Houses aren’t cheap, and the money you plunk down on closing day is only the beginning.
Nearly 30% of homeowners say their monthly housing costs, such as mortgage payments, homeowners insurance and property taxes, are expensive, according to a 2018 NerdWallet homeownership survey. About 65% have experienced anxiety related to owning their home.
But some have found a clever way to dial back the financial stress: “house hacking.”
This strategy isn’t as new as it sounds. Owners rent out rooms in their home, or units in a multifamily property, and put the funds toward the mortgage payment or home improvements.
It’s a way to let other people pay for your home, and if you follow some ground rules, it could be life-changing.
“Doing this has been the best financial decision I’ve ever made,” says Amy Breyer, a 28-year-old tax accountant. Breyer rents out three bedrooms in the Minneapolis house she bought soon after graduating from college. “The tenants cover the whole mortgage…
This article was written by Beth Buczynski and originally published on www.nerdwallet.com