From House to Hustle: Maximizing Profit with Homeownership


Is the escalating cost of nearly everything nowadays making the dream of owning your own home seem more distant? Bankrate reports a growing number of individuals are exploring additional income streams through side hustles, potentially to navigate rising expenses and accumulate savings for a home. This trend is notably pronounced among younger individuals, who may be contending with student loan debt (refer to the graph below):

Explore these two strategies that not only enhance the affordability of homeownership in the short term but can also transform it into a profitable side hustle with long-term benefits.


Turning the Challenge of a Fixer-Upper into an Opportunity

Consider Breaking Into Homeownership with a Fixer-Upper

If you're looking for a way to break into homeownership, consider the option of purchasing a fixer-upper. These homes, often less appealing to conventional buyers, tend to stay on the market longer than usual.

“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.

Unlock Affordability and Future Profits with a Fixer-Upper

Opting for a fixer-upper comes with significant benefits. Firstly, it may be easier to find a home as you're not chasing perfection. Additionally, this strategy allows you to enter the housing market at a lower price point, offering a more affordable way to become a homeowner. While these homes may require some work, the investment of time and effort can transform them into not just a home but also a valuable asset with increased market value. Enjoy the satisfaction of homeownership while building equity for potential future profits.

Leveraging Rental Income: Making Homeownership More Accessible

Another 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 Line

In 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 our local market, let’s connect.

70 Properties
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$542,731
Neighborhood: Sunstone At Wellen Park
3
Beds
2
Baths
1,787
Sq.Ft.
2024
Year Built
8
Days on Site
T3505214
MLS
$442,681
Neighborhood: Renaissance At Wellen Park
2
Beds
2
Baths
1,507
Sq.Ft.
2024
Year Built
9
Days on Site
T3504869
MLS
$447,817
Neighborhood: Sunstone At Wellen Park
2
Beds
2
Baths
1,501
Sq.Ft.
2024
Year Built
9
Days on Site
T3505037
MLS
$576,990
Neighborhood: Wysteria Wellen Park Village F-4 Replat
3
Beds
2
Baths
1,860
Sq.Ft.
2024
Year Built
9
Days on Site
T3499566
MLS
$505,954
Neighborhood: Sunstone At Wellen Park
3
Beds
2
Baths
1,765
Sq.Ft.
2024
Year Built
9
Days on Site
T3505069
MLS
$565,990
Neighborhood: Wysteria Wellen Park Village F-4 Replat
3
Beds
2
Baths
1,682
Sq.Ft.
2024
Year Built
9
Days on Site
T3505076
MLS
$513,907
Neighborhood: Brightmore At Wellen Park
3
Beds
2
Baths
1,754
Sq.Ft.
2023
Year Built
17
Days on Site
T3503169
MLS
$409,563
Neighborhood: Renaissance At Wellen Park
2
Beds
2
Baths
1,507
Sq.Ft.
2024
Year Built
24
Days on Site
T3501288
MLS
$399,910
Neighborhood: Sunstone At Wellen Park
2
Beds
2
Baths
1,501
Sq.Ft.
2023
Year Built
32
Days on Site
T3499172
MLS
$325,000
Neighborhood: Wellen Park Golf & Country Club
2
Beds
2
Baths
1,120
Sq.Ft.
2023
Year Built
36
Days on Site
N6130569
MLS
$586,997
Neighborhood: Wellen Park Golf & Country Club
2
Beds
2F11/2
Baths
1,850
Sq.Ft.
2023
Year Built
37
Days on Site
A4589618
MLS
$506,899
Neighborhood: Sunstone At Wellen Park
3
Beds
2
Baths
1,787
Sq.Ft.
2024
Year Built
43
Days on Site
T3496696
MLS

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