With homeownership financially impossible for many young Canadians, a craze called house hacking has been gaining momentum all across the country. This is when a homeowner also becomes an investor more out of financial need than anything else.
It can pretty much be summed up by the old adage, “having your cake and eating it, too.” House hacking is buying a home (usually a multi-unit home), living in one unit and renting the others. But house hacking can also be done with a single-family home.
Have a look at how this trend may be able to help you too:
Students need a place to call home. If you live in a college or university town, students are always looking for accommodations. Living with a family may help them as much as it can help you financially. Most students are used to living at home with their own families. Renting out a spare room and giving them use of common areas may be a win-win situation.
Say hello to your new roomie. With rents being astronomically high in many areas, more people are actually looking to share a home. If you’re feeling the financial belt getting tighter and you have one or two rooms just sitting empty, finding a roommate may be the way to go.
Get the garage ready for a grease monkey. Is your garage just sitting there unused? You’re giving up the chance to make some great pocket change by not renting the garage out to DIY mechanics. So, write a small “for rent” ad and get some supplementary income.
Speaking of the garage…If your garage is large enough and has a loft area, you might consider investing some money into building an apartment above it. It could be a relatively easy build. Or, maybe the entire garage can be converted into a small abode. Make sure to check the building bylaws in your city.
Busy in the basement. Creating a basement apartment is another great way of getting extra income out of your single-family home. If it’s financially doable to convert the basement into an apartment with its own entrance, then get busy!
Tap into travellers. Airbnb has become a massively popular way to book travel accommodations. Travellers rent out a room or rooms in your home for a few nights or for however long they’d like to stay (and for however long you’re willing to let them stay). Airbnb rentals have become a wonderful way for homeowners to earn extra cash. So, whether you live in a bustling Canadian city or in the peaceful Canadian countryside, travel rental might bode well for you.