If you're feeling like getting into the real estate market is daunting you're certainly not alone. But I’m wondering how open minded you would be to something called house hacking? It’s definitely a buzzword out there right now and some people are doing to be able to afford a new property and as a stepping stone in their real estate journey.

First let's talk about what house hacking is. It is essentially any way of driving extra income from your property. This can be in many forms and the more creative the better. Some examples are

-        Buying a home with two units, renting out one unit and living in the other either on a long-term or short-term basis

-        Renting out extra rooms

-        Renting garage space for storage

-        Outdoor storage

-        A garden suite

The possibilities are as endless as your imagination. There are many local communities that are very supportive of garden suites as a way of creating some affordable housing.

Let's consider some of the pros and cons of house hacking. The obvious pro is the extra income. This income can be the boost you may need to qualify the mortgage, or it will be extra income to help you pay down the mortgage creating more equity faster.  More equity in your property equals more options for your future.

The biggest objection heard when considering house hacking is potentially sharing your space. Most buyers are not excited about this. But as Dave Ramsey, a popular financial planner says “live like no one else now so that later you can live like no one else”. Having this perceived discomfort for a relatively short period of time can set you up for great success in the future. Remember this home can simply be used as a stepping stone towards getting you into your dream home.

If you would like to discuss house hacking more let connect! 416-262-5127