House Hacking came about when housing became too expensive to afford. Many home buyers decided to move further away from work to save money, or simply rent instead of buy. Smart buyers found ways to have their cake and eat it too!
By buying, building, making, or otherwise acquiring multi-unit properties, ambitious real estate are able to live where they want and have others pay the bulk of their expenses.
House Hacking can save you money in the following ways:
Lowering your monthly housing allowance through generating revenue renting out portions of your property.
Lowering your taxable income base by acquiring extra tax write-offs (mortgage interest deduction).
Decreasing transportation costs like gas.
Decreasing unproductive time spent sitting in traffic.
Having the possibility of removing your car payment, insurance, and maintenance expenses completely.
Learning how to be a landlord and transitioning into the world of real estate investing.
By building a duplex, house hackers are able to afford their mortgage + more.
You’re able to build on or renovate the property you’re currently living on. House hackers rent out space for Air BnB’s or convert their guest house. On average, hosts make $924/month. That’s some quick $$$!
Many house hackers are creatives that end up turning their garages into dance, yoga, or photoshoot studios. They end up renting them out on websites such as Peerspace.
Since you'd be able to save some coin, what would you do with those extra savings?