increased rental income helps to make up any difference in the costs associated with the property. It also provides a great opportunity to acquire some specialized skills so you can become knowledgeable about the renters in your area and any potential legal considerations that come along with renting.
Whether you’re a millennial just starting out or a professional looking for a long-term investment, house hacking is a great way to take that first step into becoming a homeowner. With the money saved on rent and additional income from renting out part of the home, house hacking can be the perfect solution for those longed for homeownership.