How To Turn Homeownership into a Side Hustle
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. This trend is particularly popular with younger individuals who may be dealing with student loan debt (see graph below): Here are two strategies that can not only make homeownership more affordable in the short term, but turn it into a lucrative side hustle that can pay off down the road.Transforming the Challenge of a Fixer-Upper into an OpportunityOne thing you could do to help you break into homeownership is consider purchasing a fixer-upper. That’s a home that may be a bit less appealing and as a result has lingered on the market longer than normal. According to a recent article from U.S. News:“The current state of the housing market may have you expanding your options to try to find a home that 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.”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 price point. This strategy provides a more affordable way to become a homeowner while also offering the potential for future profits.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 that can be unlocked when it's time to sell.Renting Out a Portion of Your Home To Make It More AffordableAnother savvy strategy is to purchase a home with the upfront intention of renting out a portion of it. According to a recent press release from Zillow, renting out a part of their home is already very important for most young homebuyers (see graph below): This approach serves a strong purpose. As Manny Garcia, Senior Population Scientist at Zillow, says:“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 . . .”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 affordability, but it also positions you as an investor and turns your home into a source of income.Bottom LineIn the face of today’s affordability challenges, both of these strategies offer more attainable paths to homeownership, 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.
When You Sell Your House, Where Do You Plan To Go?
If you’re thinking about selling your house, you may have heard the supply of homes for sale is still low, and that means your house should stand out to buyers who are craving more options. But you may also be wondering, once you sell, how does the current supply impact your own move? And, will you be able to find a home you want to buy with inventory this low?One thing that can help you find your next home is exploring all your options, including both homes that have been lived in before as well as newly built ones. Let’s look at the benefits of each one.The Pros of Newly Built HomesFirst, let’s look at the advantages of purchasing a newly constructed home. With a brand-new home, you’ll be able to:Create your perfect home. If you build a home from the ground up, you’ll have the option to select the custom features you want, including appliances, finishes, landscaping, layout, and more.Cash-in on energy efficiency. When building a home, you can choose energy-efficient options to help lower your utility costs and reduce your carbon footprint.Minimize the need for repairs. Many builders offer a warranty, so you’ll have peace of mind on unlikely repairs. Plus, you won’t have as many little projects to tackle.Have brand new everything. Another perk of a new home is that nothing in the house is used. It’s all brand new and uniquely yours from day one.The Pros of Existing HomesNow, let’s compare that to the perks that come with buying an existing home. With a pre-existing home, you can:Explore a wider variety of home styles and floorplans. With decades of homes to choose from, you’ll have a broader range of floorplans and designs available.Join an established neighborhood. Existing homes give you the option to get to know the neighborhood, community, or traffic patterns before you commit.Enjoy mature trees and landscaping. Established neighborhoods also have more developed landscaping and trees, which can give you additional privacy and curb appeal.Appreciate that lived-in charm. The character of older homes is hard to reproduce. If you value timeless craftsmanship or design elements, you may prefer an existing home.The choice is yours. When you start your search for the perfect home, remember that you can go either route – you just need to decide which features and benefits are most important to you. As an article from The Mortgage Reports says:“When building, you gain more freedom to tailor the design, materials, and features, but it demands more time and involvement. Conversely, buying an established home offers immediate occupancy . . . yet may require compromises. Your choice should align with your budget, timeline, customization preferences, and the local real estate landscape.”Either way, working with a local real estate agent throughout the process is mission-critical to your success. They'll help you explore all of your options based on what matters most to you in your next home. Together, you can find the home that’s right for you.Bottom LineIf you have questions about the options in your area, connect with a local real estate agent to discuss what's available and what's right for you. That way you’ll be ready to make your next move with confidence.
Cuando venda su casa, ¿a dónde planea ir?
Si está pensando en vender su casa, es posible que haya escuchado que la oferta de casas para la venta sigue siendo baja y eso significa que su casa debe destacarse entre los compradores que anhelan más opciones. Pero también puede preguntarse, una vez que venda, ¿cómo afecta su propia mudanza la oferta actual? Y ¿Podrá encontrar la casa que desea comprar con un inventario tan bajo? Una cosa que puede ayudarle a encontrar su próxima casa es explorar todas sus opciones, incluidas las casas ya existentes y las recién construidas. Demos un vistazo a los beneficios de cada una.Los beneficios de las casas recién construidasEn primer lugar, veamos las ventajas de comprar una casa recién construida. Con una casa nueva, usted podrá:Crear la casa perfecta Si construye una casa desde cero, tendrá la opción de seleccionar las características personalizadas que desee, incluyendo electrodomésticos, acabados, jardines, diseño y más. Sacar provecho de la eficiencia energética. Al construir una casa, puede elegir opciones nuevas y energéticamente eficientes para ayudar a reducir sus costos de los servicios públicos y reducir las emisiones de carbono. Minimizar las reparaciones. Muchos constructores ofrecen una garantía, por lo que tendrá la tranquilidad de reparaciones poco probables. Además, no tendrá que realizar proyectos pequeños. Tener todo nuevo. Otra ventaja de una casa nueva es que no se ha usado nada en la casa. Todo es nuevo y exclusivamente suyo desde el primer día. Los beneficios de comprar una casa ya existenteAhora, comparemos eso con los beneficios que vienen al comprar una casa ya existente. Con una casa existente, usted puede:Explora una variedad más amplia de estilos de casas y planos. Con cientos de casas para elegir, tendrá una gama más amplia de los planos y diseños disponibles. Unirse a un vecindario ya establecido. Las casas ya existentes le dan la opción de conocer el vecindario, la comunidad o los patrones de tráfico antes de comprometerse. Disfrutar de árboles maduros y jardines. Los vecindarios establecidos también tienen jardines y árboles más desarrollados, lo que puede brindarle privacidad adicional y un atractivo exterior.Apreciar ese encanto de alguien que vivió allí. El carácter de las casas antiguas es difícil de reproducir. Si valora la artesanía temporal o los elementos de diseño, es posible que prefiera una casa ya existente. La elección es suya. Cuando comience su búsqueda de la casa perfecta, recuerde que puede escoger cualquiera de las dos opciones, solo tiene que decidir qué características y beneficios son los más importantes para usted. Como dice un artículo de The Mortgage Reports:“Al construir, se gana más libertad para adaptar el diseño, los materiales y las características, pero exige más tiempo y compromiso. Por el contrario, al comprar una casa ya existente usted puede mudarse de inmediato… sin embargo, puede requerir concesiones. Su elección debe estar de acuerdo con su presupuesto, calendario, preferencias de personalización y el panorama local en bienes raíces”.De cualquier manera, trabajar con un agente en bienes raíces local durante todo el proceso es fundamental para su éxito. Ellos le ayudarán a explorar todas sus opciones en función de lo que más le importa en su próxima casa. Juntos, pueden encontrar la casa adecuada para usted.En conclusiónSi tiene preguntas sobre las opciones en su área, comuníquese con un agente local en bienes raíces para analizar lo que está disponible y lo que es adecuado para usted. De esa manera, estará listo para hacer su próxima mudanza con confianza.
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