Tired of scrolling through social media and feeling like owning a home is just a distant dream? It doesn’t have to be, especially with your hustle, homeownership might be more within reach than you think. As you can see on the graph below, over 50% of Gen Z and Millennials have a Side Hustle to support their ever growing expenses and that’s even before considering saving up for a home. But, here’s some game-changing strategies that not only make the dream home a reality but turn it into another killer side hustle.
1. Turn that Fixer-Upper into a Gold Mine
If you feel like the housing market is playing hard to get, instead of looking for a beaut, consider snagging a fixer-upper. You know the term from Chip & Joanna Gaines and their extreme home improvements but really it’s just any home that’s waiting for someone with vision. According to Bankrate, this move is the secret handshake into homeownership.
Sure, it needs some love, but who doesn’t appreciate character? By rolling up your sleeves and putting in that sweat-equity, you can turn a basic house into a money-making masterpiece. So, while others are busy chasing perfection, you’re on your way to securing financial freedom in your personalized dream home.
2. Rent Out Your Extra Space and Stack That Cash
Stop paying your landlords mortgage and instead move into a place where someone else is paying for yours.
Buying a home with the plan to rent out a part of it is a genius move that even Zillow is giving a nod to. According to them, renting out some space is basically a rite of passage for young homebuyers.
Why? Because, as Manny Garcia from Zillow puts it, when the 9-to-5 life isn’t cutting it for your homeownership dreams, renting out a chunk of your space becomes your financial superhero. It’s not just about affording your mortgage; it’s about transforming your home into a side gig. You’re not just a homeowner; you’re now an investor.
In a Nutshell: Millennial Homeownership Unleashed
In the era of every price skyrocketing, these strategies are the cheat codes for Gen Z and Millennials to level up their homeownership game. Fixer-uppers and renting out your extra space aren’t just about making ends meet; they’re about making your future home work for you.
So, if you’re ready to kick the stereotype that millennials can’t own homes, let’s chat. Let’s decode these options and see how they can launch you into homeownership glory right here in Hampton Roads, VA. Because, hey, why just dream of a home when you can turn it into your ultimate side hustle? 🏡💼✨