How To Turn Homeownership into a Side Hustle

<article class="post-869525 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-869525"><span class="entry-date">December 6, 2023</span><div class="entry-header center-block text-center"><h1 class="entry-title">How To Turn Homeownership into a Side Hustle</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=How+To+Turn+Homeownership+into+a+Side+Hustle&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fhow-to-turn-homeownership-into-a-side-hustle%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="How To Turn Homeownership into a Side Hustle Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20231206-How-to-Turn-Homeownership-into-a-Side-Hustle.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>Does the rising cost of just about everything these days make your dream of owning your own home feel less within reach? <a href="https://www.bankrate.com/personal-finance/side-hustle-survey/#millennial-gen-z" rel="noopener noreferrer" target="_blank">According</a> to <em>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 (<em>see graph below</em>):</p>
<p> <a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231204/20231206-Nearly-two-in-five-US-adults-have-a-side-hustle.png" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231204/20231206-Nearly-two-in-five-US-adults-have-a-side-hustle.png"/></a></p>
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<p>Here are two strategies that can not only make <a href="https://www.simplifyingthemarket.com/2023/11/23/why-homeowners-are-thankful-they-own/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">homeownership</a> more affordable in the short term, but turn it into a lucrative side hustle that can pay off down the road.</p>
<h4><strong>Transforming the Challenge of a Fixer-Upper into an Opportunity</strong></h4>
<p>One thing you could do to help you break into homeownership is consider purchasing a fixer-upper. That’s a <a href="https://www.simplifyingthemarket.com/2023/11/21/are-there-actually-more-homes-for-sale-right-now/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">home</a> that may be a bit less appealing and as a result has lingered on the market longer than normal. <a href="https://realestate.usnews.com/real-estate/articles/buying-a-fixer-upper-everything-you-need-to-know" rel="noopener noreferrer" target="_blank">According</a> to a recent article from <em>U.S. News</em>:</p>
<blockquote><p><em>“The current state of the housing market may have you expanding your options to try to find a home that you can afford. </em><strong><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><em>”</em></p></blockquote>
<p>By opting for a home that requires some work, you may see two big benefits. For starters, you may find it’s easier to find a home because you’re not looking for that perfect option. Plus, it may also help you enter the housing market at a lower <a href="https://www.simplifyingthemarket.com/2023/11/22/home-prices-still-growing-just-at-a-more-normal-pace/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">price point</a>. This strategy provides a more affordable way to <a href="https://www.simplifyingthemarket.com/2023/11/08/thinking-about-using-your-401k-to-buy-a-home/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">become a homeowner</a> while also offering the potential for future profits.</p>
<p>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 <a href="https://www.simplifyingthemarket.com/2023/11/07/homeowner-net-worth-has-skyrocketed/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">building equity</a> that can be unlocked when it’s time to sell.</p>
<h4><strong>Renting Out a Portion of Your Home To Make It More Affordable</strong></h4>
<p>Another savvy strategy is to <a href="https://www.simplifyingthemarket.com/2023/11/03/the-benefits-of-buying-a-multi-generational-home-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">purchase a home</a> with the upfront intention of renting out a portion of it. <a href="https://zillow.mediaroom.com/2023-11-16-Interest-in-house-hacking-explodes-among-Millennial-and-Gen-Z-home-buyers-seeking-extra-income" rel="noopener noreferrer" target="_blank">According</a> to a recent press release from <em>Zillow</em>, renting out a part of their home is already very important for most young homebuyers (<em>see graph below</em>):</p>
<p> <a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231204/20231206-Percent-of-buyers-who-find-it-very-or-extremely-important.png" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20231204/20231206-Percent-of-buyers-who-find-it-very-or-extremely-important.png"/></a></p>
<p></p>
<p>This approach serves a strong purpose. As Manny Garcia, Senior Population Scientist at <em>Zillow,</em> <a href="https://zillow.mediaroom.com/2023-11-16-Interest-in-house-hacking-explodes-among-Millennial-and-Gen-Z-home-buyers-seeking-extra-income" rel="noopener noreferrer" target="_blank">says</a>:</p>
<blockquote><p><em>“For those first-time buyers navigating the ‘side hustle culture,’ where a regular 9-to-5 might not quite cut it for homeownership dreams, </em><strong><em>rental income can step in to help </em></strong><em>. . .”</em></p></blockquote>
<p>Basically, it can help you afford your monthly mortgage payments. So if you’re open to it, renting out a portion of your home not only helps with <a href="https://www.simplifyingthemarket.com/2023/11/16/people-are-still-moving-even-with-todays-affordability-challenges/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">affordability</a>, but it also positions you as an investor and turns <a href="https://www.simplifyingthemarket.com/2023/11/01/what-are-accessory-dwelling-units-and-how-can-they-benefit-you/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">your home</a> into a source of income.</p>
<h3>Bottom Line</h3>
<p>In the face of today’s <a href="https://www.simplifyingthemarket.com/2023/11/14/home-prices-keep-climbing-in-most-markets/" rel="noopener noreferrer" target="_blank">affordability challenges</a>, both of these strategies offer more attainable paths to <a href="https://www.simplifyingthemarket.com/2023/11/24/why-homeowners-feel-thankful-for-their-homes-infographic/" rel="noopener noreferrer" target="_blank">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>
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