Have you ever heard of house hacking? It’s a smart and increasingly popular strategy for turning your home into an income property, especially for young, first-time homeowners.
House hacking involves renting out a room or portion of your home to help offset the costs of homeownership. This approach allows you to generate rental income while still enjoying the comfort and benefits of your own home.
But house hacking isn’t the only way to turn your property into a money-making venture. Another fantastic option is adding an additional dwelling unit (ADU) on your property. Whether it’s in the backyard or garage, an ADU can be rented out long-term, providing a steady stream of income. These versatile spaces are ideal for creating a secondary rental property without needing to invest in an entirely separate location.
Given the current landscape of high interest rates and low inventory, strategies like house hacking and ADU rentals are becoming more and more the norm. They offer a practical solution for homeowners looking to maximize their investment and ease the financial burden of homeownership.
If you’re considering turning your property into an income-generating asset, we have extensive experience in these types of scenarios. Whether you’re exploring house hacking, ADUs, or other income property options, we’re here to help. Shoot us a message or give us a call anytime to chat!