Home buying hacks can help you cope with the very volatile market from the last couple of years. Oftentimes, I hear buyers say they feel like they are on a long roller coaster ride.
I’m Anita L. Williamson, Associate Broker with James River Realty Group, and it is no wonder why many buyers feel they are on the ups and downs when trying to purchase a home. With low inventory, fluctuating mortgage rates, and competition, it makes for a tough market for some buyers, especially our sweet first-time home buyers.
A new trend we are starting to see in certain regions is house hacking. So what is house hacking? House hacking is finding creative ways to make a home purchase affordable. Let’s explore some hacking options.
How about buying a home with your family or maybe even your bestie? This home-buying hack is on trend and allows buyers to pool their resources and finances together with people they love to come up with a larger down payment and or closing costs.
Or perhaps advertise a room for rent to help with housing costs. But if having a long-term roommate is too big of a commitment for you, consider just renting out one room in the house as a short-term rental, maybe to a college student or a traveling nurse. This way, they can help with the mortgage expense but are not vested in the property long term.
Another home-buying hack to consider is renting out storage space. Do you have too many sheds on your property or a really big basement or a really large garage? As a homeowner, you might have more to rent than just rooms. Take a look around the property that you are interested in and see what you can profit from.
Or you can even find a property that has an in-law suite to rent out and to maintain your privacy, but to make some extra income too. It’s always best to work with an experienced Real Estate Agent who can show you the different strategies to make your dream a reality.
Reach out to me, so I can help strategize your next move. I’m Anita L. Williamson, Helping You Establish Roots In Central Virginia.
