5 Ways to Make Money House Hacking
Have you heard of house hacking? Yes, no, maybe so? In short, it’s a hot new buzz word for: Finding ways to make money with your home.
Back in the day, it meant buying a multifamily property, living in one unit, and renting out the rest. While this still works, it’s no longer your only option. Here are a few other house hacking ideas:
1. Rent out rooms in your home as short-term rentals. You’ll definitely want to look in to your cities specific codes and restrictions, but even in cities with restrictive codes against renting out your entire house, you may still be able to offer up a shared space. Think hard about what your comfort level is and make sure to set up your rental space with those guidelines in place. Maybe you only want to have guests stay a max of one or two nights. Maybe an extra lock on your own bedroom door would make you most comfortable. Make sure to set these guidelines in place to stay comfortable while also being able to bring in some extra cash!
2. Don’t stop at bedrooms, convert other living areas into bedrooms. Does your house have a den, an extra living room, a office space that you’re not using? Consider turning these into spaces that could be rented out as “rooms” either short or long term as well!
3. Find some (nice and neat!) roommates and charge rent. Is “house hacking” a cooler way of saying “get a roommate?” Maybe…. but it is something to consider if you are purchasing a larger home. Keep in mind it doesn’t need to be forever either, but a year or two of roommate life can really help you save up some extra dollars.
4. Build a standalone apartment or cottage to rent out on your property. Usually referred to as “ADU’s” which is short for Accessory Dwelling Unit, this is a fantastic way to bring some additional income in. You’ll definitely want to check your city codes again for this one, but ADU’s are a great option for both short term (if allowed) and long term revenue streams on property you already own!
5. Rent out a garage or basement for folks to store vehicles and other items. Do you have a garage or easily accessible basement space that you could rent out? Once again be sure to think about your comfort level and set your guidelines out appropriately, but if these spaces are unused by you, take advantage of the the space and make some money!
Are you an experienced “house hacker?” What ideas am I missing? Drop them in the comments below!